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The regulator's purpose is to raise barriers to enter and prevent competition so that those already established on the market can make more money. The regulator has zero interest in protecting consumers. That's not what it's for. CFTC did not fail to regulate, and there is no reason to think the regulation was not effective at its actual purpose.

The problem is that governments (and others) can interfere with the internet. That's a technological problem that can only have technological solutions. Policy work is just asking our adversaries to please slow down while we build better defences. That can be useful, but it's not sustainable as a long-term solution.