Because it's all been reimplementations of extremely well known and understood financial instruments which are regulated for excellent historical reasons. The

Because it's all been reimplementations of extremely well known and understood financial instruments which are regulated for excellent historical reasons. The only technical innovation of cryptocurrencies is that you can now create a new unregistered penny stock at the press of a button and spam the regulators with violations. There's ~7000 equity stocks (you know, just stocks) in the US and there's somewhere >1,000,000 defi tokens. This did not in fact achieve regulatory escape velocity.