I dont know what the government are still waiting for to establish a regulatory body for this since they too are already picking interest in cryptocurrency first from the digital asset of it, if they really want to benefit more from cryptocurrency too, they need to be able to provide adequate security for its users now that it concerns them, because whatever affect their citizens fund will also affect the economy of the country.
Isn't it funny? We want to be free from centralized government and that's the reason why we use bitcoin, altcoins and other blockchain products. In the other side, we ask for a regulation for centralized government to help us avoiding scam projects.
I totally believed the above user doesn't know or understand the major reason why cryptocurrency was first implemented and aside from that allowing the government to issue a regulatory body for the crypto sphere will make things worse and every crypto holder may run into debt either.
Meanwhile, we don't need any regulatory body but the crypto investors need to wise enough in selecting coins once that's done many shitcoin owner will exit the market.