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Market Chatter: Alphabet, Meta Could Face Stricter Social Media Regulation After Senate Passes Kids Online Safety Bills

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Alphabet's (GOOG, GOOGL) Google, Meta Platforms (META), and other social media platforms could face stricter regulation after the US Senate Commerce Committee unanimously passed a package of bills targeted at keeping children safe online, Bloomberg reported Wednesday.

The Kids Safety Online Act, or S. 1748, contains a stringent "Duty of Care" section that requires platforms to exercise "reasonable care" in the design of any feature to prevent and mitigate various harms to minors, including eating disorders and depression, according to the bill text.

The CHATBOT Act, or S. 4407, would impact artificial intelligence companies such as OpenAI and Anthropic to create "family accounts" for parents to manage access and usage of AI chatbots by their children, according to an earlier statement from the Senate committee.

The House of Representatives, which passed a more lenient version of the legislation in June, will meet with the Senate in the fall to discuss the two versions, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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