Regulators want to make sure they protect investors from scams,
That's what they want you to think. They offer no real protection and their regulation comes at a price. Government's aren't a charity. They aren't doing anything to make your life easier. They are doing it so that they can control you, and most importantly profit from new business deals.
They can start selling worthless licenses at high prices and make money this way, at the same time posing as the saviors and protectors. Same shit, new wrap.