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Yes. And it shouldn’t be regulated.
the internet, by its very nature, can never truly be regulated. the deep web is huge and out of the reach of the powers that be, and it’s not prohibitively difficult to keep yourself hidden. information is slippery, for better or for worse, and if people think something is worthwhile they will make sure it escapes regulation or censorship. but if you’re talking about the big companies, they can absolutely be regulated, you just have to strongarm them into complying
maybe it depends on what you mean by “effective”, but generally, no.