The government just wants to make sure they can catch the bad guys, and that's fine by me.
I would question that their regulatory position is one of unalloyed altruism.
So far as I can tell, they want to protect the bad guys who pay for their campaigns from the rest of us, while protecting the markets of the bad guys who pay for their campaigns by making it as difficult as possible to access the U.S.-facing markets. They protect them from foreign corporations whether or not those foreigners are bad guys or not.