On a political level, I am not a fan of cryptocurrency regulation as it has unfolded in the US so far. The main reason is that not enough time and attention is given by our regulators to recognize the potential of new technologies and they would rather use old frameworks which don’t quite make sense. It’s also a political issue, so no one wants to take on the reputational risk of actually setting guidance and the space’s founders are left with an environment where it’s difficult to operate.
I don’t think this stops systems from being decentralized in a technical sense. Also, globally, there are vastly different regulatory attitudes toward cryptocurrencies, some of which support the technological principles of blockchains well.