Be careful what you wish for. I'm sure Microsoft and Google would love the kind of regulation we apply to big banks. It has become a moat that makes it impossible for other (snaller/foreign) financial institutions to compete because they don't have massive specialized regulatory departments.

The more complex the rules become, the more difficult it will be for alternative providers to exist, unless they have explicit carve outs. So far, with age verification and user id laws, there doesn't seem to be much appetite from politicians to create exceptions for open source and smaller projects. By comparison, in the US the regional banks have special exemptions for many of the really onerous regs, which is why they are still a bunch of them.