No it isn't, the regulation is extremely important and helps keep the financial system following the law. The stakes are extremely high and monitoring records is the bare minimum we should be doing to protect ourselves from criminal financial actors.

Every rule is written in blood. We recently saw guys fixing the LIBOR for a tray of leftover sushi. Thankfully we have records of that.

You also claim there were no laws broken. That is a false assertion. We don't know if there were laws broken.

The stakes of financial crime rise as the amount of money at play increases.

Requiring big players to help us ensure that they are playing by the rules is a requisite for preventing larger SVB-like situations from festering.