The code regulates. It implements values, or not. It enables freedoms, or disables them. It protects privacy, or promotes monitoring. People choose how the code does these things.
People write the code.
Thus the choice is not whether people will decide how cyberspace regulates. To push the antigovernment button is not to teleport us to Eden. When the interests of government are gone, other interests take their place. Our first response should be hesitation. It is proper to let the market develop first.