Thoughts on US regulation (good or bad?)

What are everyone's thoughts on impending regulation, for both Bitcoin and other alternative platforms? I personally thought that the classification of Bitcoin and crypto-assets as a commodity in the proposed bill by Senator Lummis and Gilbard over the summer was a good step in the right direction (I wrote about it here), though it certainly seems that there is an increasing tendency for current political administrations (both in the United States and elsewhere) to negatively portray the impact of Proof of Work mining on the environment and calling for a general ban on it.

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Personally, I believe that concerns over impending regulation are slightly overblown: there is not a clear route for the White House or any political administration to outright ban POW mining for everyone: if they do somehow manage to succeed, large mining pool companies will likely be the first to shut down. While this may have an impact on cryptoeconomic security in the short-term, it will ultimately further distribute the hashing power of the network over a broader network of individual miners. I also think that impending regulation has also promoted, at least somewhat, a sense of unity among cryptocurrency communities. Many prominent Bitcoin developers and advocates have spoken out against the banning of Tornado Cash by the US Government, while on the other hand, many alt-coin personalities have expressed their support for the right for Bitcoin to continue to using POW legally.