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Nonsense. As long as they regulate the microtransaction and loot boxes/gambling only this shouldn't be a problem. If you let corporations do whatever they want they will run roughshod over consumers cause capitalism.
Just look at net neutrality for a modern example.
Exactly if that's all they do basically we have to trust that the government wont overreach. I prefer the current model. Things aren't out of control when it comes to DLC and the companies that have tried to overreach are paying for it financially. There is no crisis right now that we need to the government to step in.