“Well crafted” means tech titans want to write their own regulations to protect incumbent titans while making it hard for new competitors to enter the market. That’s pretty much how industry regulation always works.

Cook called for “well-crafted” regulations to protect the information of users

Source: Apple CEO Tim Cook Calls for More Regulations on Data | Fortune
Meanwhile, Facebook and Google are opposing a California initiative that would create EU-like privacy protections for Californians. Because they didn’t write it.