According to Catholics, East Orthodox, and older Protestants, the "born of water and of the Spirit" so necessary for salvation is water baptism. Newer Protestants disagree. Who is right? The Apostels, Fathers, and Doctors, or Nineteenth Century revivalists?
Is this question best decided by an historically informed interpretation or extemporaneous exegesis?
There is no "older"protestant denomination that teaches or believes in baptismal regeneration . The only "protestant church " that does is the Church of Christ, and they do not baptize infants . They teach AFTER one has repented and believed one MUST be baptized to be saved.
There is no evidence for infant baptism or for baptismal regeneration in scripture.. as is usually the case it is proof texting out of context , setting and audience ...