Here I will give you an example of how governments work, and you can tell me if I am wrong. I will use the example of an infamous illegal substance which comes from a natural plant, which is banned throughout most of the modern world called cocaine.

1. Alice sells Bob some cocaine for Bob's private use, Bob is not a dealer nor terrorist but just likes to use cocaine personally.
2. Bob hides his cocaine stash.
3. Law enforcement in Bob's home country suspect Bob has cocaine, and investigate Bob.
4. Law enforcement go to judge and get warrant to search Bob's home.
5. Bob's stash of cocaine is found by law enforcement.
6. Bob is charged with dealing in cocaine, money laundering, just because the prosecutor thinks he can get all those charges to stick because Bob had a lot of cocaine.
7. Bob loses him home, savings, all assets through civil asset forfeiture.
8. Bob goes to jail after losing his trial.

In China there is a a famous idiom "Kill the chicken to scare the monkey", which is what governments do all the time with selective enforcement.

Replace the word "cocaine" with "token which is a security" in the above example, and you have exactly what will happen to a select few once regulatory frameworks are put into place. Some will get away, some will be fined, some will lose everything and go to jail. Funding drugs, crime, terrorism and money laundering will be the chants repeated by regulators, whether true or not. This playbook has been used since the beginning of organized society, "for the children" and "we need to protect you from yourself".

In reality there are lobbyists with big dollars headed to regulator revolving doors to get this unregulated space under regulation and on a global scale. Don't believe me? Why is opium illegal yet pharmaceutical opioid abuse is a major problem in America? Big pharma lobbyists or "for the children", you tell me.