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   "@id": "https://wulfkaal.github.io/claims/2831040-015",
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   "text": "The three core law and technology proposals for the pacing problem, regulation via the judiciary, early stage regulation of innovation, and principles based regulation, all have practical limitations and none of them uses dynamic regulatory elements.",
   "abstract": "None of these proposals uses dynamic regulatory elements. By contrast, dynamic regulation emphasizes dynamic elements in regulating innovation.",
   "citation": "Wulf A. Kaal, Dynamic Regulation for Innovation (2016). SSRN: https://ssrn.com/abstract=2831040",
   "datePublished": "2016",
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   "text": "The downsides of principles based regulation are a costly and time consuming transition from rules based regulation, uncertainty, and compliance problems that follow from that uncertainty.",
   "abstract": "The downsides of principles-based regulation include a costly and time consuming change from rules-based regulations to principles-based regulation, uncertainty, and compliance problems because of uncertainty",
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   "text": "Because dynamic regulation operates as a supplement inside the existing rulemaking framework, it does not require the costly implementation that a shift to principles based regulation would require.",
   "abstract": "regulatory supplement in the existing rulemaking framework, costly implementation would not be necessary, unlike in the case of principles-based regulation.",
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   "text": "Dynamic regulatory mechanisms avoid legal uncertainty better than principles based regulation because in the dynamic framework rulemaking follows feedback processes that are transparent to both the affected industries and the regulators.",
   "abstract": "Dynamic regulatory mechanisms also avoid legal uncertainty more than principles-based regulation because in the dynamic framework rulemaking can happen after feedback processes that are transparent to both the affected industries and the regulators.",
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   "text": "A principle based approach gives regulators greater openness and flexibility and prevents innovative technologies and the companies developing them from becoming bogged down in the regulatory thicket produced by a rule focused approach.",
   "abstract": "a principle–based approach facilitates a greater degree of openness and flexibility on the part of regulators, and prevents innovative technologies (and the companies that have developed them) from becoming bogged down in the regulatory thicket that often results from a rule–focused approach.",
   "citation": "Mark Fenwick, Wulf A. Kaal, Erik P. M. Vermeulen, Regulation Tomorrow What Happens When Technology Is Faster Than the Law (2017). SSRN: https://ssrn.com/abstract=2834531",
   "datePublished": "2017",
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   "text": "The principle based approach has a shortcoming the authors concede: it is usually impossible to comply with principles that could change after the fact, and the approach may let regulators promulgate fact based laws and rules through the backdoor.",
   "abstract": "The argument is that it is usually impossible to comply with principles that could change \"after the fact.\"107 That is to say, a principle–based approach may facilitate policy makers, lawmakers, and regulators in promulgating facts–based laws and rules through the backdoor.",
   "citation": "Mark Fenwick, Wulf A. Kaal, Erik P. M. Vermeulen, Regulation Tomorrow What Happens When Technology Is Faster Than the Law (2017). SSRN: https://ssrn.com/abstract=2834531",
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   "text": "Gibraltar treats DLT regulation as better achieved through the application of principles rather than rigid rules, because the area of law is evolving and innovative.",
   "abstract": "Gibraltar recognizes that this area of the law is evolving and innovative, and as such is better achieved through the \"application of principles rather than rigid rules\"",
   "citation": "Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224",
   "datePublished": "2018",
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