The worse than status quo comment of the grandparent refers to privacy, in the current system your bank (and whomever they sell the data to) knows everything, i

The worse than status quo comment of the grandparent refers to privacy, in the current system your bank (and whomever they sell the data to) knows everything, in a public and transparent ledger possibly everyone knows about what you use your coins for. It's not the case of Bitcoin right now but this move is concerning in this regard.