[Frqy3]

Treat Facebook like both and apply all the telco and content regulations to them.

One of the key principles in telco regulation is ensuring any-to-any connectivity. It is now established in most jurisdictions that telcos have a monopoly over connecting to their end-customers (i.e. the only was to call a T-mobile customer is for T-mobile to accept the call into their network). Hence regulators not only mandate interconnection, but require it to be done on fair terms and conditions, including a fair wholesale price, which is often set by the regulator.