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That's a more eloquent way of saying what struck me about the article: why does he think that regulation is free from these ugly incentives?
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It's truly one of the great mysteries of our educated class, and I suspect it actually stems from how many professors teach economics.
"Thus, regulations" is possibly the biggest and most common handwave in all of econ.
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The main sin of a lot "moar regulation" analysts is that they go through in great detail the systemic incentives that result in a bad outcome, then they call for more regulation, without examining in great detail the incentives of the regulators, the distortionary effects of regulation, or the cost of enforcement