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But I 100% support the government's efforts to regulate Bitcoin activities, there is more dangers in leaving everyone to do as they like than to regulate it. And if your Bitcoin activity is legit, why fear the government? Just don't commit crimes with your Bitcoin and you will be fine.
However, we must take into account that Bitcoin is distributed all over the world. And mining is carried out in many countries and on different continents. And the regulation of Bitcoin turnover by governments and different countries is so radically different, from full legalization in El Salvador to a ban, for example, in China, that I cannot even imagine how politicians from different countries and financiers will be able to really approve common and uniform rules for regulating a payment system based on Bitcoin.
Now, in my opinion, humanity has not even come close to solving this problem.
And it obviously needs to be solved.