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Boxing Promoter "Summit" This Afternoon To Discuss MMA

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Boxing, which has lately had its collective backside handed to it on the regular by MMA, is feeling the economic crunch in a big way. I'm probably in the minority in that I'm a fan of both sports, though I prefer MMA. is reporting that a closed-door promoter's summit, of sorts, has been called by Joe Deguardia in New York City this afternoon. One of the agenda items listed: Discuss the impact of MMA and how to have "equality under the law" with MMA." What is this equality under the law that is mentioned? Per the article:

One promoter is anxious to discuss how to have the "same laws that apply to boxing to apply to MMA promoters," specifically the Muhammad Ali Law. "The (Muhammad) Ali law was created to protect boxers because boxing does not have an organized league like football or baseball," explained the promoter. "You have a hundred MMA promoters across the country that are promoting events every week but there is no protection for the MMA fighter like we have in boxing. Sure you have the State commissions, but there is no enforcement agency or Federal Law to protect the MMA fighters with their contracts, promotional rights or their money. Plus there is no recognized sanctioning body in MMA. It’s the Wild, Wild West!"

What are your thoughts on the above statement?