I think the claim is the more this infrastructure gets built out, the more players need to enter to make it workout, the bigger the footprint and calls to regul

I think the claim is the more this infrastructure gets built out, the more players need to enter to make it workout, the bigger the footprint and calls to regulate it get, etc. will certainly make it a more functional system for the end user but also will bring about the same thing we dislike about current financial systems that involve lots of intermediaries, regulations, etc. You have to argue that this maturation process will not be plagued by the sorts of issues that our very mature regular banking system is. And that's not a certainty.