There are some attempts in the EU. In Germany, they've been waging a PR battle with the government over fake news, nazi propaganda, and other extremism.
It's difficult because it's not something that neatly falls into established categories, and it quite obviously touches on free speech issues. You can be absolutely sure that, if Facebook were to use its power to promote a political agenda, they'd quickly find themselves on the wrong end of a law. But as long as it's incidental damage, and hard to show with statistical significance, it comes down to the fundamental law of laws: that what doesn't do harm is allowed.
What I suspect will emerge rather soon is a DMCA-style notice/takedown/counter-notice protocol for libel and fake news.
It's difficult because it's not something that neatly falls into established categories, and it quite obviously touches on free speech issues. You can be absolutely sure that, if Facebook were to use its power to promote a political agenda, they'd quickly find themselves on the wrong end of a law. But as long as it's incidental damage, and hard to show with statistical significance, it comes down to the fundamental law of laws: that what doesn't do harm is allowed.
What I suspect will emerge rather soon is a DMCA-style notice/takedown/counter-notice protocol for libel and fake news.