No legislation (really, 'no additional legislation' - we're not starting from zero, nor is anarchy desirable) has as much consequence and is not qualitatively different than a little or a lot of legislation; there are downsides and unintended consequences to every option. There is still political and economic power to be had and which is exercised. The question is, do we want that power to be controlled democratically or to be arbitrarily exercised by the most powerful?

The latter is often appropriate; people should be free to do what they want unless others are affected significantly. But when it comes to privacy and freedom of speech, I don't think so.