We can't leave it alone to freedom or let what we use it for judge of conscience, some people do not have a conscience, hence regulation is advised.
I agree it's important to balance freedom and security but I'm not sure the regulations provide the security people think they do. Look at FTX, the most 'pro-regulation' voice in community for a time, was very likely just seeking greater market share and control through regulatory capture.
Do you really think regulation can protect you against people without a conscience? I'm not so sure.