I tried multiple times telling chatGPT and Bing as well that regulations are useless and a waste if regulated banks can fail so easily. No matter what I tried, they both say that regulations are important and essential "to ensure the stability and safety of the financial system"... 🙃
Yet it has been consistently proven that they can at best "fight the last war" and in truth do not "ensure" any stability or safety at all ...
Actually, they can be misleading with these regulations making a lot of people believe in the traditional banks because they are "SAFE & REGULATED".
That's probably to point, see @rpren reply above :)