The approach is really to regulate anyone who puts themselves in a vulnerable position with the law. Any company that wants to be “legitimate” (raise money, hire employees, file taxes, distribute shares, etc.) puts itself in a subjugative position toward the government. Legitimacy requires legal exposure; you cannot reap its benefits while playing outside its rules.

If a company or market segment is organized in a way that makes regulation enforceable, then the government will find a way to regulate it. The only way for a company to avoid such regulation is to operate outside the bounds of the corporocracy, foregoing the benefits of legitimacy in hopes that the strengths of decentralization will ultimately prevail.