I have a solution. Perhaps you take the etherium users, and they can vote and elect arbitrators, let's call them judges. Then those judges can hold "court" and a selection of etherium users would act as a "jury" to decide on how to handle exceptions. Of course, we will also need to appoint people to enforce those laws. Maybe we should start with a constitution to get things all lined out...
Actually I would suggest starting with something less strong than a "constitution", something that just defines the federation of etherium exchanges in broad strokes, call that the "federalist papers" or something.