One can't possibly answer that question because it's equivocal - do you mean no regulation whatsoever in any area, or do you mean no regulation in business generally, or specifically in telecommunications? So it depends what you're really asking.
What is it with you that can see only in binary terms - all-government or no-government??!! :crylaugh: The real world is analogue, not digital, for Pete's sake.
But since you ask, I'll give a quick and serious answer:
Initiating physical force or its threat to compel another person against his/her will to provide/surrender a good or service is immoral and evil. The role of government is to place the retaliatory (ie defensive) use of force under objective control. Government is a necessary and good institution, and there cannot be a society without government. The first rule of social living is that force and fraud are banned in all human relations, ie no-one may ever initiate the use of force in their dealings with others. It is the role of government to protect and vindicate the life, liberty and property of every person without exception - and that means it acts in the defence of those who are victims of force or its threat, or of fraud. Of course that means a whole body of laws that the State must enforce justly (common law, eg against murder, assault, theft, violations of personal or proprietal integrity, and so on. And it must enforce this universally and without favour. But nowhere in this conception of the State is there a requirement that the State become directly involved in economic relations. In fact it is highly undesirable that the State involves itself in the economy, because that amalgamates the power of the sword (unique to the State) with economic power, and - given human nature - that is a very dangerous concentration of power and open to massive abuse (as we know only too well). Moreover, the State plays a role in being an impartial arbiter in disputes between citizens, and it cannot do so fairly if it also has a direct economic interest in the outcome. So the State ought to remain aloof of human commerce. One of the consequences of this view is that the State should have nothing to do with regulating telecommunications, content, speech, business, spectrum, bandwidth, prices, etc, etc, etc. And neither should it be the houser, educator, medicator, nanny, nursemaid.
Your false binarism about the State tries to resolves everything into all-government or no-government. I do not see it thus. As I said, in my view government is good and necessary -- but it has a very specific function and very unique and awesome power required to exercise its function: the power of the legal use of physical force. Provided human beings abide by the first rule of social living (no force or fraud), the intercourse of humans in society, commerce, economics, arts, culture, sport, technology, science, etc, etc, etc should be left to citizens with no State interference, control regulation -- all these of these work entirely by compulsion, and compulsion is the enemy of liberty. Compulsion is the method and the mode of slavery, and I reject that utterly when it comes to the interactions of adult human beings. Liberty is a precious and fragile flower, and must be nurtured and preserved lest we lapse into tribal warfare and barbarism.