Phil Goldstein, the Bulldog Investors founder whose colorful responses to regulators has made him a DealBreaker favorite, is planning to sue the Securities and Exchange Commission to lifts the ban on hedge fund marketing.

“We want to be able to have a website like any other business. The only websites required to pre-qualify people are hedge funds and pornography . . . gun shops are allowed to advertise, the Massachusetts state lottery is allowed to have a website. We want to be treated like any other business,” Goldstein tells the Financial Times.

Goldstein is no novice when it comes to taking on the regulators. He launched the lawsuit that eventually saw a federal appeals court strike down the SEC's attempt to force hedge fund managers to register.

Hedge fund to sue SEC over advertising ban [Financial Times]