Bitcoin is a consensus protocol to determine the validity of some binary data. Fundamentally, it is just a language. It could not be regulated like regulating a company because there is no one to send to jail and nothing to confiscate. The only way to regulate bitcoin is to control >50% of the hashing power (or to regulate bitcoin users, but bitcoin users != bitcoin).
Quite simply, there'a a high chance this will be the crypto wars all over again. Like the first iteration of the crypto wars, it's a winnable battle, but it
is a battle we can lose too.
In any case, regulating Bitcoin by controling >50% of the hashing power is perfectly possible. At minimum there's always the nuclear option of telling the (very few!) chip fabs of the world to add kill switches to the ASICs they make and/or regulate who can buy them.