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I agree with Nobody that we SL Residents lack the tools to govern ourselves. But rather than seeing those tools given to an in-world government, I would like to see multiple in-world governments be made possible. Different people are comfortable with different levels of outside control--and different kinds. Some might like a more laissez-faire governing body that only intervenes in cases of fraud, while others will want a full-blown nanny state. Residents should be able to opt-in to any potential governing body, and upon opting in become subject to whatever special rules and powers that body may have. They should also be free to not opt-in to any government.

What kinds of tools--or "teeth"--would these governing bodies potentially wield? How about the ability to freeze and seize assets, examine transaction histories, etc.? Maybe even the ultimate power of banning accounts. "Opting in" to such a government would amount to voluntarily giving LL permission to give those powers to the body to use according to whatever constitution they may publish.

Those that don't trust such governments won't have to join them. On the other hand, financial businesses such as stock exchanges or banks might find that they can do a great deal more business when potential customers know there is a watchdog with teeth nearby--and they may feel better about how they invest the capital they raise when the same applies to potential investment opportunities.

At worst, people will be able to choose between the wild-west, no-protection-against-fraud world we have now, and a just-after-the-wild-west, keep-a-close-eye-on-the Sheriff life.