But of course, the stock market also requires a huge number of transactions. Crypto hasn't found a good L1 solution to this that doesn't require immense amounts

But of course, the stock market also requires a huge number of transactions. Crypto hasn't found a good L1 solution to this that doesn't require immense amounts of energy and once you move to L2 you start losing the traceability guarantees. While the stock market shenanigans have generated a lot of noise I don't see a good enough argument for crypto to warrant the pain of a switch. Note also that if we have the political will to force wall street to be held accountable more centralized systems can achieve our goal with a much smaller cost.