ABSTRACT: From the financial services sector to the management of sustainable supply chains, energy markets, and intellectual property, the world of business is hyped with the use of blockchain to carry its processes. Blockchain’s promise is to reduce agency costs and increase connectivity across markets. A sustainable blockchain ecosystem inevitably relies on factors of good governance including participation, rule of law, transparency, inclusiveness, effectiveness, and accountability. A workable governance model for a blockchain-based economy composes of monitoring, enforcement, and compliance mechanisms provided both by the technology itself and the government. This article is a reflection on the role of the private sector as well as the administrative state in regulating decentralized blockchain-based market. KEYWORDS: blockchain, good governance, GDPR, Securities and Exchange Commission