Blockchain technology allows creating value out of nothing.
A class of blockchain insiders - developers, early investors, miners/validators benefit enormously from the tech.
On the other side lots of ordinary traders and investors do get burned out.
Based on current laws and regulations, as they are held with expectation of future profit, all crypto coins and tokens may be considered as securities (stocks) and are subject to regulation.
US Securities and exchange commission (SEC) takes a close look to the tech and did already issue warnings and enforcement actions against some of what they consider the biggest abusers.
Securities regulators from other countries also look at the blockchain tech and work on regulations.
Eventually all of crypto coins and tokens have to comply with rules which are in process of being created.