I was honored to testify before the Wyoming legislature on the need to ensure meaningful human control over the new “algorithmically managed” legal entity type under Wyoming state law.
There is a lot that can be done faster, cheaper, and better by algorithms but certain judgments need to be made by humans and not machines. It is important to avoid an accountability gap with AI, smart contracts, DAOs, or other algorithmic processes that are capable of managing legal entities and conducting legal transactions. In general, operating a legal entity that could be put to any purpose is a good example.
My May 28, 2021 testimony, excerpted in the video below, describes this need and proposes some legislative approaches to help ensure meaningful human control over the new “algorithmically managed” legal entity type under Wyoming state law.
Perhaps if the entity were tightly restricted to only perform very narrowly scoped and appropriate tasks that are well within the demonstrated capability of the algorithm to reliably and safely conduct, other options could be considered. But that is a matter for another day.
The testimony, provided on May 28th, 2021, can be found here and is embedded below: