I may write a more extensive post about this, but I'm convinced we should be actively seeking regulation. I see a very similar cycle happening to online poker, where we celebrated our unregulated state, and did everything we could to fight regulation happening at all rather than participating in the process.

So when regulation came, we hadn't made ourselves a seat at the table, and it was essentially written by the land-based casinos and anti-sportsbetting organizations, which had gone to that effort. So it was incredibly disastrous to the industry, and it's still not showing very many signs of recovery 12 years later (in the US).

There are some ways in which cryptos are more technically resistant to that than poker was, but not all. If we're participating in the process there's at least some chance we could get regulation that is tolerable.