The protocol itself can't be regulated unless the majority of users agree to it, so "no". The only thing that can be regulated are the entry and exit points when you convert to and from fiat.
And that's exactly what will happen. No point trying to fight it really. May as well accept it of part of reality really.
Eventually even regulating exchanges won't matter. More trades will just be done peer-to-peer and they can't regulate that. If they can't stop p2p filesharing, it stands to reason they can't stop p2p money.
Exchanges weren't part of Bitcoin's design plan anyway. They're just an unfortunate throwback to peoples' bizarre willingness to trust third parties with their money even though they don't actually need to, but that's another subject.
. Moaning about cheaters, criminals and pedos... yeah these things surely didn't existed before 2009 and actually nobody used cash, gold, whatever store of value for cheating, trading drugs and buying pedophile stuff, right? 
? 
