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The rest of the population is protected. It's problematic to have both the disillusioned scammed and scammers running around with freshly acquired capital to do more harm to other people.

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The rest of the population should be made aware of the risks before participating

I am talking about people who won't participate like me. It's in my interest to regulate crypto. It's not because I care about people who lose money investing in some nonsense. It's all good, stupidity should have consequences. I do care however about scammers having more capital to conduct more scams in other areas of life or worse yet using it to buy politicians. I also care about the danger of having some % of the population (mainly young men) who just lost everything and won't find a place in society pushing them to crime or marginalized life.

I mean those are the same reasons we have to ban pyramid schemes for example - we don't want to have a lot of losers (even if they are dumb losers who entered the scheme on purpose) and unethical now wealthy winners.

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