Originally published at: https://boingboing.net/2019/10/22/data-fiduciaries.html
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My concern is that this legislation would effectively create gatekeepers (in the form of data fiduciaries) which would prevent small startup competitors to Facebook from emerging. If I understand the legislation correctly, it would have the net effect of forcing anyone who wants to enter this space to set up a contract with a data fiduciary–who can set the terms of the contract to be prohibitively expensive for a new entrant into the field.
This smells to me of regulatory capture.
Instead, if we want Congress to legislate this, what they should do is require companies to provide all stored data to users in a computer-readable format (in XML or JSON, for example), complete with current up-to-date documentation, as well as a header which is properly versioned. That way we don’t create a market for third-party companies who serve as gatekeepers to new startups seeking to enter this space.
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