Without regulations, we will never have ETFs. And I believe they are our best chance to turn back into the bull run again. If it will become a mainstream we need to have some rules.
This is exactly what OP is talking about. You have to realize that we don't need ETFs! Are you investing in futures? Are you planning to put your money into an ETF like CBOE when it gets approved? Most of us don't and won't. It's only that some people believe other rich people will do it and bring the price up, but the reality is different and likes to kick you in the ass when you least expect it. Futures market brought prices down not up. ETFs can become a vulnerability just like Tether.