Should crypto firms do their work under the law?

Should cryptocurrency firms really be operating under the umbrella of established legal frameworks? Given the volatile and unregulated nature of this emerging market, isn't there a risk that these companies may exploit loopholes or skirt around regulations, potentially leading to market manipulation, fraud, or even financial instability? Don't we owe it to investors and the general public to ensure that these firms adhere to the same standards of accountability and transparency as traditional financial institutions? After all, cryptocurrency is fast becoming a mainstream asset class, and without proper oversight, it could pose a significant threat to the overall financial system.