Ah, but regulatory updates come at a rate much much slower than new information and innovation. For example, the main securities law in the US was written 90 years ago (Securities Act of 1933).

The Securities Act of 1933 is a tremendously successful law.

(And it’s been amended a half dozen times so it’s not really trapped in amber.)

In principle everyone agrees with that, but the system tends to work against it.

Especially corporations or other large groups that specialize in X, where X is the currently mandated thing to do.