Crypto that doesn't attempt to achieve anonymity doesn't really extract the true value proposition of crypto, which is being able to do deals in secret, away from the tax man and the regulators and the press.

Crypto is caught in a wrestling match between government and private moneyed interests. It would not meaningfully harm wealthy people if crypto failed catastrophically. It could substantially benefit wealthy people if crypto succeeded.

It's the financial world's version of AI taking your job.

It's Danforth's fear of MP3s putting artists out of jobs, except it's the government put out of revenue because the tax base is making taxable transactions behind Uncle Sam's back, so bye bye social services.

What does "monetary policy" mean if crypto ever actually gets used as a medium of exchange like the ol' Greenback.

That being said, I don't see how it can't be a rug pull, because the moment crypto becomes a stable currency, there will be massive outflows of investors seeking above market returns.

But they'll try.