(Regulate the cars as if they were horse cars).
The problem isn’t whether there should be regulation or not: no one is stupid enough to participate in a network where there are no rules or regulations of any kind. And that’s certainly not the case with Bitcoin.
Bitcoin rules are not imposed from a desk. They emerge from the network itself. For the first time, there’s a technology that allows the participants of a network to agree on rules, and to participate in the network according to those rules.
Therefore, it is not a problem of regulation vs. non-regulation. It is a problem of the nature of the regulation. Regulation should be those the network gives to itself.
Besides, Bitcoin cannot be regulated because its TEXT. Text that is exchanged bi-univocally among the participants of a network. It is always text and only text. Therefore, it is subject to the laws of freedom of speech and press.
If Bitcoin could be legitimately regulated, the whole Internet; social networks, blogs, etc. should also have to be arbitrarily regulated.