https://techcrunch.com/2020/10/19/who-regulates-social-media/

Social media platforms have repeatedly found themselves in the United States government’s crosshairs over the last few years, as it has been progressively revealed just how much power they really wield, and to what purposes they’ve chosen to wield it. But unlike, say, a firearm or drug manufacturer, there is no designated authority who says what these platforms can and can’t do. So who regulates them? You might say everyone and no one.

Now, it must be made clear at the outset that these companies are by no means “unregulated,” in that no legal business in this country is unregulated. For instance Facebook, certainly a social media company, received a record $5 billion fine last year for failure to comply with rules set by the FTC. But not because the company violated its social media regulations — there aren’t any.