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It is not about privacy. It is not about fake news. It is about Facebook’s business model. Why U.S. lawmakers may not just regulate around the edges, but attack the root of the problem.

Throughout Facebook CEO Mark Zuckerberg’s nearly five hours of testimony in front of the Senate on Tuesday, three questions emerged as consistent points of attack for lawmakers. Why did Facebook fail to notify users in 2015 when the firm first recognized Cambridge Analytica (CA) had misappropriated the data of tens of millions of U.S. citizens? Does Facebook’s monopoly power mean it suffers little financial consequence for such a grave violation of user trust? And why now, after a devastating dereliction of its duties, should Facebook be trusted to continue to self-police? Across the political aisle and even by Zuckerberg’s own admission, the consensus was clear: regulation is required. The question is severity. The future of all tec...

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