I think you can both be correct. It's the lifecycle of regulation: it usually comes about to protect people from real edge cases and bad behavior, but then as t

I think you can both be correct. It's the lifecycle of regulation: it usually comes about to protect people from real edge cases and bad behavior, but then as the market and norms mature becomes a tool for incumbents to resist disruption. It's very hard to remove regulation once it's in place, even when it's so clearly not needed given new circumstances. It's even harder when the rhetoric in support of it was so heavily moralistic, "protecting the little guy". e.g., Ask any payments startup about how they feel about payments regulation.