Should Social Media Sites Be Regulated?

Social Media sites are becoming more and more ingrained in contemporary culture and life. Users have come to expect Silicon-Valley giants to protect their privacy and keep their platforms secure. Given the recent Cambridge Analytica scandal, users have seen that Tech-giants like Facebook have failed to live up to users expectations. Facebook has "Privacy Principles" one of which is that "You own the information you share on Facebook. This means you decide what you share and who you share it with on Facebook, and you can change your mind. That’s why we give you tools for deleting anything you’ve posted. We remove it from your timeline and from our servers. You can also delete your account whenever you want." However, as we recently learned Facebook is unable to live up to these principles. 

CEO, Mark Zuckerberg has said [in response to the scandal]," We have a responsibility to protect your data, and if we can't then we don't deserve to serve you. I've been working to understand exactly what happened and how to make sure this doesn't happen again. The good news is that the most important actions to prevent this from happening again today we have already taken years ago. But we also made mistakes, there's more to do, and we need to step up and do it."

Later, both Zuckerberg and COO Sheryl Sandberg suggested that they would be open to Facebook being regulated. Sandberg went on to say "It's not a question of if regulation, it's a question of what type"

Given the immense power that sites like Facebook wield, should the Government regulate them in an effort to protect consumers?

Questions to consider: 

What would regulation look like, and what agency would be tasked with enforcing it?

Does regulating sites like Facebook set a dangerous precedent?

Could Facebook function as a Business given regulation?

Do regulations infringe upon American's Freedom of Speach?