What crypto people want to mean by "regulate it", and what everyone else means, are unrelated.
Crypto people want it to mean, "We continue to do what we want to do, but claim to follow regulations." Meanwhile everyone else means, "You follow KYC and AML regulations properly. So you shut down criminals. Can reverse transactions when ordered by a bank. And have sufficient knowledge of who you're dealing with to help law enforcement in a practical manner."
Crypto people respond, "But once it is cryptographically signed on the blockchain, it is final! And wallets are designed to be anonymous! We want to be regulated, with regulations that make sense for crypto!"
Sorry crypto. You can't have your cake and eat it too. Right now you're an attractive nuisance for criminal enterprises. There is no particular reason why society should want crypto to be part of the financial system. There are good reasons to shut down crimes like ransomware.
