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Some parts of this sound like they'd be useful, but I have to wonder what the catch is.

Looks like the catch is that the politicians get an exemption from it all.

Exemption from what, having their data erased?

Exemption from having to erase people’s data or not target them with ads.

Luckily they don’t get an exemption from my pi-hole - I’m supportive of any law with teeth that cracks down on surveillance capitalism however!

Not GP but I assume the implication is that political parties would be exempt from the regulations when advertising to voters.