Does cryptocurrency really need regulations?

Does crypto really need regulations?

As banks are crumbling down like a controlled demolition designed for consolidation to bigger banks, it seems like a valid question, does crypto really need regulations? It seemed with as much red tape that exists, that it would help the common man, but it appears that it is only making them foot the bill with fees and higher rates to pay for FDIC Insurance. Does anyone really believe that such a corrupt system could bring meaningful and transparent regulations to crypto? I would agree that there are a number of rug pulls that happen and something should exist to protect people from that, but does anyone really believe Gensler is out for the average American?