Ultimately, you're saying that we need rules. At the same time, as Mr. Bailey said so aptly, we don't know what rules we need. This means adopting a flexible framework to allow the rules to evolve quickly, and probably in less time than the legislative cycle.
The bill provides ample room for the industry to self-regulate. Self-regulation is, in fact, the mechanism that the industry prefers in order to ensure flexibility. However, I think that, if the industry preferred self-regulation, it would already be a fait accompli.
What do you think of that approach?