If regulations are implemented now it is very late because all exchange systems have been implemented with decentralization that can be accessed by anyone. the government can only manage through the creation of its own digital currency not bitcoin
at least the government has the right to regulate each transaction activity through their local exchange first
today I read the news that the SEC had begun to require all exchangers to become centers with legitimate company ownership. for example etherdelta has been suppressed like that or will get harsh sanctions. If there is a strong intention, the regulation will start from the smallest and the most sustainable.