Years ago, the regulator has already chosen not to regulate it. So let it be unregulated. It will die of natural death. Let the traders & investors experience the mother-of-all-TulipMania.
So you have an issue with my opinion, but do you also have a rational argument for the use of leverage and lending on instruments that would burn any X2 leveraged investment every other month? Or any rational behind crypto lending? Is that for an interest? How are interests meant to be accounted for, in an instrument that unlike fiat is supposed to remove inflation? Is your answer that defi is the land of the free? The land of the free, when money crypto or straigh bananas are exchanged, is called La-La Land, and it does not exist. You are responsible for your capital at all times... My opinion for no leverage is to save the industry from bad players and financial illiterate players, as we have seen too many. Then why does a crypto believer wants to use the same crap used in fiat monetary system, like lending for interest and leverage? Copy and paste the system and expect to change the world?