Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Politics

23andMe bankruptcy prompts Cornyn-Grassley-Klobuchar bipartisan bill to protect sensitive genetic data

by May 22, 2025
May 22, 2025
23andMe bankruptcy prompts Cornyn-Grassley-Klobuchar bipartisan bill to protect sensitive genetic data

: Republican senators John Cornyn and Chuck Grassley and Democratic Sen. Amy Klobuchar are rolling out a bipartisan measure to protect sensitive genetic data in response to privacy concerns sparked by 23andMe’s bankruptcy, Fox News Digital has learned. 

Cornyn, R-Texas; Grassley, R-Iowa; and Klobuchar, D-Minn., are introducing the Don’t Sell My DNA Act, which would safeguard customers’ sensitive genetic information when an entity that maintains data files for bankruptcy. The bill would add genetic information to the definition of ‘personally identifiable information’ in the bankruptcy code. 

Under current law, the bankruptcy code provides protections for personally identifiable information in bankruptcy court proceedings to prevent the possibility of identity theft, harm or other unlawful injury. 

Senate aides told Fox News Digital the current definition of personally identifiable information includes an individual’s name, address, email, phone number, Social Security number, credit card numbers and other information that could be used for identification purposes. 

Those aides said the definition is ‘outdated’ and does not include a reference to genetic information, leaving the information vulnerable.

‘This legislation would solve this problem by updating the definition of ‘personally identifiable information’ in the bankruptcy code to include genetic information,’ a Senate aide said. 

The bill also addresses consumer privacy concerns by having consumers affirmatively consent to the sale or lease of their genetic information after a bankruptcy case commences and requiring companies to provide prior written notice of the use, sale or lease of their genetic information during bankruptcy. 

The bill also requires the trustee or debtor in possession to delete any genetic information not subject to a sale or lease. 

‘Advances in DNA testing have allowed Americans to have unprecedented access to important insights about their genetics, but these companies must have a plan to protect this data in the event of bankruptcy,’ Cornyn told Fox News Digital. 

‘By updating the bankruptcy code, this legislation would safeguard Americans’ sensitive genetic information to ensure it cannot be weaponized against them or made public without their knowledge and consent.’

And Klobuchar said companies ‘have profited off of Americans’ data while consumers have been left in the dark, which is especially concerning in light of reports that 23andMe plans to sell customer genetic data assets to a large pharmaceutical company.’ 

‘This bill will put new protections in place to safeguard Americans’ privacy while giving consumers greater control over how their sensitive health data is shared,’ Klobuchar said. 

Grassley told Fox News Digital consumers should ‘feel confident that any personal nformation shared with a public company isn’t up for grabs when that company files for bankruptcy.’

Grassley told Fox News Digital the bill ‘would fill gaps in current law to help safeguard consumers’ genetic information and ensure Americans’ DNA isn’t treated like any other financial asset.’ 

On Monday, 23andMe announced Regeneron Pharmaceuticals would purchase 23andMe through a bankruptcy auction. 

Senate aides said Regeneron promises to ‘protect consumer information, but the data privacy concerns for future bankruptcies remain.’ 

The genetic testing company 23andMe, once a pioneer in consumer DNA testing, filed for Chapter 11 bankruptcy in March amid financial struggles, a leadership shakeup and growing concerns about the security of its customers’ genetic data.

Regeneron Pharmaceuticals announced it will acquire ‘substantially all’ of genetic testing company 23andMe’s assets.

The pharmaceutical company said it won the court-supervised auction of the genetic testing company, with Regeneron agreeing to pay $256 million for the assets. The auction for 23andMe was part of the Chapter 11 bankruptcy protection it filed in March to arrange a sale of its business.

In its bankruptcy petition, the company estimated a range of $100 million to $500 million for its assets. Estimated liabilities were the same. 

The pharmaceutical company is buying 23andMe’s personal genome service and its health and research services segments, according to 23andMe. 

This post appeared first on FOX NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
The Best Way to Expand Naloxone Access? Clear the Path
next post
GOP holdouts sound alarm on $36T debt crisis as Trump’s ‘big, beautiful bill’ passes House vote

You may also like

Scams are the policy problem no one is...

January 22, 2024

Wedding barn regulations, liquor law overhaul win bipartisan...

June 16, 2023

Talk of Biden replacement heats up following ‘weak’...

June 28, 2024

The Hitchhiker’s Guide to the meaning of a...

November 6, 2024

Rising political stars on the right and left:...

January 2, 2023

Biden serves word salad at ‘kitchen table’ economics...

July 21, 2023

Insiders reveal how Biden, Trump are prepping for...

June 20, 2024

Republicans exude optimism as fourth speaker candidate heads...

October 25, 2023

Fulton County DA sets proposed trial date in...

August 17, 2023

Biden rakes in big bucks last month, but...

June 21, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Iran regime escalates repression toward ‘North Korea-style model of isolation and control’

      July 4, 2025
    • UK revealed as Europe’s worst country for commuters in new ranking

      July 4, 2025
    • This July 4th, a family waits: American hostage’s father pleads for son’s freedom from Hamas terrorists

      July 4, 2025
    • $88m methane-tracking satellite lost in space, dealing major blow to climate monitoring

      July 4, 2025
    • New US visa rules will force foreign students to unlock social media profiles

      July 4, 2025
    • The real Formula 1: British Grand Prix highlights UK’s £16bn motorsport economy

      July 4, 2025

    Categories

    • Business (8,393)
    • Investing (2,102)
    • Politics (15,945)
    • Stocks (3,189)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved