Users of social media and technology in general have a legitimate concern; that of making sure the information they hold dear is protected when need be.
Los Angeles-based Social Reality, Inc. (NASDAQ:SRAX) claims to be addressing this need, by joining with the Interactive Advertising Bureau and some of the biggest leaders in tech, including Hulu, NBC Universal, iHeartMedia, among others.
The various entities are vowing to work with government officials as they consider state and national-level privacy legislation that will impact consumers, brands and ad agencies in 2020 and beyond.
Last summer, legislators passed The California Consumer Privacy Act of 2018 (CCPA), to enhance privacy rights and consumer protections for residents of the U.S. state of California. The law, which will take effect on January 1, 2020, introduces new privacy rights for consumers and requires companies that conduct business in the State of California to implement structural changes to their privacy programs.
Said COO Kristoffer Nelson, "As legislators evaluate potential amendments to the CCPA, it's important they understand how data is used in digital advertising, including the many procedural and technical safeguards that are standard in the industry and differentiate data used for digital advertising from more sensitive types of data collection and use.
"We at SRAX… are proponents of sensible legislation that protects consumers while allowing for commercial data use that powers the digital economy."
SRAX shares towered 25 cents, or 7.8%, early Thursday to $3.45, on 623,000 shares.
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