This should be a cautionary tale to people who dream about society without government and its regulations. Imagine if someone makes an "experimental and innovative" nuclear reactor that explodes and gives radiation sickness + cancer to hundreds of thousands. Or someone makes an "experimental and innovative" dam that collapses and floods houses. Invisible hand of the market won't be able to undo the damage or prevent it in the future from repeating again.
I'm a proponent of a purely capitalist economy, and even someone that believes in an absolute state of capitalism, we would concede that some level of regulations are required.
OceanGate was subject to no regulations. There wasn't a single certification board that was willing to certify the vessel, nor was there an insurance company willing to offer them coverage because the vessel was assemped seemingly out of a hardware store. Sure, *zero* regulations are disastrous. But no one's arguing for total lawlessness absent of legal structure and regulatory framework. The current crypto frameworks are burdensome by design, ie overregulated.