I'm most worried that if the public perception of unregulated crypto is damaged enough by the economic fallout from things like allowing tether to continue to operate unchecked, or exchanges either running off with the money or ripping off customers left and right, or allowing insider trading and wash trading, or allowing a continuous stream of crap-coins or idiot-icos to hit the market and suck in investor funds on vaporware that it will be very easy to turn the masses away from the decent projects in the space and inwards towards their own government-issued ledger-backed currencies.
And all your portfolios are going to look very similar because money inflows and outflows into and out of the crypto space result in tightly correlated moves between the coins.