Chris Larsen, the CEO of the financial tech company Ripple, says it’s pretty clear cut.
“We need way more privacy protection. No question,” Larsen said.
But access to personal information about what you like, who you like and what you buy has become a multi-billion dollar business for technology companies.
Larsen said, “People will adjust. The bottom line is: if consumers are more confident. And right now they are a bit queasy about what’s going on.”
Feinstein commented on how platforms such as Facebook connect people, but are also massive businesses with minimal regulation.
“It’s not like a phonebook. It’s not benign, it’s alive, it’s creative, it’s conversational. It’s moving and in it there are all kinds of traps.”
Whether this gets resolved in Washington D.C. remains to be seen, but already there is a move in California to get a November ballot initiative before voters that would put controls on users’ private data.