The anti-regulation argument is much more convincing to me if it's put in terms of making markets effective. Effective markets have three things - thickness in

The anti-regulation argument is much more convincing to me if it's put in terms of making markets effective. Effective markets have three things - thickness in potential trading opportunities, time for evaluating possible trades before needing to make a decision, and rules that make it safe to participate. Which regulations are there matters more than how many.