I recently read the Notice of Inquiry on Virtual Currencies released by the New York State Department of Financial Services (PDF). Then I read it again, and again, because it's masterful. It occurred to me that it could serve as a template for every government press release about every new technology. Accordingly, I made a generic version, which I hope will be useful to others preparing similar press releases.
Copyright note: The DFS website says that "the Department grants users permission to reproduce and distribute all information available on this website for non-commercial purposes, as long as the contents remain unaltered and as long as it is noted that the contents have been made available by the Department." I altered the contents, but believe that this is permitted under the doctrine of fair use. Others wishing to use this template should make their own determination.
Every government press release about every new technology
FROM: [Name of government official], [name of government agency]
DATE: [Date]
RE: [new technology]
===================================
[Our territorial jurisdiction] has a long history of promoting technological innovation — both within [applicable industry sector] and across our economy.
As innovative products emerge, it is critical to take steps that allow new technologies and industries to flourish, while also working to ensure that [affected population] and our national security remain protected.
The emergence of [best-known type of the new technology] and other [generic term for new technology] has presented a number of unique opportunities and challenges. Building innovative platforms for [use of new technology] can help improve the depth and breadth of our nation's [industry sector] system. However, we have also seen instances where [applicable feature] provided by [new technology] has helped support dangerous criminal activity, such as [choose a few at random: drug smuggling, money laundering, gun running, terrorism, human trafficking, organized crime, gang activity], and child pornography.
If [new technology] remains a virtual Wild West for [random type of criminal] and other criminals, that would not only threaten our country's national security, but also the very existence of the [new technology] industry as a legitimate business enterprise.
Indeed, it is in the common interest of both [affected population] and the [new technology] industry to bring [new technology] out of the darkness and into the light of day through enhanced transparency. It is vital to put in place appropriate safeguards for law-abiding citizens.
As such, [name of government agency] ([agency acronym]) has launched an inquiry into the appropriate regulatory guidelines that it should put in place for [new technology]. [Agency acronym] has already conducted significant preliminary work regarding this inquiry, including making requests for information from [new technology] firms. Based on that initial work, we are concerned that — at a minimum — [a segment of companies using the new technology] may be engaging in [a practice regulated by issuing agency], which is an activity that is licensed and regulated by [agency acronym].
Under current [agency acronym] regulations, firms engaging in [a use of new technology] are required to [a requirement of the law] in order to better safeguard [affected population/asset]. Additionally, they are required to undergo periodic [regulatory requirement], as well as comply with [other applicable topic] laws. These guidelines for [companies doing things the old way] help protect [affected population] and root out illegal activity.
However, [agency acronym] is also considering whether it should issue new regulatory guidelines specific to [new technology] — rather than simply apply existing [companies doing things the old way] regulations. As such, we could also move forward with new guidelines that are tailored to the unique characteristics of [new technology].
We believe that — for a number of reasons — putting in place appropriate regulatory safeguards for [new technology] will be beneficial to the long-term strength of the [new technology] industry.
First, safety and soundness requirements help build greater confidence among [affected population] that [their use of new technology] will not result in [worst case scenario]. Indeed, some [affected population members] have expressed concerns about [thing that's only a concern to people who don't understand the technology]. Taking steps to ensure that [use of new technology] — particularly [particular use of new technology] — are handled properly is vital to earning the faith and confidence of [affected population].
Second, serving as [a function of the new technology] of choice for [choose a few at random: drug smugglers, money launderers, illegal weapons dealers, terrorists, human traffickers, organized criminals, gangs] could expose the [new technology] industry to [vague threat of criminal prosecution]. Taking steps to root out illegal activity is both a legal and business imperative for [new technology] firms.
Finally, [new technology] companies have received significant interest from investors and venture capital firms. Similar to any other industry, greater transparency and accountability is critical to promoting sustained, long-term investment.
We look forward to working with the [new technology] industry and other stakeholders as our inquiry proceeds, and we move to put in place appropriate regulatory guardrails to protect [affected population] and our national security.
(Sorry, I don't have my website set up for comments. If you're on Twitter, please tweet at me. Or post your reply somewhere on the internet and I'll probably come across it.)