"Regulating them properly" could mean a lot of things to a lot of people. Do you mean e.g. just not allowing porn on the internet or do you mean e.g. just not requiring identification verification? If neither, what way of regulation that allows distinction without banning content or identifying users?

Putting conditions on the company so that they do not even risk this in the first place, e.g. moderation, a demand to make tools to protect children, there are a lot of different things and prohibition is the least likely to work at any level. You can look at any issue in history with prohibition and see what that amounts to.