Yup. If society persecutes web3, NFTs, and other technocults, there's no telling where the madness will stop. MLMs, televangelists, condo timeshares, penny stocks. No grift scheme will be safe from the nanny state.
And what you advocate would be dystopian. Now that any one with a computer can create digital art and offer it up as an investment on a programmatic contract systemm, it is clear that the laws passed in the 1930s, if maintained, are going to require increasingly draconian intrusions into private interaction to enforce.
Similar to how if we as a society tried to continue enforcing obscenity laws into the internet age: effective enforcement would have required prohibiting public access to strong encryption, and heavy handed treatment of those found flouting the law, to make an example out of them for every one else.