How is something defined as distributed and decentralized when it is regulated by each country? If China tanks the value of the major cryptocurrencies by 20% w

How is something defined as distributed and decentralized when it is regulated by each country? If China tanks the value of the major cryptocurrencies by 20% with just 2 regulations is a week, isn't the rest just academic? As everyone saw one day the founder of Ethereum was meeting with Putin and sending out press releases of potential partnership, the next Putin is putting out his own press releases questioning why he would ever embrace any foreign blockchain/crypto, that Russia will launch its own. If cryptocurrency can be regulated by individual countries like we saw with china this last week, then I expect the underlying blockchain technology can be regulated too, and we will begin seeing countries picking winners, basically who can be a node on the blockchain and who can mine. People think/thought blockchain equivalent to an automated unregulatable technology, but once you are talking about billions you impact people with power, they will raise and lower price at their will and take the people's technology from them through regulation.