I don't know if I would use the differences in the targeted animals as a means of justifying one scenario over the other. Condition animals to acquaint food with humans and you remove their natural fears/inhibitions towards our species. Nurse sharks are normally docile, but they have been know to bite (and they usually do not let go once they set their teeth.) I have also seen the Perch snake mentions (as well as other carnivorous species) and it is a good example why it is barnyard stupid (my opinion) to feed large critters and think nothing bad can come of it.
As stated before, I am against regulations as they usually just make those who are interested more determined (prohibition and drug laws always pop to mind whenever I think about this sort of thing.) It also drives up profits making those who offer it more willing to take chances in order to grab their share of those profits. I see this more as a common sense issue. If you want to feed large predatory critters such as sharks and bears, go right ahead; just don't attempt to shift blame when you get bit or eaten.
I will give this operation credit for targeting animals away from more frequented dive/swim locations, in that they are minimizing the risks to others by not conditioning animals that are always in close proximity to sane humans.
