The parent poster offered a false dichotomy where you have regulation on one end and innovation on the other. The reason this dichotomy is false is because it a

The parent poster offered a false dichotomy where you have regulation on one end and innovation on the other. The reason this dichotomy is false is because it assumes that innovation is only introduced by small and new players in a market. My objection is that not only is that not true (some of the largest companies in any regulated market can also be the most significant innovators in that market), it is also the case that small and new players are often in it to cheat and fleece customers, and regulation is a good defense against them.