Without regulatory bodies, markets would not exist.
This is because regular consumers don't have the energy or ability to evaluate the quality of products or services, so in certain areas (health, safety, finance), where it 'really matters' - we regulate.
Without a drug regulatory body, there would be no way to know what drugs work, and the market would be almost entirely scammers.
Have a look at 'moisterizers' - it's a ridiculous game of false and misleading information by so called 'reputable' companies using technology totally out of context i.e. 'collagen' in order to be able to put it on the label. There's nary a way to understand what is effective and what is not. It's a completely distorted market. Now, it's just moisturizer, so it doesn't matter.
But we don't want the same thing for diabetes drugs, now do we?
The financial system is highly, highly regulated because it used to be full of outright scams and the system couldn't grow without it.
Integrity is key to all long term growth, it's why we have rules.
Now it should be possible to invest in highly speculative, risky things - sure - that should be up to you - but the reason we don't want to allow that in some instances is because the mechanism itself is fraudulent and misrepresentation i.e. a Ponzi Scheme is a Ponzi Scheme and it's bad to have them going around, even if you want to invest in them.
The entire field of Crypto thus far has been a giant distraction and waste of time, while there is definitely the possibility of some good coming out of this, it hasn't happened yet, we should be in the experimental stage, not the 'using up more electricity than Argentina stage'.