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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.
We are getting there my friend, it can't just be done once, it's gradual. Humanity will suffer more if there are no regulations at all, but for the fact that we still see a few regulations, the perpetrators are feeling the heat. I wonder how it will be if there is no KYC and other government watchdogs. Though some of the perpetrators find means to outsmart the government, many are being caught and face the consequences of their crimes.
If you look on the internet with this context, you will see enough financial evil being perpetrated through crypto, the syndicates are also getting wiser daily just as the government is increasing their beams. Had it been most countries could be as sophisticated as the US in cyber security, it would be better, but unfortunately, only a few advanced countries are fighting while others are just trying to join them in regulating the activity.