In the grand scheme of things, you've got three crappy choices:
1) No regulation. I.e. the moneyed corporations do whatever they want.
2) Regulation, staffed by professional bureaucrats. Less conflict of interest, but that results in a bureaucracy that has no idea what industry needs. This describes a lot of European countries before the liberalizations of the 1980's and 1990's.
3) Regulation, staffed by people from industry. Creates conflicts of interest, but you have people who actually know what they're doing.