"Stakeholder" literally means someone with a stake in the outcome, which is to say, those who will be affected by the decision. That can include a whole range of people+entities, including citizens (as a group) and the companies to be regulated.

Yes and the public are the stake holders for regulations, not a private corporation good fucking lord. Are you so neoliberal brained that you can't realize how bad it is, both for society and democratic nations, to have a critical aspect of your government captured by undemocratic private interests?

Regulatory capture is not a good thing. Companies that make money should have zero authoritative say, especially companies that pay for PACs to help sway elections in their favor:

https://www.anthropic.com/news/donate-public-first-action