Yes, it most certainly will, but not currently. How many markets can you name out there that are global in nature, are worth $200 billion plus, and for the most part the exchanges are completely unregulated?
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If you look in the past I am sure you can find markets, maybe not as global but certainly unregulated. 200 billion is not large.
I agree with you that it is not large, but there are not many larger markets that are worth more than $200 billion that are completely unregulated. There are some, but not many.
The only thing that comes up to my mind are illegal drug markets. I went on a search and found this. Counter fitting 1 trillion, drug trafficing 500 billion.
https://www.talkingdrugs.org/report-global-illegal-drug-trade-valued-at-around-half-a-trillion-dollars
Crypto would be third in the list. Quite amazing.