The government's words are not the basis here. Once there starts a regulation-unregulation division, the unregulated projects will go underground and still run rampantly taking money from people just like they used to pre-regulation in far future. At such times, the effect of scams will therefore be much more and also those giving huge profits.
So even if the projects get regulated the "Wild West" sort of projects will still remains - because humans love to take risks and this is a prime example.
If one wants to make money, they should just be in bitcoin, why even go into the realms of scams and shitcoins?