Wall Street will trade anything people will speculate. Regardless of its merit or value, it's the transaction that generates their revenues. They care not what is being traded.
"And I think the people who are professional traders that go into trading cryptocurrencies, it’s just disgusting. It’s like somebody else is trading turds and you decide, ‘I can’t be left out.'” - Charlie Munger
It won't remain unregulated for long if the banks get in on it, or if a large percentage of the public starts using it. After one or two bad examples on the TV news of banks screwing people with crypto or a major exchange hack that affects average Americans, you can be sure regulation will be coming soon.
The U.S. Commodities Futures Trading Commission ruled that cryptocurrency is a commodity (not a currency). As such, all laws regarding commodities apply. So it isn't unregulated.
The grey area will be where in the use cases where it IS used as a currency.
Since it is technically not a currency, is it not subject to currency laws?
