...traditional forces. Meanwhile,
self-regulation initiatives, while mostly well-intentioned, have proven largely ineffective: lacking binding authority and meaningful repercussions, they fail to compel either companies or states to act responsibly. Fundamentally, the functionality and effectiveness of
self-regulation relies solely on its incentive effect and the voluntary participation that depends on it. Most importantly:
self-regulation can principally just bind those who are willing to be bound. The individual voluntary certification under a
self-regulatory regime renders no effect on entities who offer services to clients who either do not care about oversight, control...