If I remember correctly, Maritime/ Coast Guard law states that your are responsible for any damage caused by your boat's wake, regardless of how big or small your boat is, or what it is, you should be responsible. Speed.....who doesn't enjoy zipping over the water at speed...it's been done since forever, but I don't remember hearing about so many speed related incidents as I hear today.
At the risk of sounding like some old curmudgeon, I think that there's a percentage of boaters who lack the common sense that was once common. I think the "Police yourself, or BE policed" statement is truly the bottom line here. I fear that people will ruin boating freedoms for other people, and that more laws and restrictions are around the corner due to the" squirrel-nut zipper" boat owners in our midst.