Regulation is one. Even after a decade of existence and governments keep talking about it, there is no final paper of how governments will regulate crypto. There may be some governments that ban it but that's just it. Its not at all a regulation but simply they don't want anything to do with it while their people are interested and could be holding coins.

Every time SEC Gensler attempt to regulate just like staking ban, it affects crypto prices even BTC. Its a endless talk with nowhere to go. This is a challenge to the industry because most government outside US are just looking up to what US regulators would do.