What get's me is the bone-chilling lack of specifics. Generally assuming when you talk coral reefs, you talk about SPS, well, what SPS? Porties? Staghorns? Are all of them affected?
I think this is sort of a my fear, it's probably some corals are doing worse then others, but a generalized theme is being taken. If there are specific species of coral that are doing extremely poorly, with evidence, I generally don't see a problem. Elkhorn coral is already on the Endangered Species List.
Though another way you could look at it, say we have another really cold winter, or the pH in the Caribbean drops some more, and we lose the last 10%-5% of Elkhorns. Well, if they weren't on the endangered list, people would have them safe in their aquariums.
About regulations on collection, outside of Caribbean corals, most corals come from the Indo-Pacific with little-to-no government. It wouldn't be so much about banning their collection, as it would be putting them on the Endangered list, so sales/distribution in the US is illegal.