Facebook’s crypto scheme appears to have spurred regulators to take the social media giant’s privacy scandals more seriously. | Source: REUTERS / Aaron P. Bernstein
Following reports earlier today that dozens of state attorney generals were set to officially commence antitrust investigations into Big Tech behemoths Facebook and Google, New York Attorney General Letitia James confirmed that at least one of the companies would indeed face government scrutiny.
Unsurprisingly, it’s the one that recently revealed its ambitious – and controversial – plans to launch its own cryptocurrency.
Attorney General James officially confirmed the matter by issuing the following statement:
“Even the largest social media platform in the world must follow the law and respect consumers. I am proud to be leading a bipartisan coalition of attorneys general in investigating whether Facebook has stifled competition and put users at risk. We will use every investigative tool at our disposal to determine whether Facebook’s actions may have endangered consumer data, reduced the quality of consumers’ choices, or increased the price of advertising.”
As the statement explains, Attorney General James is not the only legal authority that will be investigating Facebook. She will be joined by the attorney generals from seven other states and the District of Columbia.
At the time of this writing, a similar investigation into Alphabet’s Google division has not been confirmed.
Facebook: A History of Privacy Scandals
The impending battle between state legal advisors and Facebook is one in a long line of conflicts between government authorities and the social media giant that began with the infamous Cambridge Analytica scandal.