Thinking that the federal state, in the USA, is a representative democracy is delusional. It's an oligarchy, where power is shared between different interests coalition, such as the war industry, the financial sector, the ruling families, and so on.
"Vote for those who align your worldviews" in a bipartisan political system is laughable, same as "lobbying". JPMorgan can indeed lobby to protect its interests, regular citizens can't, or have to waste an amount of energy so high, for results so meaningless while doing it that it's useless in the end. Hence, the real citizens are the ones who have access to the system, be them corporations or oligarchs.
But to go back to the original argument, what's the problem here? All of this is virtual and doesn't affect the real world. Unlike the US banking system that needs taxpayer's money to bail itself out every 15 years like clockwork, the crypto space lives on its own.
Truth is, this crackdown is quite beneficial to the ecosystem, as all devs are leaving the US, or will have to. In the end we'll have a much more balanced tech sector, unlike now where the USA imposes its cultural norms and practices on the rest of the world.
