Laws and regulations are about the same thing. Both are needed so that everyone can get along in society. In civil society we have laws, police, judges, jails, prisons for those who don't want to play by the rules and get along with everyone else.
In business there are regulations that everyone is supposed to play by so that in all transactions both parties get value for value.
Look at a society where the rule of law has broke down. The laws are laughed at, the police are corrupt, judges take bribes, jails and prisons either don't exist or are death traps. That's a country we would consider hell on Earth. Another name would be a society ruled by "dog eat dog" morality. Anarchy in short. Survival of the fittest or social Darwinism.
Why would anyone halfway sane believe that business doesn't need laws, cops, judges and prisons for those handling all the money in an economy? Yet that was the kool-aid offered under the Reagan economics and such is the fallout we have today.
Would any sane country hold a commision in which the top felons from murderers, rapists, burglars, armed robbers, and drunk drivers are asked if they think laws against them should be tightened?
Take away the tatoos and baggy clothes, dress them up in expensive suits, have them come in private jets it still doesn't make those who are testifying before congress any less thieves. It's just that they have bought off Congress for pennies, Judges for a song and are continuing to plunder the national treasury in broad daylight.