But in practice, the regulations end up being written by the heavy hitters, who also capture the regulators enforcing it. They make a token concession or two,

But in practice, the regulations end up being written by the heavy hitters, who also capture the regulators enforcing it. They make a token concession or two, heap on the compliance costs and complications, and then enjoy a cosy relationship with the government group in charge of their would-be competitors too.