"self-regulation" in crypto means industry/thought leaders calling out scams, ponzis & risky/non-transparent projects.

If we're unwilling or unable to do so we have no one to blame when much of society thinks that crypto is all a scam.

Yes, we want a free & trustless system, but that has to be coupled with a strong social layer ("Layer Zero") that works to protect users from scams.

If we don't do it government will, on it's own terms and for it's own purposes, and it's not going to be pretty.