There are various kinds of HFTs, and some will be ganked, but others are generally indistinguishable from trading that the markets believe are healthy (I'm familiar with more than one "buy-side-only" HFT firms, for example, who would still be profitable through transaction taxes and "order must stay in the market at least 5 seconds" rules which had been contemplated).

Though, I'd be surprised if any law gets passed and enforced against HFT as long as Goldman is HFTing. They have too much klaut to make that happen. Once they stop profiting from HFT - everything goes