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GDPR exists right now, actually, and most instances are far from in compliance.

How are they not in compliance?

For example by not providing a privacy policy that contains all the information required by GDPR article 14.

Wouldn't that be only applicable if they were harvesting people's information submitted by other people?

My first thought is that people running Mastodon wouldn't qualify as data controllers, but I am no expert in GDPR laws.

Legal strategies won’t work effectively, just as they haven’t against BitTorrent pirating and sites like the pirate bay. Likely there will always be a jurisdiction where those restrictions don’t apply.

The instances can move to jurisdictions where the regulatory burdens and legal liabilities are slightly different.