Cryptocurency is seen as a threat to centralized bodies because it has the potentials to disrupt the multiple trillion dollar market. They will governing power and control over the large populace of the world who will grow richer with the incident
If the government had a real opportunity to control the cryptocurrency, they would have done it long ago and given it the green light, but as we see they still scold it and are afraid, and therefore did not come up with how to control it