Facebook, Inc. (FB)

Who regulates social media?

For instance Facebook, certainly a social media company, received a record $5 billion fine last year for failure to comply with rules set by the FTC. Facebook and others are bound by the same rules that most companies must follow, such as generally agreed-upon definitions of fair business practices, truth in advertising, and so on. Although Google and Amazon (and Airbnb, and Uber, and so on) need new regulation as well, they may require a different specialist, like an algorithmic accountability office or online retail antitrust commission.

Powell: Fed open to private sector collaboration in possible digital dollar

Fed Chair Jerome Powell said the Fed is continuing to research a digital dollar but reiterated that the Fed has not committed to actually launching one.

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  US in no hurry to develop digital dollar: Fed's Powell

  AFP
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  Central bank digital cash could raise pressure for 'currency substitution': IMF

  Reuters

Instagram's handling of kids' data is now being probed in the EU

Facebook's lead data regulator in Europe has opened another two probes into its business empire -- both focused on how the Instagram platform processes children's information. The action by Ireland's Data Protection Commission (DPC), reported earlier by the Telegraph, comes more than a year after a U.S. data scientist reported concerns to Instagram that its platform was leaking the contact information of minors. David Stier went on to publish details of his investigation last year -- saying Instagram had failed to make changes to prevent minors' data being accessible.

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  The EU is investigating Instagram for allegedly exposing the contact data of up to 5 million underage users

  Business Insider
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  Irish regulator investigates Instagram over children's data

  Associated Press