exempt vs deregulate

exempt is an adjective but deregulate is not an adjective.

Word	Noun	Adjective	Verb	Adverb
exempt	No	Yes	Yes	No
deregulate	No	No	Yes	No

As verbs, deregulate is a hyponym of exempt; that is, deregulate is a word with a more specific, narrower meaning than exempt:

Other hyponyms of exempt include derestrict, dispense, forgive, spare.

exempt (adjective)	deregulate (adjective)
(of persons) freed from or not subject to an obligation or liability (as e.g. taxes) to which others or other things are subject
(of goods or funds) not subject to taxation

exempt (verb)	deregulate (verb)
grant exemption or release to	lift the regulations on
grant relief or an exemption from a rule or requirement to