The FTC And Facebook: Why The $5 Billion Fine Is Both Too Little And Too Much (Techdirt)

Techdirt: The FTC And Facebook: Why The $5 Billion Fine Is Both Too Little And Too Much. “By now, you’ve certainly heard the news that was very likely leaked by Facebook late on Friday that the FTC, by a narrow 3 to 2 party line vote, had approved a $5 billion fine for Facebook for violating its earlier consent decree in the way it allowed an app to suck up lots of data that eventually ended up in Cambridge Analytica’s hands. Most of the reaction to this fine (by far, the largest in the FTC’s history) is anger.”

The Verge: Facebook’s $5 billion FTC fine is an embarrassing joke

The Verge: Facebook’s $5 billion FTC fine is an embarrassing joke. “Facebook’s stock went up after news of a record-breaking $5 billion FTC fine for various privacy violations broke today. That, as The New York Times’ Mike Isaac points out, is the real story here: the United States government spent months coming up with a punishment for Facebook’s long list of privacy-related bad behavior, and the best it could do was so weak that Facebook’s stock price went up.”

New York Times: Facebook Dodged a Bullet From the F.T.C. It Faces Many More.

New York Times: Facebook Dodged a Bullet From the F.T.C. It Faces Many More.. “Facebook escaped largely unscathed from the Federal Trade Commission’s decision on Friday week to fine it around $5 billion for privacy violations: The settlement neither bruised its bottom line nor severely restricted its ability to collect people’s data. Yet even as the Silicon Valley company dodged that bullet, its pain was just beginning.”

Neowin: Japan becomes the latest country to investigate Facebook’s Libra

Neowin: Japan becomes the latest country to investigate Facebook’s Libra. “According to sources familiar with the matter who spoke to Reuters, Japan has begun to investigate the ramifications of Facebook’s upcoming Libra cryptocurrency which is scheduled to launch next year. The officials will be looking into what effect it could have on the country’s monetary policy and financial regulation in anticipation of the upcoming G7 finance ministers meeting which will be held in France next week.”

Nieman Lab: Governments making “fake news” a crime risk stifling real journalism — accidentally or intentionally

Nieman Lab: Governments making “fake news” a crime risk stifling real journalism — accidentally or intentionally. “To stem the rising influence of fake news, some countries have made the creation and distribution of deliberately false information a crime. Singapore is the latest country to have passed a law against fake news, joining Germany, Malaysia, France, Russia, and others. But using the law to fight the wave of fake news may not be the best approach. Human rights activists, legal experts, and others fear these laws have the potential to be misused to stifle free speech, or unintentionally block legitimate online posts and websites.”

CNBC: The tech industry is starting to doubt Facebook will be able to launch its Libra currency by 2020

CNBC: The tech industry is starting to doubt Facebook will be able to launch its Libra currency by 2020. “Facebook unveiled its plans for a cryptocurrency called Libra less than a month ago, but already faces obstacles from regulators and lawmakers in Washington, D.C. As a result, some tech executives are expressing doubt that the project will launch by 2020.”

WTVD: FDA forces some social media influencers to add warnings to posts after they advertise unsafe vape, e-liquid products

WTVD: FDA forces some social media influencers to add warnings to posts after they advertise unsafe vape, e-liquid products. “Some popular social media accounts are posting new warnings after a federal crackdown. The Federal Trade Commission and the Food and Drug Administration are targeting accounts that promote and market vape and e-liquid products.”