I think that the regulation is just beginning. I am ambiguous about regulation. On the one hand, this violates the basic principles of cryptocurrency, and on the other hand, regulation is necessary for the development of the industry.
If the regulation will lead to an influx of huge money from traditional financial markets, it seems to me that all participants in the crypto market will be satisfied.
There may be dissatisfied for ideological reasons, but the economic effect of such regulation will be generally positive.