New bill in US senate demanding social media companies to set price for user data

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New bill in US senate demanding social media companies to set price for user data
New bill in US senate demanding social media companies to set price for user data

A new bill has emerged in the US Senate demanding that the social media networking companies must set a price for the sale of personal data to their customers.

Senators Mark Warner and Josh Hawley introduced the design of preventive accounting procedures to help expand the scope of regulation and data law regulations, which require companies with 100 million users a month or more not to disclose user data, but the value of cash on that data every 90 days, Google and Facebook set the normal person’s data at $ 5 a month, but they refuse to disclose that.

This will require companies to disclose the total value of their user data once a year, giving customers the option of deleting some or all of their data.

Senators hope the new bill presented in the US senate will help customers make more informed choices about subscribing to Internet services, both in terms of what they share and how companies benefit from that data. You might think twice if you find that your company sells your information to the advertisers.

At the same time, there are concerns about the strategy, how can you put a price for data when its utility varies from one service to another and from one user to another?

Warner does not think this is a problem, because companies will make huge acquisitions like Instagram with the idea of ​​the importance of the company and its data, although it is doubtful that companies gather a large amount of information, because many will lead to disintegration.

Read also: Study: Addiction and depression applications share user data with Facebook