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中文版本请见此处
VERSIÓN EN ESPAÑOL
My research assistant Daniil Rose and I have prepared an article, Blockchain RegulatorySystems—Conceptual and Operational Challenges, the revised and final version of which is scheduled to be published in 2027 by the Rutgers Computer and Technology Law Journal.
This article has argued, across its several analytical levels, that the common assumption organizing most contemporary blockchain discourse, namely that code can be understood as a "rule" analogous to law, mistakes the object of regulation for something considerably smaller and more tractable than it actually is, and that code is better conceived instead as a layered system, an environment, or an ecology of rule-production, within which the human, and human systemicity more generally, is not so much opposed or obeyed as it is progressively displaced, translated, and in the end only partially recoverable. The Sacher-Torte model developed above gives that displacement a structure rather than leaving it a metaphor: legal meaning, as it descends from statute and intention through compiler, bytecode, opcode, and consensus layer, loses something of its original semantic content at every translation, so that what remains available to human regulators by the time a transaction executes is not command over the system's lower layers, which have by then become a largely autonomous and self-referential language, but only a series of gates, positioned wherever the layered ecology happens to intersect with human legal and political institutions, at which regulators may decide, often belatedly and always incompletely, whether to admit what the system has already produced. The real conflict this article has sought to expose, then, is not the conflict ordinarily staged between the Rule of Law and the Rule of, or by, Code, as though these were two sovereigns contesting a single throne, but a conflict among distinct regulatory ecologies, each organizing meaning, authority, and now, as the discussion of blockchain's temporal architecture has shown, even time itself according to incompatible internal logics, so that the only task remaining to law is the comparatively modest but by no means trivial one of giving normative content to the gates at which those ecologies are compelled to meet.
Two further insights, developed at length above, sharpen that general claim and ought not be allowed to recede into it. The first is that every account of blockchain's purpose and proper governance, including the Sacher-Torte account offered here, is itself a species of interested, oracular speech: a claim, advanced by a party with something to gain, about a technological future that cannot yet be verified, calculated to secure one particular allocation of authority between human and machine under cover of describing a technical state of affairs. That reflexive recognition, borrowed from the broader contest among competing AI governance narratives surveyed elsewhere, requires that this article's own thesis be read not as a neutral description finally capable of settling the Rule of Code debate, but as one more entrant in that same contest, whose persuasiveness lies precisely in how plausibly it asks its readers to accept a particular ordering of human and machine authority as sufficient. The second insight concerns time, and it is in some respects the more fundamental of the two, because it shows that blockchain's most celebrated technical achievement, the production of an agreed, linear succession of validated states among nodes that share no common clock, sovereign, or physical present, is neither a timeless discovery about the nature of succession nor a metaphysical accomplishment to be either celebrated without qualification or dismissed as illusion, but rather an energy-purchased, continuously re-earned, and politically contested choice to enforce one particular and historically specific picture of order: a strictly serial, dialectical, one-block-at-a-time model of succession whose power is inseparable from its narrowness, and which has proven durable enough to survive, apparently intact, even its latest and most exotic proposed revision, the grafting of genuinely non-classical, quantum-entangled representations onto a ledger that still, for all that innovation, permits each new state to be built only out of the single state immediately preceding it. Blockchain, in other words, does not merely organize transactions; it manufactures, out of its own architecture, the very conditions of legitimacy, sequence, and historical truth that it then presents to its participants as discovered rather than made, and it is precisely this quiet substitution of manufactured order for discovered order that both the Sacher-Torte and the temporal analyses of this article have sought to render visible.
