Facebook is drawing a bipartisan backlash from Congress, but the SEC could deliver a tougher blow

Facebook is facing legal assaults from the Federal Trade Commission over antitrust concerns and broad criticism from lawmakers who say they are newly interested in long-stalled legislation that would curb the social media giant’s power. But Facebook whistleblower Frances Haugen’s strategy of turning to the Securities and Exchange Commission may represent the most potent threat to the company, experts in securities law said. The SEC is likely to give her allegations serious weight, experts in securities law said. They point to a confluence of factors lining up against Facebook: Haugen’s revelations, which formed the basis of a series in the Wall Street Journal, have generated some urgency for regulators to respond; the SEC under Chairman Gary Gensler is converting whistleblower complaints into agency action at a record clip; and Gensler has made a priority of improving corporate disclosures, a matter that lies at the heart of Haugen’s complaints.