Businesses and governments must move with a sense of urgency to cooperate, but the leadership for getting it done is with businesses. We don't want governments to throw out the old laws. We just need some businesses rules to be globally harmonized. If businesses disclose the terms of a contract clearly, consumers are very capable of deciding what is in their best interest.
Legal jurisdiction rules conflict from nation to nation.
It will take a long time for governments to sort this out. Consumer protection laws will deliver confidence only when problems can be solved easily.