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April 22, 20260 citationsOpen Access

The Regulator's Dilemma: Why You Cannot Govern What You Cannot Keep Up With

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OKOybek Khodjaev

Key Points

  • The essay seeks to analyze the challenges regulators face in keeping pace with fast-moving technologies.
  • Analyzes case studies from the 1990s Uzbekistan capital markets crisis.
  • Explores contemporary AI governance frameworks.
  • Discusses the structural asymmetry between regulatory capacity and technological velocity.
  • Identifies the impossible constraint for regulators to fully understand and govern fast technologies.
  • Argues that current institutional arrangements do not provide effective solutions to the trilemma.
  • Highlights the ongoing struggle between regulatory legitimacy and technological change.

Abstract

Every regulator facing a fast-moving technology confronts the same impossible constraint: understand it, move quickly, maintain legitimacy — pick two. This essay traces the regulator's trilemma through the 1990s Uzbekistan capital markets crisis and contemporary AI governance frameworks, arguing that the structural asymmetry between regulatory capacity and technological velocity has no clean exit under current institutional arrangements. Essay 3 of the series Beyond Control: Theory of Limits of AI Governance by Oybek Khodjaev (INVEXI LLC, Tashkent, Uzbekistan). Full text: https://okhodjaev.com/essays/the-regulators-dilemma/

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Cite This Study

Oybek Khodjaev (2026) studied this question.

synapsesocial.com/papers/69e867356e0dea528ddeb8c5https://doi.org/10.5281/zenodo.19661369
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