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Scientists are working on synthetically designed microorganisms that may soon produce everything from the fuel in your gas tank to your Spandex. Distinct from genetically modified organisms, which are created by the transfer of small amounts of genetic material, synthetic biology allows scientists to assemble entirely new organisms that may be more efficient than those naturally occurring in nature.

Some of these organisms can even function as tiny factories to produce rare and expensive chemicals and compounds. For example, Exxon expects to spend over $600 million towards the development of synthetic algae that may serve as an alternative biofuel over the next decade. Synthetic organisms could even be designed specifically to be released into the environment and consume carbon dioxide, mollifying the effects of global warming.

However, despite its potential advantages, synthetic biology could also produce dangers that are not met by the nation’s current regulatory system, according to a recent article by law professors Gregory N. Mandel and Gary E. Marchant.

Synthetic biology is currently regulated based on its use, typically by the U.S. Environmental Protection...