Regulation for PoW is next to impossible. These are just fireworks-announcements because the bankers know well that the PoW/mineable coins are the real crypto.

Their networks cannot be shut down. Only if the internet is shut down globally, a PoW network can be stopped. There is no other way. Nobody can force you to uninstall programs in your PCs or to blackmail you in order to not install a program. They should cancel Democracy in order to do that.
On the contrary, all the non-PoW chains are based on certain servers in most cases run by companies.
It has been proven that these companies shut down the networks on will.
Some recent examples are Solana, Luna, and Cosmos.
The Governments know well that the only truly decentralized networks and the crypto "threats" for their system come from the PoW model which is behind the original crypto idea.
Logical people tend to believe that many DEFI companies pretending to be cryptocurrencies have actually been funded by the system and the governments in order to spoil and cheapen the crypto idea and in the end make everyone to fear of it.
Because without the thousands of useless tokens and meme assets and their mother chains, the classic cryptocurrencies would have been unstoppable widening their audience. (& they still do well but with so many fiascos and scandals there is everywhere now a freaking story of a scam exit, a perfect storm for more regulation in general and of course many people who think that crypto is gambling with a dog meme coin).
If you see the bigger picture, all these shit had NO relation with the original crypto idea! They took the "crypto" title and they abused it hard.

1) Cryptos were about Decentralization.
A network that is not controlled or censored by anyone...
PoW is that.
These company-launched chains do the opposite. They can stop the network anytime. There are no users running any node. They have the illusion that they participate by storing coins in the server of a company.

There is no decentralization in the way of distribution either. The founder takes it all in most cases and they are just selling the coins afterwards. They become a millionaire and a "crypto prince" out of nowhere with the power to talk in the name of "crypto" despite the fact that their assets should not be even considered real crypto - lol very oxymoron! (edited)
2) Cryptocurrencies were about Hedging against inflation.
PoW chains with immutable supply do that...
In contrast, these company-launched "Defi" chains' target is to have unnumbered assets built on their chain, many times promising that you will get extra assets for holding another asset and returns if you keep coins stored etc. Some of them have not even have max supply or they change the supply anytime they wish.
This is again exactly the opposite, it is inflation that would create a bubble ready for bursting.