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To be fair, the framework held up well for many decades, reducing information asymmetry and fraud, albeit with unintended consequences. Tidy markets are in everyone’s interest. 

However it’s become woefully out of date and self-interested bureaucrats are arbitrarily preventing its updating.

Also the “framework” is just giving the SEC carte blanche over all investments (unless specifically regulated by another agency). The language itself is ridiculously broad and ambiguous. 

As is common with regulation, it’s not 100% evil or ONLY bad but there are unintended consequences and they get stale quick.