Ephrat Livni recently penned a DealBook op-ed regarding the role of code when it comes to shaping policy. He doesn’t make an argument either way but instead presents the two sides:
- Code is an impartial arbiter that some people see as a regulatory force.
- There’s no such thing as neutral code because humans program it.
So today, we’re breaking down the arguments without judgment. On which side do you land?
Pro: Code Should Lead Policy Argument
Many people in the cryptocurrency community view the new technology and the emerging market it birthed as the ultimate expression of a free, decentralized, democratic, international marketplace. They envision a world where transactions are routed along public, transparent blockchains that protect peoples’ identities and allow for quick cross-border transactions.
Under this model, code is the ultimate decider carried out by pre-programmed smart contracts blind to who or what is engaging in the transaction. All that matters are the parameters and whether they’re met. In their eyes, it’s the ultimate meritocracy.
Anti: Humans Should Lead Policy Argument
Livni uses Harvard Law professor and author of the seminal 1999 book “Code and Other Law of Cyberspace” Lawrence Lessig to encapsulate the sentiments of those who don’t believe code should lead policy decisions. Lessig envisions a world where technologists form stronger bonds with behavioral psychologists and economists when crafting large-scale projects. He believes that letting code lead the way will lead to “an existential threat to our democracy.”
On a technical level, people who fall into this group point out the fallibility of blockchain networks. Even though blockchain technology is more secure than previous programming options, programming holes and 51-percent attacks remain issues (link). As such, they posit automated functions — which are vulnerable to attacks and manipulation — should not be a guiding regulatory force.
What do you think? Are you code-first or human-first when it comes to policy crafting? Or perhaps a mix of both?
The Kelly Law Firm works with individuals and businesses on all manners of crypto policy and transactional legalities. If you need a blockchain attorney, let’s talk.
