Regulation: Self-Imposed or Goverment Mandated

I have no doubt that the following is meant to apply to PGP and other 
crypto-methods, both inside and eventually outside the United States.
Any suggestions?  Or, should it be ignored until it is mandated?
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CYBERSPACE REGULATION:  DO IT YOURSELF OR HAVE IT DONE TO YOU  

In a speech to advertisers, Ira Magaziner, the Clinton 
administration's advisor on Internet issues, said:  "The 
tremendous economic benefits of the Internet will not work 
if we don't get efficient industry self-regulation on issues 
like privacy and content, especially in the children's area.  
If you fail, we will have to go the legislative route.  That 
gets caught up in the political process and will be less 
rational and efficient."  

(New York Times Cybertimes 4 Nov 97)
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Unfortunately, access to the New York Times Cybertimes outside
the United States requires a paid-subscription.  Reference:
http://www.nytimes.com/library/cyber/week/110497magaziner.html