Freedom of Social Media or the Shackles of Regulation ?

Great stuff tonight from that most splendid chap David Allen Green. We had a very lively Q&A session with some extremely probing questions and some crass naïvety from myself.
A great many issues were raised including; How is the law and government going to handle their current utter powerlessness to regulate social media ?
Will they allow this new communication medium and opportunity for transparency to flower, or will they make draconian laws in an attempt to stomp on it with the jack-book heel of authoritarianism ?
Should they even try ?
What do you think ?
Comments please.