Regulators have far broader scope for regulation than just to ensure that people are not taken advantage of or scammed.

They don't stop innovative financial products from being built, they might stop them from being used for a particular purpose or even at all depending on how a particular development impinges on the list of items for which they regulate.

Amongst others, and depending on where you live your local regulators may add or subtract from this list considerably:

- fairness

- transparency

- stability

- anti money laundering

- anti terrorism financing

- tracking of ultimate beneficiary owners