one thing I know is that there is always a threshold to everything. They'll keep on fighting and fighting crypto but they'll be fed up sometime and crypto will be back on its feet. Same was done some few years ago when BTC started. By the way it's good it's a regulation and not a ban(that's more threatening).
They are afraid to ban crypto explicitly so they decided to regulate it to death, tax it to the limit until no one is going to use it. But unless they unite at the world level and above, these regulations will most likely fail. Ultimately, all regulations at whatever level will fail, but it may take time until crypto breaks through and crushes them all.