The document discusses several issues related to data privacy law and regulation in the context of social media and technology companies. It notes that the laws around data currently reside in industry silos and that technology companies have surpassed regulators in Washington DC. It advocates for voluntary implementation of privacy practices by companies rather than restrictive regulation. It also outlines some initial steps companies could take such as conducting privacy assessments, implementing architectural privacy solutions, and reworking privacy policies. The document acknowledges that more discussion is still needed around how to address major privacy issues and incidents.