None of this, properly understood, counsels retreat from blockchain, nor does it counsel the kind of regulatory enthusiasm that would treat the technology as either a problem to be solved once and for all or a solution requiring no further human attention. Code can automate enforcement with a logical perfection no legal text can match, yet it remains constitutionally incapable of capturing the intent, judgment, and capacity for exception that law, however imperfectly, still embodies; law, conversely, can hold values, fairness, and flexibility within a single institutional frame, yet it moves too slowly, and too self-consciously, to govern a system whose defining achievement is exactly the speed and apparent neutrality of its own self-execution. Blockchain sits, uneasily, at the intersection of these two incommensurable competences, and whether one approaches it as technology, as ideology, or, as this article has preferred, as semiotic practice, it stands as an ongoing experiment in how a community projects value, order, and now even time onto what is, after all, an intangible and entirely constructed artifact; its significance lies not only in the transactions it settles but in the alternative architectures of accountability and collective governance it makes newly thinkable, for better and for worse. Automated, ledgered, sequencing systems of this kind, enriched by the layered languages of code and by their increasingly intimate interpenetration with human decision-making, are here to stay, absent some catastrophe this article does not predict, and the regulatory task is accordingly not to resist that permanence but to take its value seriously while remaining alert to the semiotically complete, and therefore semiotically self-justifying, logic of the virtual spaces it has built.
That alertness matters because the risk blockchain poses is less a function of the tool than of the all-too-human impulse to first build an instrument, then grant it the dignity of autonomous agency, and finally blame the instrument for the predictable consequences of decisions that remain, however many layers of code intervene, recognizably human; a bad worker, as the proverb has it, blames his tools, and the proverb's logic survives the worker's tools becoming self-referential, cryptographically secured, and globally distributed, a survival owed in no small part to the semiotics of internalization and externalization through which human agents project their own agency outward onto the instruments they build and then disclaim it. This is not merely a claim about the nature of symbols and symbolic representation in the abstract; it is a claim about how such representations come to serve, within the specific institutional and cultural setting this article has examined, a properly mythmaking function, converting a contingent, politically achieved, and continuously maintained ordering of authority into something that presents itself to its participants as natural, inevitable, and therefore beyond the reach of ordinary political contestation. Here, finally, one meets the deeper irony this article has traced from its opening pages to its last: that whatever humanity believes itself to be encoding when it builds systems in its own image, meant to represent an idealized version of itself, it will embed in that system, one way or another, the unmistakable markers of its own persistent failure to attain that ideal, because humans remain capable, and then only barely, of regulating themselves, whether through the explicit institutions of law or through the encoded, automated systems that treat discretion and judgment as matters of indifference precisely because humans have delegated those matters away.

Machines offer a poor alibi for humanity's long-running failures of collective self-governance; the impulse to externalize blame onto one's own instruments is an ancient psychological trope, commonly called the self-serving bias, resting on the presumption that it is easier, and cheaper, to suppress or manage the instrument than to discipline its user, even when, as digital systems increasingly do, the human remains embedded within the very system being blamed. That account, however, does not quite capture blockchain, for what is at stake there is less blame than trust, and the specific premise and practice of trust by which blockchain's architecture is designed to manufacture confidence without requiring anyone, including its own designers, to remain accountable for having manufactured it. The danger in regulating blockchain, accordingly, is not that regulators will fail to address the technology, but that the regulation they favor will fail to reach this problem at all, serving instead to relocate blame and agency onto an instrument that is, even at its most apparently autonomous and self-referencing, still only executing the terms that human choices, made at every layer of the Sacher-Torte, continue to set.
Blockchain, understood this way, is less the closing of an era than the opening of another chapter in humanity's long and unfinished effort to govern, rationalize, and give coherent meaning to its own collective life, a chapter that will be written, as this one has been, by interested narrators each staking a competing claim to the authority that successful governance of the technology confers. The test of any account of blockchain's regulatory significance, including the one advanced in these pages, is accordingly not whether it wins the argument it stages, but, more exactingly, what ordering of human and machine authority it quietly asks its readers to accept as sufficient; and if this article has succeeded in anything, it is in making that question, rather than any premature answer to it, the proper starting point for whatever comes next.
The Abstract and Introduction may be accessed here. The full draft may be accessed here. The Draft is available in Chinese (中文版本请见此处) and Spanish (VERSIÓN EN ESPAÑOL).