Comment The cloud act Does Not apply to the big boys (Score 2, Interesting) 57
The large companies, especially financial companies, do not have their US based company own the assets in other countries. Instead they spin up a new local company in those countries to avoid laws exactly like this one.
They have full control over those companies because they control the purse, but those local countries can then follow the local regulations within their region.
This is VERY common, and I'm surprised this was not mentioned as something that almost all large corporations do to avoid the issues with the Cloud Act and many other laws.
This is not a democrat or republican only thing, there are several of these type of laws in the US, and they are even more plentiful in other countries. Before throwing a stone at the US over a sovereign law, take a glance over at China, or the EU countries - they have FAR MORE laws that impact your personal privacy.