Most of us give software firms our personal information to use their services. It might be helpful for federal services to find criminals, but I believe that it is not worth it. Your information is the most valuable piece of you in the internet, so you should protect it from hackers or unloyal companies.
On the one hand, IT police units have access to this data and may know how, when, and where illegal actions are going to happen. for example, recently, FBI has held a huge operation, which helped to catch more than 1500 criminals at the same moment. Agents received an access to the conversations of gang members on social media. Moreover, they had their names, phone numbers, and even the location at that moment. Summing up, many governent special services do that kind of operations, but their impact is not significant. Many crimninals already know that they should not use the social media for their communications, so fewer of them are caught now.
On the other hand, many hackers or companies with bad reputation may sell your information, which may lead to very bad consequences. Although it is not very popular among major companies, some actually collect clients’ personal data and sell it at the “Dark Web” for profits. Also, hackers may just steal that data even from the most of reliable technological developers. For example, a major amounts of people in my country get calls that they need to repay a loan, of which they haven’t even heard of. This happens because all over the world exists the “Dark Data Market”, so hackers can take the photo of your passport and receive money from a bank, which they won’t return.
In conclusion, the advantages of federal the regulation of technology companies does not outweigh the disadvantages. I believe that the drawbacks of loosing your personal info are worse due to potencial money loss and many other issues.