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European Union set to revise cookie law, admits cookie banners are annoying
(www.techspot.com)
This is a most excellent place for technology news and articles.
Do Not Track is a browser setting. You enable it in your browser settings for all websites. All it does is ask the website to please "not track" you. Most sites of course don't even check for the setting.
The law in California is just that the privacy policy must clearly state if / how the site is honoring Do Not Track, not that it must be presented to you as an option or even actually honored at all.