Some of the governments just wanted to save their people from scammers and Ponzi Schemes because when people are still learning about crypto and others in their country are still ignorant about it, the scammers mix real information with their schemes and encourage their victims to invest in their project like the old cloud mining we once had in the internet and it was the most trending at that time when there were no ICOs and other. right now, people need to have proper knowledge about crypto so that their government will have no problem opening the opportunity to invest for them.
Governments want to protect investors, but at the same time, they want to limit crypto's dominance over the mainstream economy. A powerful crypto industry would destroy the banking sector in the long run. That would mean less power/control for both central banks and governments, while people obtain true financial freedom and sovereignity. As long as governments exist, don't expect crypto regulations to ease off or disappear anytime soon. I'm fine with that as long as I'm able to use crypto in a decentralized manner.
Without decentralization, crypto will eventually die. Bitcoin is by far the most decentralized and censorship-resistant cryptocurrency in the world. It's the one coin that governments pay most attention to. If it stays that way, no one will be able to stop it. Hopefully, crypto will be able to survive alongside Fiat currencies for generations.
