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19 Vand. J. Ent. & Tech. L. 87 (2016-2017)
Regulation 2.0: The Marriage of New Governance and Lex Informatica

handle is hein.journals/vanep19 and id is 89 raw text is: Regulation 2.0: The Marriage of New Governance and Lex Informatica Abbey Stemler* ABSTRACT Throughout history, disruptive technologies have transformed industry and signaled the destruction or creation of regulatory structures. When crafting regulations, governments often utilize Regulation 1.0 approaches, characterized by top-down design standards that dictate exactly how the regulated must act in order to prevent market failures. Regulation 1.0 increases barriers to entry and decreases the room for business experimentation. Regulation 2.0, by contrast, is a theoretical approach for regulating companies that rely on platform- mediated networks. It marries New Governance theory and the concept of lex informatica. This marriage allows for the collaborative creation of design standards that are then enforced through mediating technologies. Regulation 2.0 is ideal for regulating the sharing economy in particular, as it is powered by technology-driven feedback loops. The shift from Regulation 1.0 to Regulation 2.0 will help regulators meaningfully collaborate with stakeholders and complete the heavy lifting required to effectively turn code into law and efficiently achieve the desired ends of regulation. * Assistant Professor of Business Law and Ethics, Kelley School of Business, Indiana University. I am grateful for the feedback on this Article and for insights shared at the Law and Big Data Colloquium at Indiana University sponsored by Pamplin College of Business, Virginia Tech and the Kelley School of Business, Indiana University; at the Sharing Economy, Sharing City: Urban Law and the New Economy Conference sponsored by Fordham University; and at the Invited Scholars Colloquium at the Annual Academy of Legal Studies in Business Conference. I am also grateful for the helpful comments and feedback provided by my colleagues at Indiana University, Victor Bongard, Todd Haugh, Josh Perry, Anjanette Raymond, and Karen Woody. 87

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