Unfortunately the person who wrote that doesn't have the knowledge to understand. Let me explain.

I'd prefer to have no securities regulation law.  In order to not end up with such laws, then we must be able to police our own community. If we can't do that, the public will demand laws.

Laws exist because of a power vacuum. That means that the collective is powerless to stop the hurtful activity, thus someone must step into the vacuum and take control. Thus voila! Government. Laws.

We do it to ourselves because we have criminal mindsets amongst us who prefer to hurt others to get what they want, than to help others to get what they want.