I'm not sure why you'd want to.
Isn't the point to stop the press publishing rubbish which costs people too much to challenge and even when successfully challenged often comes too late to repair the damage caused?
It wouldn't be hard for someone else to set-up an alternative regulator if you don't like the current one. The press have proved that they do need one and that self regulation isn't working.
This does rather seem to be a game of chicken with the press refusing to sort out an acceptable regulator to try and twist the argument into freedom of the press.
I do want a free press (that also means I want exposure to different views and we don't get a lot of that in the UK) but that doesn't mean that the press can get away without being held to account in a reasonable way and I don't think the proposed law is unreasonable.
So, El-Reg and others should stop complaining and agree to be regulated and if they don't like the current regulator then start one which they do like!