Well... one could argue that, for any new financial product, the skepticism (and therefore level of regulation) should be very high, because we don't know what the dangers are yet. After a decade of experience, the level of regulation could be reduced; after a second decade it could be reduced again.

That's in an ideal world. In this one, of course any regulatory regime is something you try to use for your own competitive advantage, especially if you've got a more cozy relationship with the regulators than your competitor does...