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FSI's research on the origins, character and consequences of government institutions spans continents and academic disciplines. The institute’s senior fellows and their colleagues across Stanford examine the principles of public administration and implementation. Their work focuses on how maternal health care is delivered in rural China, how public action can create wealth and eliminate poverty, and why U.S. immigration reform keeps stalling. 

FSI’s work includes comparative studies of how institutions help resolve policy and societal issues. Scholars aim to clearly define and make sense of the rule of law, examining how it is invoked and applied around the world. 

FSI researchers also investigate government services – trying to understand and measure how they work, whom they serve and how good they are. They assess energy services aimed at helping the poorest people around the world and explore public opinion on torture policies. The Children in Crisis project addresses how child health interventions interact with political reform. Specific research on governance, organizations and security capitalizes on FSI's longstanding interests and looks at how governance and organizational issues affect a nation’s ability to address security and international cooperation.

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Abstract

Blockchain technology, originally conceived as a means of enabling peer-to-peer coordination without trusted intermediaries, has evolved into a foundational infrastructure with applications extending well beyond cryptocurrencies—from decentralized finance and digital identity to supply-chain management, dispute resolution, and decentralized artificial intelligence. This report examines blockchain not only as a technical innovation but as a sociolegal phenomenon that challenges established frameworks of governance, accountability, and regulation. It argues that the promise of decentralization warrants careful qualification: while blockchain systems often achieve technical decentralization, their governance frequently remains concentrated among core developers, validators, large token holders, and infrastructure providers.

From a legal standpoint, blockchain's pseudonymous, transnational, and code-based architecture explains why it has been presented as an “alegal"”territory. Yet courts and legislatures continue to reassert legal authority —unevenly but unmistakably— wherever blockchain systems intersect with human actors and institutions. Landmark cases such as Mango Markets, Uniswap, Tulip Trading, and Tornado Cash reveal an unsettled jurisprudence on developer liability, the legal status of smart contracts, and the treatment of DAOs, with no coherent liability framework yet solidifying.

Regulatory responses span four principal strategies: observational approaches, regulation by enforcement, proactive legislation (notably the EU's MiCA), and outright prohibition. Each confronts a common structural tension between decentralized architectures and legal frameworks built around identifiable, territorially anchored intermediaries. The central question is no longer whether blockchain technologies should be regulated—litigation and legislation have settled that point—but how frameworks can meaningfully govern a technology deliberately engineered to resist the intermediaries and territorial anchors on which regulation depends. The report concludes that blockchain has become a contested zone in which code, legal norms, and social coordination interact in ways no existing framework was designed to handle, and that the path forward lies in adaptive arrangements addressing three concrete challenges: defining sound governance for decentralized systems, clarifying the legal status of computer code, and establishing credible accountability mechanisms.

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We are greatly indebted to the Project Liberty Institute for their support of the Program on Governance of Emerging Technologies, which made this report possible.

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Florence G'sell

Visiting Professor
Florence G'sell is a Visiting Professor and leads the Program on Governance of Emerging Technologies. She is also Professor of Private Law at the University of Lorraine (currently on leave), a member of the AI and Society Institute at Ecole Normale Supérieure (ENS-PSL, Paris), and a Research Affiliate at the Centre for Digital Law at Singapore Management University. From 2019 to 2025, she held the Digital Governance and Sovereignty Chair at Sciences Po (Paris).
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A new report by Florence G'sell,  visiting professor in the program on the Governance of Emerging Technologies, offers a nuanced analysis of blockchain technology's relationship with legal and regulatory frameworks.

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Stanford Cyber Policy Center
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Florence G'sell
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Daphne Keller is the Director of Platform Regulation at the Stanford Program in Law, Science, & Technology. Her academic, policy, and popular press writing focuses on platform regulation and Internet users'; rights in the U.S., EU, and around the world. Her recent work has focused on platform transparency, data collection for artificial intelligence, interoperability models, and “must-carry” obligations. She has testified before legislatures, courts, and regulatory bodies around the world on topics ranging from the practical realities of content moderation to copyright and data protection. She was previously Associate General Counsel for Google, where she had responsibility for the company’s web search products. She is a graduate of Yale Law School, Brown University, and Head Start.

SHORT PIECES

 

ACADEMIC PUBLICATIONS

 

POLICY PUBLICATIONS

 

FILINGS

  • U.S. Supreme Court amicus brief on behalf of Francis Fukuyama, NetChoice v. Moody (2024)
  • U.S. Supreme Court amicus brief with ACLU, Gonzalez v. Google (2023)
  • Comment to European Commission on data access under EU Digital Services Act
  • U.S. Senate testimony on platform transparency

 

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Director of Platform Regulation, Stanford Program in Law, Science & Technology (LST)
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Senior Fellow, Freeman Spogli Institute for International Studies
Ken Olivier and Angela Nomellini Professor of International Studies, Department of Political Science
Peter and Helen Bing Senior Fellow, Hoover Institution
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Michael McFaul is the Ken Olivier and Angela Nomellini Professor of International Studies in Political Science, Senior Fellow at the Freeman Spogli Institute for International Studies, and the Peter and Helen Bing Senior Fellow at the Hoover Institution, all at Stanford University. He joined the Stanford faculty in 1995 and served as FSI Director from 2015 to 2025. He is also an international affairs analyst for MSNOW.

McFaul served for five years in the Obama administration, first as Special Assistant to the President and Senior Director for Russian and Eurasian Affairs at the National Security Council at the White House (2009-2012), and then as U.S. Ambassador to the Russian Federation (2012-2014).

McFaul has authored ten books and edited several others, including, most recently, Autocrats vs. Democrats: China, Russia, America, and the New Global Disorder, as well as From Cold War to Hot Peace: An American Ambassador in Putin’s Russia, (a New York Times bestseller) Advancing Democracy Abroad: Why We Should, How We Can; and Russia’s Unfinished Revolution: Political Change from Gorbachev to Putin.

He is a recipient of numerous awards, including an honorary PhD from Montana State University; the Order for Merits to Lithuania from President Gitanas Nausea of Lithuania; Order of Merit of Third Degree from President Volodymyr Zelenskyy of Ukraine, and the Dean’s Award for Distinguished Teaching at Stanford University. In 2015, he was the Distinguished Mingde Faculty Fellow at the Stanford Center at Peking University.

McFaul was born and raised in Montana. He received his B.A. in International Relations and Slavic Languages and his M.A. in Soviet and East European Studies from Stanford University in 1986. As a Rhodes Scholar, he completed his D. Phil. in International Relations at Oxford University in 1991. 

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