The arguments for government regulations are that the government could keep the playing field even and prevent wealthy or shady people from exploiting the system and benefiting at the cost of the consumers. It would also help the consumers have a larger choice of products since more people could participate in the production and the market.
The arguments against it are mostly that government interference can obstruct the market and cause favoritism or protectionism of certain groups or companies or people and that all government interference is bad for the market and for the consumers themselves.
You should probably state that government regulation is necessary as your own opinion as teachers and college professors usually want for the government to protect people from rich companies.