This is how every discipline evolves. Do you think building codes and fire codes were thought up out of thin air? Do you think the FDA came into existence jus

This is how every discipline evolves. Do you think building codes and fire codes were thought up out of thin air? Do you think the FDA came into existence just because? The SEC was created in 1933, as direct result of the Great Depression. Dodd-Frank and CFPB were a direct result of the 2008 financial crisis. Every discipline starts out without regulation, until it inflicts some injury upon society that motivates the creation of regulation, which then often calcifies the industry and creates barriers for new entrants. The difference with data is just that we happen to be alive to see that transformation taking place.