if anything collapse of Luna, FTX and BlockFI showed that regulations are not urgent or really needed. Regulations in finance are needed when collapse threaten real economy or regular people (similar to contagion from housing market or Bear Stearns in 2008 financial crisis). With FTX collapsing with zero repercussion on broader economy, why regulate it? If people want to play casino, let them play casino.
Right now crypto is a closed ecosystem with no practical use cases beyond gambling or ponzi. Crypto failed as anti-inflation hedge. If real businesses or people start using crypto for something useful then regulations will be needed but this time is not now.
Regs are needed because people didn't know it was a casino. Look at the poor guy in this discussion who lost 10% of his wealth here. He was surprised at the outcome.
Right now crypto is a closed ecosystem with no practical use cases beyond gambling or ponzi. Crypto failed as anti-inflation hedge. If real businesses or people start using crypto for something useful then regulations will be needed but this time is not now.