I think going public and being more "Wall Street" is the wrong way to go. Remember, bitcoin and crypto came about from the last major financial crisis and the distrust that came from regular people towards banks. Why would any of us want crypto to head in that direction?
Most icos anyone can buy. IPOs are very hard to get into a lot of times because of the way the stocks are setup. The major trading companies get first crack and individuals have to hope for scraps. Lets not root for things to be like they were but rather cheer for decentalization and inclusion of anyone.
Regulations often serve to be quite useful. There is always a fine line though between doing too much and not enough in terms of regulations. Not regulating anything is not the right way to go either though...