No. Bitcoin is decentralized and censorship resistant. Only exchanges and centralized services will be regulated and this is not new.
That's the main point. Government and centralized bodies don't like decentralized crypto aka Bitcoin. If we talk about currencies like XRP, BnB and exchanges like Binance they are not decentralized cryptos rather centralized one. Governments have no issue in accepting the centralized cryptos that can be traced and taxed. I keep writing on such posts (since they pop up every other day) that governments all around the world have zero tolerance for decentralized P2P cash transfer.
Bitcoin is a decentralized currency so definitely, it will never be regulated by the government and cannot be controlled or manipulated by any group or entity. But i believe all its crypto related activities and its centralized platforms and exchanges can be totally regulated by the government knowing they will take full control on it. So once crypto will be considered legal by the government, all its bitcoin transactions and other crypto related things will now be traced by government's banks and all its legal financial institutions.