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If the government was also addressing the concentration of power in the American social media apps, I’d buy it. If this was about making laws on what info phones could record about you, I’d buy it. If this was about establishing transparency laws to allow the government to better enforce the privacy laws it has, I’d buy it. If it was a law saying recommendation algorithms can’t be used for political content, I’d buy it (though not sure that’d be constitutional).

Instead this says it’s fine to spy on and manipulate US citizens and concentrate media power, so long as you’re “American”.

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You're right. This is what it says. I don't think you have to buy anything outside of that. I think most Americans are more comfortable with American entities spying and manipulating them than a Chinese entity.
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