Never thought I would prefer govt regulation to crypto but this is it. Yes, we're in need of regulation of crypto so we can attract more hedge funds and investors to our crypto market. So we can see a new craze of net inflow of money into crypto instead stuck in the bear market like this.
Crypto was never about becoming part of Wall Street. It was more like a libertarian/cypherpunk movement to bring an alternative financial system free from governments and third-party interference. You'd just send/receive/trade crypto without any middleman whatsoever. Unfortunately, people took crypto as a means of investment instead of a currency. Loss of funds, hacks, and other undesired situations forced governments to intervene. Now they want a piece of the pie by regulating the crypto industry. Governments won't be able to enforce regulations on decentralized networks, but they will be able to do so at centralized exchanges and service providers. You can see KYC almost everywhere, greatly defeating crypto's original purpose. At least, Bitcoin is decentralized. As long as it stays that way, there should be nothing to worry about. Just my thoughts
