There has been an ongoing cold war among several large tech companies and regulators over the past seven months, since Lina Khan became the Federal Trade Commission’s chair. What will happen in 2022?

Microsoft, AmazonAnd AlphabetDealogic’s data shows that 2021 was the most successful year for deals, surpassing any previous decade. That pace of deals signals they’re trying to get in front of an upcoming antitrust crackdown — or they don’t believe Khan and other regulators will be able to make a strong enough court case that acquisitions should be blocked.

Khan took the FTC top spot last June. She hasn’t hesitated to suggest that the agency vigorously enforce antitrust policies. Khan is already a seasoned antitrust lawyer. filed an amended complaint against Facebook claiming its acquisitionsInstagram and WhatsApp have contributed to Instagram’s status as the social network monopoly. Meanwhile, she’s drawn criticism from both Facebook and AmazonBecause of her previous statements, writings, and past statements regarding Amazon’s abuses in market power and her role as House staffer, she is not qualified to properly judge consequence issues relating to this company.

Microsoft’s $69 billion deal for video game maker Activision BlizzardThis week’s example shows a major technology company. potentially challenging regulators to act. This follows several major deals that began in 2021. Microsoft’s $19 billion purchaseNuance Communications Amazon’s $8.5 billion deal for MGM Studios.

Dealogic reports that the 22 deals by Alphabet, Microsoft and Amazon in Google’s parent company, Alphabet, were 10-year records. Dealogic only records publicly disclosed deals values. However, Alphabet’s and Microsoft’s combined deal volumes stood at 10 year highs at $22 billion (and $25.7 billion respectively). Amazon’s total deal volume of $15.7billion was just below 2017 at its 10th year high. it agreed to buy Whole Foods for $13.7 billion.

Big Tech “pays a lot of notice and would like deals to be done before the administration succeeds at getting new precedent,” Erik Gordon of the University of Michigan Ross School of Business said. The precedent established by one judge in a courtroom is a good precedent for all other judges.

The agency announced that it would mail letters to companies seeking to merge to let them know that the FTC was continuing to investigate their transactions, even after the statute waiting period expired. It basically stated that the letter was sent. warned that businesses could merge at their own riskThe FTC can file a lawsuit to have their transaction reversed.

While such letters don’t actually set new policy — it’s always the case that enforcers can seek to block or undo mergers even after they’ve reviewed them — the change in tone marked a sharp pivot from the past.

Gordon stated that it may not make a difference in the way companies behave. He stated that the pace at which large corporations are closing deals will not slow down until antitrust laws are interpreted by regulators.

Gordon said that it was difficult to crack the eggs once you make the omelet. You’re more likely to break the eggs, make the omelet, then go to court to tell the government that this agreement must be canceled. The judge will look at them and ask how they intend to accomplish that.

Khan, in her first on-camera sit-down interviewCNBC’s Andrew Ross Sorkin interviewed Kara Swisher host of “Sway”, a podcast about The New York Times. She said that since she took the job the agency has tried to think carefully and send out broad messages but acknowledge its limitations in terms of resources.

What are some examples of situations in which specific types of actions might have an impact on the market? Khan gave an example of what type of questions she might consider, citing Khan as an example. Khan said, giving an example of the type of question she would consider.

Bill Kovacic (a former FTC commissioner, and currently a law professor at George Washington University), said it is only a matter for the antitrust enforcers to act on their threats.

Kovacic said that the players were in place, and the promises had been made. He also stated, “Go get’em,” referring to Biden. order directing various government agencies to consider new ways they can address issues of monopoly concentration and competition in the economy. You will not get another chance if you do not act now. They are aware that they must deliver and they desire to do so.

Large technology companies frequently pay many lawyers both inside and outside to provide advice on deal approval. Microsoft, Alphabet, Alphabet parent Meta of Facebook, and Amazon. AppleThey may be five of the most scrutinized companies for their market power and influence over society, given the market values they collectively have that total nearly $9.5 trillion.

Amazon’s purchase of a movie studio, Microsoft’s acquisition of a gaming company (Activision), and Microsoft’s acquisition or merger with a software company for health-care artificial Intelligence (Nuance), seem to be relatively benign. These deals are not where there is a small competitor base that wants to become even smaller such as in the broadband or wireless industries.

Khan is now in a position to “prove it”, where she will likely need to argue that the antitrust law should be adjusted to reflect current capitalist dynamics.

Congress continues to work on legislation that will make it easier for enforcers to prove that online platform behavior is unlawful. On Thursday, Senate Judiciary Committee advanced a major billIt would ban online platforms that are dominant from discriminating against products of rivals. Although the bill is primarily about company conduct, legislators in the House also have considered a bill that would shift the burden of proof in merger transactions onto dominant firms.

Khan spoke to CNBC about her decision when to take action and when not. Even though there is a chance you might lose, taking this risk can bring great rewards. It’s possible to win. It’s possible to lose every shot you do not take. We can also see that the consequences of inaction and inaction are severe. We are trying to do the opposite.

His antitrust regulators selected two major technology and media transactions to be blocked in President Joe Biden’s first year of office. The Department of Justice sued to block Penguin Random House’s acquisition of rival publisher Simon & SchusterKhan’s FTC in November sued to block Nvidia’s $40 billion acquisitionArm was the U.K.’s chip design company in December

Kovacic stated that these two deals have an unusually high importance, as they are the first major cases. Kovacic stated that it was an advantage to win the first cases. It’s to prove you can do it. It’s more than just talking.

Khan explained that enforcers are limited to taking action within a very short time. It also creates an “immediate sense of urgency” in the FTC. Khan added that they understand the importance of building on past precedents and changing the way businesses think about acquisitions.

WATCH: Lina Khan responds to questions about antitrust regulation