Even if I saw HFT as a valuable thing (I don't), it's unfair to create a new exemption for these people just because they have money. And if you suggest that he government shouldn't be involved, then keep in mind the only practical force stopping someone from jamming these transmissions is the exact same government bandwidth allocation guidelines.
This should not be understood as an infight by HFTs. It should be understood as the radio waves of the world being a public, shared resource and folks asking, "Are we changing these rules now?" If so, it should be done equitably.