Will increased regulation really lead to increased investor safety? [SERIOUS]

Browing through the sentiment of the subreddit, there’s seems to be a vocal minority who espouse that regulations equal more safety for investors in the crypto space. I’m personally leaning towards it not having a big effect, and my reasoning comes from looking at the already regulated markets:

Madoff ponzi scheme was under investigation 8 times over 16 years by the SEC (still resulted in a $85b scam. Most exchanges operate internationally and can easily skirt national jurisdictions (FTX was in the Bahamas). Ponzi schemes are despite it’s increasing popularity in crypto, still a huge issue in the highly regulated markets. Despite some describing crypto as the wild west, it’s still not even close. Even if the regulations are fully enacted on the crypto markets, the sentencing and fines are still not going to be a big enough deterrent, as they aren’t even doing that in highly regulated markets. Banks are still corrupt and fail (500+ banks failed since 2009 when BTC entered the market) Historically big scams such as Theranos (almost $1b) happened under scrutiny from the FTC and SEC and out in public for years.

I think the trade-offs would just be too big, but I am open to having my mind changed on the issue. Should we really go the route of everyone owning a crypto YouTube channel having to be a state certifited financial advisor, just because of people like BitBoy?