Regulation of Bitcoin itself is pointless and pretty much unenforceable.
Regulation of Bitcoin Businesses is a whole nother story, and that deserves some sort of regulation to protect users. A little bit goes a long way to protect consumers, but arbitrary bullshit regulations are not needed.
Or should we just have another Gox/scam repeat of different Bitcoin businesses every other day? People on here bitch endlessly about how evil banks are (they are), failing to realize they would actually be 100x worse if they were unregulated and left to their own devices.
Ya pays yer money and ya takes yer chances....................