Instead of banning proof of work they should firewall crypto assets from the traditional financial system.
"Let crypto burn" as they say, both figuratively and in the practical sense, let them burn resources but only it they can pay for them by creating value outside their own bubble, services for which people are willing to pay. Currently the massive impetus of the resource burn is crypto speculation, the hope that a substantial part of the traditional financial system will move to crypto systems and take advantage of the low regulations. That's the major promise of crypto that's driving adoption in the traditional space, regulatory arbitrage.
"Let crypto burn" as they say, both figuratively and in the practical sense, let them burn resources but only it they can pay for them by creating value outside their own bubble, services for which people are willing to pay. Currently the massive impetus of the resource burn is crypto speculation, the hope that a substantial part of the traditional financial system will move to crypto systems and take advantage of the low regulations. That's the major promise of crypto that's driving adoption in the traditional space, regulatory arbitrage.