Regulation does not necessarily need to be about deciding what's right and what's wrong. It's about making life better for people. That's supposed to be why we have government. If they are not improving people's lives, why do we even have them? Too many people see the government doing nothing to improve their lives and think there's totally nothing wrong with that.
I fail to see how some of the octogenarians in DC, who are making a kiling for decades in trading on market moves that they initiate/regulate themselves, are making life better for your family, or mine.