Earlier quoted context omitted.
Regulation takes away freedom is simplistic libertarian drivel. According to that malarkey the 13th Amendment took away the freedoms of slaveholders: Neither slavery nor involuntary servitude, except as a punishment for crime whereof the party shall have been duly convicted, shall exist within the United States, or any place subject to their jurisdiction
TIL that the 13th amendment is a regulation. It's ironic, since you're explaining to others in a post above this one the very difference between "laws" and "rules", so it's pretty clear that you understand the false equivalence you're making.
the action or process of regulating or being regulated
It's a gerund of regulate.Your misreading would allow that regulation(s) take away freedom but laws and Constitutional Amendments don't. And that's just gibberish.