Maybe you're right. But the fact that Eth is well established and is on its way to mass adoption might be an additional motive for regulators to crack on

I would rather expect that examples will be made by authorities destroying small projects and by authorities going after those who cannot afford good lawers.

However, big players (like eth) will be forced to follow regulations. Very unlikely that ETH would get into any real trouble. Otherwise, just like in case of XRP -> it will just end up with long-lasting lawsuit case.

That's my view :)