On October 14, 2020, the New York State Department of Financial Services (the “DFS”) released a report regarding a July 2020 hack into the Twitter accounts of celebrities and cryptocurrency firms. The report includes a proposal that calls for large social media companies to be designated as “systemically important,” and to become subject to a dedicated, enhanced regulatory framework to manage cybersecurity risks. In the related release, New York’s Superintendent of Financial Services Linda A. Lacewell notes: “As we approach an election in fewer than 30 days, we must commit to greater regulatory oversight of large social media companies.”