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He didn't claim it was the only barrier to entry.

To extend his point, "red tape" isn't the only regulation-related problem. Don't forget that in many local governments gave monopoly grants to select ISPs. Then there's the "bootleggers and baptists" [1] effect, where well-meaning regulation has a larger anti-competitive effect benefiting extant firms, e.g., requiring would-be ISPs to also serve cost-prohibitive rural areas.

Pretending that extant government regulation is the never the problem is just as bad as pretending it's the only problem.

[1] https://en.wikipedia.org/wiki/Bootleggers_and_Baptists