Many privacy advocates, however, have challenged whether the DAA model goes far enough, calling for an expanded government role in policing the sector and more tools to allow users to escape tracking systems.

Lawmakers have made efforts at passing legislation to authorize federal regulators to enforce rules for protecting consumer privacy online in the last several sessions of Congress, but so far each has stalled. Frank expects that pattern to hold.

"I personally think that privacy legislation is a losing proposition for most politicians, because whatever you do you're not going to make everyone happy," he said. "Either the powerful Silicon Valley lobby will come down on you as they have, for instance, in prior attempts to legislate piracy. Or you'll be accused of making toothless laws that don't protect anyone. So it's really a no-win situation."

"I certainly don't think that this congress is going to do anything, and if I were a gambling man I would bet that the next congress won't either," he added.

In addition to signing onto the DAA privacy framework, Frank advised firms to work to bring together the privacy and marketing teams, noting that they often work at cross purposes.