There is already personal liability in the US, in theory you can sue anyone for anything, but in practice that's simply not true, there are entities and people untouchable to those they affect, and that's where the government should step in.

I get this feeling of fear of the unknown from US citizens talking about regulation, like your just one piece of red tape away from tyranny, but regulations have been making your country work properly since it became a country, and this is just a new frontier of decisions to make for how this stuff works in your society.