Regulations like the DMCA are what got us into this situation, by creating an environment where companies can declare that it's illegal to use "your" hardware in ways they don't approve of. We could start by getting rid of those restrictions, rather than creating even more surface area for regulatory capture.
Regulations cut both ways: regulations like "people can enforce contracts" are required to make things sane. Without regulation, DRM happens and wins. As one of the people extremely affected by the DMCA and often involved in official complaining about it (look me up), the DMCA is actually a red herring: whether it is legal or not is irrelevant if it isn't possible, and we are rapidly running into a world where the biggest issue isn't whether it is legal (I mean, even when we have exemptions, we still don't have exploits). Moving to a world without laws doesn't make things safer or happier.