Re:Mark Zuckerberg: The Internet needs new rules. Let’s star...
by tcbawo on Saturday March 30, 2019 @05:29PM
(#19531997)
FINRA is a non-government, industry driven (self-regulatory) organization for the US stock market. It exists to discourage fraud and bad practices without requiring a heavy hand of government. The SEC mostly focuses on lawbreakers. Internet companies would do well to create a similar, open structure before government steps in to over-regulate.
Re:Mark Zuckerberg: The Internet needs new rules. Let’s star...
by catern on Saturday March 30, 2019 @07:09PM
(#19532551)
Hmm, if you directly translated FINRA to internet companies, new startups would have to be licensed with the internet SRO (self-regulatory organization) before they could offer services to the public.
That's an interesting idea, is it actually what you are suggesting?
Re:Mark Zuckerberg: The Internet needs new rules. Let’s star...
by tcbawo on Saturday March 30, 2019 @07:50PM
(#19532736)
I don't have a concrete proposal. I was just trying to illustrate that there may be a model inbetween total and zero regulation.
The line of demarcation could be storing personally identifying information, interfacing with advertising networks, or maybe even ownership of certain patent/intellectual property rights.
The idea that small competitors should be able to launch with minimal capital, and the idea that social media vendors should protect users' data, are fundamentally in tension. It costs money to protect user privacy, full stop. Yeah, it's possible for a Facebook/Microsoft/Google/whoever to bend the regulations to widen their moat, but it's the job of the regulatory bodies to ensure that the regulations are fair.
The question shouldn't be "should we regulate social media?" The answer, IMO, is a resounding YES. The real question should be "who should be in charge of building those regulations?"