Talking about the US specifically, the question comes down to infringing on liberties versus stopping scam behavior.
Everybody agreed it was a good thing when the Fed shut down several scam colleges and forcibly discharged all the debt students had taken on. People aren't really meant to evaluate whether colleges are "real".
On the other hand, gambling laws tend to be contested. Gambling is regulated - most Casinos don't cheat but may have unfair odds. People who support gambling argue that adults can make unwise decisions so long as we can assure Casinos are honest and post odds.
The alternative view re gambling is that gambling rewards part of the human brain that we are bad at regulating and the government should step in and prevent even "honest" gambling.
Both of those takes on gambling have merits. If you oppose gambling because it's unethical, would it be ok to ban people who collect trading cards at insane prices hoping to resell them? Likewise if you support gambling, don't you have to admit it's brought many to financial and family ruin?
The question re crypto is whether crypto is more like gambling or more like a scammy college. My position is that crypto is a scam, not an honest casino.
