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82 U. Chi. L. Rev. Dialogue 116 (2015-2016)
Self-Regulation and Innovation in the Peer-to-Peer Sharing Economy

handle is hein.journals/uchidial82 and id is 116 raw text is: Self-Regulation and Innovation in the Peer-to-Peer Sharing Economy Molly Cohent & Arun Sundararajantt INTRODUCTION A growing fraction of the world's economy involves digitally enabled peer-to-peer exchange. This form of exchange has ex- panded dramatically in recent years, moving beyond simple re- tailing and free file exchange to personal, human-intensive serv- ices such as hosted accommodation, urban and city-to-city transportation, neighborhood logistics, peer-to-peer lending, eq- uity crowdfunding, and decentralized manufacturing. Such ex- change, while mediated by digital platforms like Uber, Airbnb, Lyft, Etsy, Funding Circle, and AngelList, frequently involves the peer-to-peer provision of familiar real-world services that are the traditional subjects of regulation. It blurs the line be- tween personal and professional in the provision of commercial services. Further, it often involves semianonymous transactions. Each of these factors creates a variety of regulatory challenges that could impede innovation, especially the grassroots innova- tion made possible by new opportunities for peer-to-peer ex- change. Additionally, these regulatory barriers may slow the growth of employment that involves individuals providing goods, services, labor, and capital through peer-to-peer platforms-a form of work that will in future years constitute a larger fraction of the economy than it does today. We argue that the resolution of these challenges must in- clude self-regulatory approaches. Self-regulation is not the same as deregulation or no regulation. Rather, it is the reallocation of regulatory responsibility to parties other than the government. We explain why platforms should not be viewed as entities to be regulated but rather as actors that are a key part of the regulatory t National Center on Philanthropy and the Law Fellow, Office of the General Counsel, New York University. t Professor and NEC Faculty Fellow, Leonard N. Stern School of Business, New York University. Jonah Blumstein, Valeriya Greene, and Eric Jacobson provided excellent research assistance.

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