J.S. Nelson, Associate Professor of Law (Business Ethics), Villanova Law School; Dept. of Management & Operations (by courtesy), Villanova School of Business
What are cryptocurrencies: securities, commodities, or something else? Maybe they are a new form of established currency—a non-sovereign fiat currency. Like other self-governing bodies, the communities that issue cryptocurrencies should be judged on how well they support their currencies. This analysis is not meaningfully different from how we have evaluated traditional sovereign issuers of currency….
You Might Be a Robot
Bryan Casey & Mark A. Lemley
As robots and artificial intelligence (AI) increase their influence over society, policymakers are increasingly regulating them. But to regulate these technologies, we first need to know what they are. And here we come to a problem. No one has been able to offer a decent definition of robots and AI—not even experts. What’s more, technological…
Does the Clear and Present Danger Test Survive Cost-Benefit Analysis?
Cass R. Sunstein, Robert Walmsley University Professor, Harvard University.
Under American regulatory law, the dominant contemporary test involves cost-benefit analysis. The benefits of regulation must justify the costs; if they do, regulation is permissible and even mandatory. Under American free speech law, in sharp contrast, an important contemporary test for the regulation of speech involves “clear and present danger.” In general, officials cannot censor…