Regulation they are seeking to remove was not an arbitrary measure. In fact, the regulation of government which is the constitution was not an arbitrary measure. For many hundreds, if not thousands of years, people have known well and understood human nature and the nature of currencies. We keep having to re-learn many of these things as if they are new or our arrogance makes us believe old measures are no longer applicable.
A simple truth is this. The only way for man to be more than he is, is to live within a structure of laws which limit the harm we can do to one another while enabling the best of what we can do.
The nature of financial regulation is to limit the harm that can be done to the world's financial systems. It is generally agreed that the prior global financial crisis (which is still going on, I will remind you) was the result of similar collusion to relax regulations. The harm of 'the first wave' is still being felt and remedies of the causes have been limited. (Aren't you at all concerned that the markets are enjoying amazing vibrancy while the pedestrian [producing] economy is still pretty bad?) To allow a second wave to occur simply because it hsn't been finalized is to fail to appreciate the general nature of what is being attempted.
What you are advocating is dangerous and akin to "let's pass it so we can see what is in it." And in the US where there is a dark and ugly history of legislation being passed in the dead of night? You would trust to let things get that close? I think you trust government too much.