Maybe Facebook and Twitter should be regulated like TV

Facebook (FB) has practically courted controversy during its 13-year history. But it has never had to battle allegations that it abetted a massive Russian propaganda campaign aimed at disrupting American democracy — until now.

The social media giant has tangled with politicians and regulators before — over privacy issues, questions of political bias, antitrust concerns and other matters. It has generally prevailed, and kept government regulators at a distance. But Facebook and its smaller cousin Twitter (TWTR) are now embroiled in a high-stakes political controversy, with national-security implications, that could dwarf any regulatory challenge faced before. Some critics liken it to the weaponization of social media.

“If Facebook and Twitter are now seen as agents of a foreign actor, that becomes a rationale for significant regulatory intervention,” says Simon Rosenberg, president of NDN, a center-left think tank in Washington, DC. “This could be a game-changer for both.”

Facebook recently provided special counsel Robert Mueller, who’s investigating Russia’s role in the 2016 U.S. presidential election, data on ads purchased by Russian interests during last year’s campaign — which might violate U.S. election law. Facebook says total spending on the campaign was no more than $150,000, for perhaps 5,200 of the small ads that show up in users’ news feeds. That’s roughly .0005% of Facebook’s $26.7 billion in revenue last year. If that’s the extent of it, maybe it’s no big deal.

How much did Facebook know?

But that’s probably not the extent of it. Facebook has indicated there could be more questionable ads it doesn’t know about, and if that’s the case, Mueller, with subpoena power, will likely find out. Some members of Congress think Facebook hasn’t disclosed all it knows, and they’re planning to call Facebook executives to testify under oath. And a group of Democratic members of Congress have called on the Federal Election Commission to issue new guidance on how to prevent political activity by foreign interests on American social-media sites. That could be a prelude to new regulation.

Technology experts, meanwhile, wonder how Facebook — which markets itself as a master of targeted data, with an algorithm for everything — could fail to know Russian interests were using the company’s platform to roil a U.S. presidential election. There’s also a growing body of evidence that Russian agents created millions of fake Twitter and Facebook accounts to promote Donald Trump’s candidacy for president last year, which isn’t necessarily illegal but risks tarnishing the brands and the trust users put in them.