> But without some form of regulation, either by the broader crypto community itself or by governments around the world, situations like the LUNA/UST collapse will keep happening.

That's right, and that's OK. Capitalism allows failure. A free society allows failure. This is healthy. Luna was not a systemic risk. There has been no contagion. Nobody has lost their house or their job. When you don't allow failure, you get Lehman and the 2008 crisis. You get the Fed inflating assets to the point that it's actually dangerous, because they won't let the stock market fall.