People are getting scammed when buying things online. The elderly are sending money to Nigerian princes. There are rapists and murderers on chatrooms preying for victims. Kids addicted to online games drop out of school. There is deviant pornography turning young men and girls into perverts or enticing them to post nudity online.
I strongly believe we must protect the public, and we must put severe regulations on the internet. Noone should be able to just set up a website or online business. It is far too dangerous. Aspiring e-entrepreneurs must be required to file a goverment-reviewed application, and be represented by an attorney throughout the whole process, as well as undergo background checks and pay various fees to state and federal agencies.
If all goes well, within 1-2 years (depending on backlog) they can have permission to put up a website. Every year they must renew their website license, and according to what kind of content they wish to host they will need different licenses (eg different if you want to serve video, different if you want to have chat) /s
Makes sense right? The internet seemed like a weird crazy unregulated space back then. Except that.... that would have killed all of the amazing innovation that happened in the past 25 years in the US.
My point is. We must protect the public, of course. But it is never as simple as pulling out the torches and pitchforks screaming "BAN BITCOIN. BAN THE DARKWEB. STOP ICOs". We cannot risk stifling innovation. Because if we do - innovation will still happen just... somewhere else in the world. And no government wants that.
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EDIT: FYI - in case you think I am exaggerating, the scenario I described above is similar to today's internet situation in mainland China. You need an ICP license (granted by the government and renewed yearly) in order to be able to have a publicly accessible domain name. If you want to serve back visual content (images/video) and user-to-user communication (chat or public text posts) you need to undergo extra delays and checks to prove that you are trustworthy and can censor content. Certain websites from outside of China (eg google, fb) are just banned.