Well here's a brief overview: Too much regulation means innovators and investors seek greener grass and the USA cedes the world economic, trade and technological innovation center. Not enough and too many people jump ship and abandon a failing USD quicker. They're just doing a balancing act. Regulators have a reactionary position. They can't get out in front of innovators because that leaves them susceptible to the above. To be frank, innovators control Blockchain and the only versions that will survive are the ones that are innovated by the most competent people, especially since so much of it is bottlenecked by competence and the vast majority of people still know too little about it. In essence, there's really no way to regulate it. All they can do is keep calling time out and hope innovators get exhausted.