Just to expand on my ideas above about how we might manage them:

(1) Entities creating these data sets should require licenses to do so. (2) Creation of real-time location data sets would itself be a criminal offense without a license. (3) Data would need to be encrypted and stored according to a set of best practices. Failure to do so would be a criminal offense. (4) Access to data would be available through a court, ideally with the judge literally controlling access to the cryptographic keys. (5) Accessing the data without permission would be a criminal offense. (6) You would probably need to add civil penalties not subject to sovereign immunity. Otherwise cops would just ignore the law about unauthorized access and then also fail to prosecute themselves.

Or you know we could just make them illegal altogether (including the ones the cell phone company creates for advertisers). Much simpler!