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The SEC Catches Up to Social Media

A decade is not an unusually long time to wait for regulatory guidance, especially on topics that are not bright lights on the political radar. Even in our day-to-day lives, 2004 may not seem all that distant.

But shift the context and things look different. In April 2004, Facebook (at the time “Thefacebook”) was a whopping two months old and was only available to students at Harvard, Columbia, Stanford and Yale. LinkedIn had launched less than a year prior, and was still years away from entering the mainstream. Twitter was barely a sparkle in its creators’ eyes; the world’s first tweet wouldn’t appear for another two years. Gmail was brand-new and invite-only. There was no YouTube.

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