That's about it. People tend to overthink when it's about regulations and it's a proposition, the time it becomes a fact can take years xD.

It doesn't necessarily mean to ban or to allow cryptos. This means defining a legal framework for this emerging industry. And it goes through, how to classify it legally, fiscally, and so on.  And this is what the newbies were mainly asking for: "we should regulate BTC so it will PUMP to the moon!"
You asked for regulations here it is. If people want to consider Bitcoin as an investment, it is perfectly legitimate to tax earnings. Why an investment in real estate should be taxed but not on another such as Bitcoin or whatever you want.

Germany has a very low tax on capital gains related to cryptos. And perhaps 0% if you owned the coins for X years. I'm sure they're realizing now all the cash that could enter in their pockets via the taxes, VTA,... and they want to change that to tax people from the day 1 as others investments. Exchanges apply KYC, they can't do or force doing better, they don't even know how to.