US senator working on bill that would jail CEOs for user privacy violations

US senator working on bill that would jail CEOs for user privacy violations 1

Oregon Democrat Senator Ron Wyden is working on a bill that would bolster US consumer privacy rights, bring them to the level of the EU General Data Protection Regulation (GDPR), and even take protections one step further by jailing executives at big companies for lying or not reporting privacy violations.

The new bill –named the Consumer Data Protection Act (CDPA)– is only a draft for the time being, but Sen. Wyden has published a working version, asking for the public’s feedback.

In its current state, the CDPA would grant the Federal Trade Commission new powers when enforcing consumer privacy rights.

For starters, the bill would establish minimum privacy and cybersecurity standards that companies would be forced to abide by or face the FTC’s wrath. If companies fail, they risk GDPR-like fines of up to 4 percent of their total annual gross revenue.

Second, the CDPA would also mandate that large companies submit annual privacy reports with the FTC. Any company that manages the private data of more than 50 million users or has annual revenue of over $1 billion would have to do so, according to the CDPA.

Senior executives at these large companies, such as Chief Executive Officers, Chief Privacy Officers, or Chief Information Security Officers would personally vouch for these reports.

The reports would have to detail if and how the company complied with the CDPA’s new privacy rules. If execs lie or fail to disclose privacy breaches in these reports, they could face up to 20 years in prison.

Among the new privacy protections mentioned in the current form of the CDPA, Sen. Wyden proposes that the FTC establish and enforce a “Do Not Track” system through which consumers are given a choice not to share their personal information with companies.

The CDPA also bans companies from blocking users from accessing their services if they decided not to share their personal data. Instead, the bill would allow companies to charge a user to access their sites or services with the equivalent of the user’s data as an entrance fee.

Furthermore, taking a page out of GDPR’s book, the CDPA would also allow users a way to review what personal information a company has collected about them and learn with whom it has been shared.

Last but not least, the bill would also create over 175 new jobs at the FTC for employees tasked with watching out for US consumers’ privacy, but the bill would also require the FTC to create an API that developers can use to build apps, which, in turn, would help consumers “request, receive, and process information they are entitled to under this Act, and to manage their opt-out preferences.”

Related tech coverage:

US senator working on bill that would jail CEOs for user privacy violations 2
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 43,126.00
ethereum
Ethereum (ETH) $ 3,046.56
cardano
Cardano (ADA) $ 2.19
tether
Tether (USDT) $ 0.998155
binance-coin
Binance Coin (BNB) $ 343.82
xrp
XRP (XRP) $ 0.941942
solana
Solana (SOL) $ 144.53
usd-coin
USD Coin (USDC) $ 1.00
polkadot
Polkadot (DOT) $ 28.52
dogecoin
Dogecoin (DOGE) $ 0.202795
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 43,126.00
ethereumEthereum (ETH)
$ 3,046.56
tetherTether (USDT)
$ 0.998155
bitcoin-cashBitcoin Cash (BCH)
$ 495.48
litecoinLitecoin (LTC)
$ 149.36
bitcoinBitcoin (BTC)
36.796,61
ethereumEthereum (ETH)
2.599,43
tetherTether (USDT)
0,851661
bitcoin-cashBitcoin Cash (BCH)
422,76
litecoinLitecoin (LTC)
127,44
bitcoinBitcoin (BTC)
31,513.33
ethereumEthereum (ETH)
2,226.20
tetherTether (USDT)
0.729379
bitcoin-cashBitcoin Cash (BCH)
362.06
litecoinLitecoin (LTC)
109.14

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021

Blockchain/Cryptocurrency Questions and Answers

Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin43,224 0.31 % 0.59 % 8.75 %
Ethereum3,055.5 0.28 % 0.33 % 8.40 %
Cardano2.190 0.40 % 3.99 % 4.26 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Binance Coin345.24 0.05 % 1.42 % 15.77 %
XRP0.9446 0.65 % 0.37 % 9.95 %
Solana145.15 0.16 % 3.99 % 5.33 %
USD Coin1.000 0.38 % 0.01 % 0.14 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2043 0.26 % 1.61 % 12.89 %

bitcoin
Bitcoin (BTC) $ 43,126.00
ethereum
Ethereum (ETH) $ 3,046.56
cardano
Cardano (ADA) $ 2.19
tether
Tether (USDT) $ 0.998155
binance-coin
Binance Coin (BNB) $ 343.82
xrp
XRP (XRP) $ 0.941942
solana
Solana (SOL) $ 144.53
usd-coin
USD Coin (USDC) $ 1.00
polkadot
Polkadot (DOT) $ 28.52
dogecoin
Dogecoin (DOGE) $ 0.202795