Crypto with the advent of Blockchain technology should be viewed as an attempt to roll back state control and regulations.
Any attempt to control the crypto sphere under the guise of "protecting people" will limit the potential of crypto.
If we closely analyze the issues pertaining to LUNA or FTX or similar things, then by and large they are the failure of centralized theme, although they managed to make inroads in crypto to thrive for some time, before their collapse. So accountability should be fixed on such things rather than exercising arbitrary excess in crypto. Crypto is defined by sovereignty of people not by any institution or state.