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Third party doctrine is a known loophole to the surveillance state for getting around pesky privacy laws, and my gut instinct tells me this third party sms gateway is a goldmine for whatever prism has become these days. TOS/EULAs probably say they can do whatever they want with your data including sharing with third parties so they have a legal out because it's not just the corporations influencing congress via K-street, but because the military industrial congressional complex has a vested interest in providers not protecting our privacy, and will railroad any provider that tries to stand up to them (see: Quest).

Congress on both sides is utterly corrupt and unrepresentative and until America wakes up to that fact and stops playing the two-party game nothing will change. (duvergers law has many weaknesses)

The carriers keep everything anyway.

This is true but slightly different regulations will apply to the data.

Regulations? Those rules the government makes? I bet they look the other way when they are the ones asking for data.

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