It's 100% deregulated finance and even if regulators want to regulate it, they basically can't because unlike regulators, crypto is global.

All the activities that regulators are designed to prevent are very successful in the crypto world.

I don't think crypto will fail or go bust; but I do think retail investors are completely abandoned by regulators who have a democratic mandate to protect them.

I suppose they don't want to be seen as stifling an innovative technology and politicians don't want to get blowback for efforts that would fail anyway.

Anyway, until we have global governance there will not be global regulation of the space so it will go on for many more decades.