Completely unregulated spectrum would probably be intentionally filled with garbage and the remainder sold back at the highest possible prices. In other words,

Completely unregulated spectrum would probably be intentionally filled with garbage and the remainder sold back at the highest possible prices. In other words, some ass(es) would DDOS the spectrum to create scarcity. If encrypted comms were allowed on open bands, commercial users would probably use the free spectrum and it would be difficult/impossible to get them not to.