Illustration: Sarah Grillo/Axios

While Europe has taken the lead on imposing strict privacy rules, online platforms enjoy lighter oversight in the U.S.

What's happening: States are stepping up to fill the void. Silicon Valley is most panicked about California's privacy law that takes effect next year. Washington state, New York and others are drafting their own rules.

Tech giants have made it clear that their top priority is persuading Congress to pass legislation that overrules, or "pre-empts," state laws.

  • Democrats on Capitol Hill see an opening to impose some tough requirements — like giving the Federal Trade Commission more authority or making web platforms more liable for data leaks — as part of that bargain.
  • At least three privacy bills have been introduced so far in Congress the year and more will probably be re-introduced from the last session. There will also be new proposals, including one on kids privacy from Sens. Josh Hawley (R-Mo.) and Ed Markey (D-Mass.).

The clock is ticking: This year is the most likely window for bipartisan legislation, as passing laws during the 2020 election year will be tough.

Go deeper

BodyArmor takes aim at Gatorade's sports drink dominance

Illustration: Eniola Odetunde/Axios

BodyArmor is making noise in the sports drink market, announcing seven new athlete partnerships last week, including Christian McCaffrey, Sabrina Ionescu and Ronald Acuña Jr.

Why it matters: It wants to market itself as a worthy challenger to the throne that Gatorade has occupied for nearly six decades.

S&P 500's historic rebound leaves investors divided on future

Data: Money.net; Chart: Axios Visuals

The S&P 500 nearly closed at an all-time high on Wednesday and remains poised to go from peak to trough to peak in less than half a year.

By the numbers: Since hitting its low on March 23, the S&P has risen about 50%, with more than 40 of its members doubling, according to Bloomberg. The $12 trillion dollars of share value that vanished in late March has almost completely returned.

Newsrooms abandoned as pandemic drags on

Illustration: Sarah Grillo/Axios

Facing enormous financial pressure and uncertainty around reopenings, media companies are giving up on their years-long building leases for more permanent work-from-home structures. Others are letting employees work remotely for the foreseeable future.

Why it matters: Real estate is often the most expensive asset that media companies own. And for companies that don't own their space, it's often the biggest expense.