We're here because of a social app that Aleksandr Kogan used that gave him access to 85 million users, which was transferred to a political entity that may have undermined elections around the world, and when Facebook became aware of this, Facebook claimed that this was absolutely not a breach.
How can you be trusted with self-regulation if, in the face of such a massive misuse of data, Facebook did not tell anybody because it thought it wasn't worth telling them because it wasn't a breach?