Honestly, I don't think it violates any US law. The US Govt likes the myth of 'self regulated industries'.

Congress or the relevant Agency will threaten or do an investigation when things get two steps past obviously bad. Said industry will swear up and down they will improve amongst themselves. Policies will be formulated and announced. Elected officials will pat themselves on the back for causing 'change'.

After X amount of time or Y change in the industry, things will reach another critical point. Second time around either we repeat the investigation/promises or legislation actually occurs at the federal level.