Cheat. Cheat. Cheat. Cheat. Cheat. Cheat. Cheat. Cheat.
The more rules there are, the more ways there are to cheat. A highly regulated environment favors a sharp operator like Silky Pony, who can walk the edge.
It also grants inordinate power to regulators, who can choose to punish some ('Pubbies) while letting others ('Rats) slide.