Chapter 2, titled "The Regulator’s Dilemma," co-authored by Brett King and Jo Ann Barefoot, discusses the challenges regulators face in adapting to the rapidly evolving financial landscape shaped by technology and innovation. The authors argue that traditional regulatory frameworks, built during an analog era, are ill-equipped to handle the complexities of digital markets and emerging technologies such as blockchain and AI. They emphasize the need for "digitally-native regulation" that can be implemented alongside existing systems, allowing for small-scale testing and adaptation. The chapter highlights the importance of regulators being proactive rather than reactive, as they navigate the balance between fostering innovation and mitigating risks in a fast-paced environment.

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