This is true but such a discussion must be balanced with the cost of compliance for newer market entrants.

For example if running a social network or email service etc required following a large rule book then we probably would not have Facebook and maybe not even gmail. We would all be using some clunky Microsoft or IBM solution that took years to add new features because they had to get it all past the regulators.

You don't want to get an angry phone call from a regulator because you put some weekend hack up on HN.