What is insane is putting in regulation in areas like this instead of just punishing people for mis-conduct.
So in theory yes, in reality I am doubtful.
Implementing regulations for every company as if they are the same is what is absurd here.
There is a difference between making a law that punishes wrongful use of information and then forcing companies to do things a certain way. That's the point here which seems to be missed on most.
Personally, I don't think laws should discriminate like this, and if a law is not good for business overall, it should be shuttered, not targeted. There are exceptions of course, but I don't think there should be on the internet (or information in general).
Keep in mind that mostly we are ADDING regulation not removing with which means that existing companies get the benefit of not having had to deal with the same when they were small.
This is the real problem.