But that argument (not yours, I know) is really weak: If we have problems with banks behaving in ways that are harmful to others in society, and problems with e

But that argument (not yours, I know) is really weak: If we have problems with banks behaving in ways that are harmful to others in society, and problems with emergent phenomena that banks don't care to avoid because most of the losses from any collapses won't be on their balance sheets... why would we exactly want to have a bank-equivalent organization that isn't under at least as stringent regulations as the banks? If the argument were that more regulation is needed, then surely up and coming actors with less to lose are even more important to catch with that regulation?