Ok that makes sense. I do disagree with your claim though that crypto cannot be regulated. All of it is regulated. Most of the coins have a finite number that can be mined/produced. Crypto markets and governments decide which coins are traded on exchanges. Governments and businesses decide whether or not to use crypto, whether or not to allow bitcoin atms, etc.
More than once exchanges have frozen crypto trading, usually due to a large scale security issue. Its definitely regulated. The blockchain, on the other hand might be a better example of a less regulated landscape.