Around May 1 2018, I attended the 30th anniversary dinner of the Finnish Go Federation in Helsinki. I think the price of STEEM was around $4 at the time. I talked about crypto with one of my friends there. I brought up Steem as well. I touted the wonderfulness of Steem as best I could. His response was that "the powers that be" will put an end to crypto eventually.
Nothing of the sort seems to be happening, though. I don't see a concerted global effort of the kind that would have any chance of burying the whole sector. There are efforts in place to regulate crypto and enforce KYC and AML when it comes to centralized crypto exchanges and providers. For example, Bitcoin ATMs provided by Prasos, the leading Finnish cryptocurrency provided will begin to require KYC on November 1 this year. (Those who want to withdraw their funds without KYC, take note.) But there is no sign of anything in the works aiming to snuff out the sector. It's simply a situation where a new technology is advancing at such a rate that regulators are left behind.
Human beings fairly intelligent and uniquely capable of abstract thinking. That doesn't mean the average human being is particularly rational or novelty-seeking. Because of the huge expense of raising a human child into adulthood, we have evolved into looking for security in the group. Fear is one of the most powerful motivations we have. Fear, not curiosity is the motivation behind most of the fruits of our abstract thinking: mythology and religion as well as rigid dogma of any kind are ultimately based on fear, that is, the fear of the unknown and the desire to control that which is uncontrollable. Civilization and its rather extreme levels of sophistication the few last centuries have increasingly witnessed can almost entirely be credited to a tiny subset of visionaries who possessed both extreme levels of intelligence and affinity for novelty.
Those who get into crypto at this stage tend to be people who tend to be novelty-seekers who possess moderately higher than average level of intelligence. The guy who I was referring to in the beginning of this post a lot smarter than I am but is not a novelty-seeker to the same degree. Having been into crypto for a few years makes a lot of the people I used to hang out with a lot more in the past depressingly conservative in some ways. Everybody moving their butt over to Steem to have our conversations there should've been the obvious move as there is no downside to using Steem but the potential upside is enormous.
As for the power of tokenizing the web, I'm a pretty good example myself. I would never have bought a DSLR, taken and edited several thousands of pictures or published them if it weren't for the opportunity to earn STEEM. I would've spent the same time on social media anyway but without benefiting from it as much. If Steem goes under, I will always be able to continue photography as a hobby and post my pictures somewhere else, and perhaps even earn something on them. But this would've never happened without 
(The two first pictures were taken today and the last one was taken a week ago.)