The deciding factor will be what actual law makers do to it. ICO bros thought they were magically exempt from that boring old law stuff because 'it's on the internet' and then the last few years have been spent slowly hunting them down and mopping them up.
It seems regulators are already catching up. According to this thread from Brian Armstrong, there are rumors of new Fincen regulations in the works that could force KYC on Defi counterparties.
https://twitter.com/brian_armstrong/status/1331744884856741888This could also make WBTC or stablecoins much harder to use, and could affect regular medium of exchange use cases. I'm not looking forward to seeing what comes out of this.