@gravity121 : Although it might be an unpopular opinion for some in the crypto sphere, regulation is in general a good thing as it helps to protect individuals and through that our society from extreme events.
Just like any political topic, though, there are different interests at play and it will be a continuous cat-and-mouse game to find a good mode to regulate crypto in a way that benefits the citizen and not just very influential players.
However, country-internal regulation as it existed before is not applicable to most blockchain systems, as they are global systems by design. Therefore, true regulation can only be developed in a decentralized way and that will mean regulation through governance protocols. Individual countries will not be able to stop the crypto train, they can only shoot themselves in the foot by deciding for their citizens not to get access to it. And if DeFi does not find a good way to get rid off all those “yield farming” snowball systems than that might not even be a stupid decision, because in my opinion all those things that do not create actual value have “economic collapse” written all over it once enough people got on the train.
Now, for the specific examples that you mentioned (e.g. Tether / Stablecoins), it is absolutely critical that they be properly regulated and have a sound collateralization. There are huge risks in the crypto sphere if Stablecoins crash and pull down the entire crypto market with them because the organizations issuing the Stablecoins got too greedy and took on too much risk. This is why CBDCs will be such a huge thing - when they exist they will take a lot of risk out of crypto.