Will the lack of leverage trading affect volatility?

With all the recent regulations passed in the US along with all the insolvent exchanges, will it affect extreme volatility? There were so many damn options last cycle.

The massive sell offs and rapid green dildos aren't from retail spot buying/selling and are a result of massive liquidations. Then its cascading stop losses.

I know there's still dexes out there and the US isn't the entire world, but a lot of easily accessible forms of leverage trading are all gone. It has to have an affect on the volume of degen trading. Where are people doing their 100x leverage trades? I only used kucoin in the past and now it's completely shut off to us residents and other countries require KYC meaning less use it. I believe bybit, Celsius and ftx were all big players in the degen trading last cycle as well.