A reasonable first step would be to disallow targeted advertising (because it is the reason so much data is being collected). I am not a big fan of advertising

A reasonable first step would be to disallow targeted advertising (because it is the reason so much data is being collected). I am not a big fan of advertising because its purpose is to manipulate thoughts. But I also like the idea of having a less formal form of paying for services. So, having ad-driven businesses should be okay as long as the thought manipulation machines have limits. However, modern ad targeting has become so sophisticated and powerful that it creates problems on a global level (remember Cambridge Analytica). All the big ad companies have to play the targeting game because the others will eat their lunch if they don't. If we want to protect users from ad companies' total exploitation, we need regulation. And if the rules change for all the players equally, it should stay a fair game.