What would happen if crypto and exchanges were regulated?

If there was a policy around crypto and exchanges would everyone ditch specific crypto for backed currencies and exchanges? Would this have an effect on bitcoin or will it always reign supreme? What would the ramifications be (obviously we don't know the policies that will come out) but what effect would it presumably have?

My understanding is heavy money spenders won't back cryptocurrency after FTX/SBF scandal; some have lost money themselves and this dry crypto movement has some waiting to see which other exchanges fall.

Would bitcoins limited crypto be favourable to other currencies which aren't?

submitted by /u/Impossible_Ad5208
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