the FEC vs the internet

Atrios writes, wrt FEC blogging regulation:

It's ridiculous that some people desire that a medium which requires no money in which to participate - for which there are no real gatekeepers - be effectively more regulated than radio/tv/print/etc.

but it seems to me that adding gatekeepers is precisely the point. In traditional media, the first gatekeeper is cost of access. That keeps out the riff-raff. Once the riff-raff have been excluded, regulators try to maintain some order among those that remain, as much for their benefit as anyone else's. When you remove the initial barrier, the entire system breaks down. The biggest losers are the ones who dominate traditional channels, and since regulations exist for their benefit...