The Regulators was the name of the group of cowboys headed by Dick Brewer and Billy The Kid in
New Mexico in the late 1800s.
Regulating refers to the regulation of any stealing of cattle from their ranch.
The story of the Regulators was made into a movie called
Young Guns where the character Charlie Bowdre famously says “We work for Mr Tunstall as Regulators, we regulate any stealing of his property, we’re damn good too.”
This sample was later used in the song “Regulate” by rapper Warren G.