At this point, answering No is the policy equivalent of buying into one of those Nigerian prince scams.
My answer is no for the same reason that Sam Bankman-Fried's answer was yes: regulation would lend legitimacy to these scams. The only sort of regulation that I want is an absolute ban on incorporating these devices into the regular financial system, such that their failure would compromise world commerce. I was worried about this happening a year ago, when ads for bitcoin dealers were everywhere, but I'm less worried about this now.
My view is that blockchain can be a really useful technology so it will inevitably be regulated but the current crypto hype doesn't deserve the attention people are giving it. Let it go bust naturally like the alternative currencies in the Far West once upon a time.
I have yet to see any actual uses for blockchain other than using cryptocurrency to carry out illegal transactions. In practice, decentralized ledgers accomplish nothing useful to a business that centralized ledgers do not, and the transaction costs in terms of energy consumption are orders of magnitude greater with blockchain than with existing centralized bookkeeping. This is why all the time some corporate blockchain initiative that was announced with great fanfare five years ago is quietly shut down: it turned out that there was no business use for blockchain and that this was a waste of time and money. Matt Levine writes about this on a pretty regular basis.
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