Comment by wilsonnb

The best option would be to require the data be properly anonymized before being stored, used, or sold. That way the companies can still sell it for profit, the buyers can still gain useful insights from the data, and the users location is not available to anyone with enough money.

I'm not sure how possible it is to anonymize that kind of data in a way that prevents it from being deanonymized, or how useful the anonymized data would be to the buyers, but this seems like a better solution than a blanket ban to me.