It shouldn't be government regulation. No one country has the right to try and regulate the Internet, even though both the US and the UK seem to think they do far too often.
This is yet another reason why we (that's the global 'we', not just the few) need a totally independent Internet regulation authority, funded by every government, to oversee the whole thing. They could make decisions for the good of the Internet, not for the good of their own little corner of the world, or because industry is threatening to withdraw funding for their next election campaign.