The "problem" with crypto is that it was specifically designed as anti-finance. Finance is a loaded term in the U.S. it's a composition of a few activities and

The "problem" with crypto is that it was specifically designed as anti-finance. Finance is a loaded term in the U.S. it's a composition of a few activities and responsibilities that you must fulfill to stay in business. You must firewall customer deposits. You must do OFAC. You must do KYC/AML. All of these responsibilities are tied to the act of money transmission. Keep in mind, money here is USD. Most "Crypto" tries to sidestep those extra responsibilities. You still do money transmission like activities and account management, but all that squicky social responsibility like maintaining transaction records, OFAC, KYC/AML, and sane institutional controls over customer assets? Naaaaaah. If you implemented constructs like Monero and Tornado.Cash in USD, and tried to operate, you would be shut down faster than you can say "FIN-wha?" The only reason crypto hasn't, is because the on-ramps to crypto-USD have largely been locked down/brought into compliance. The cryptocurrencies in play are treated more as commodities than currency, and the tooling to integrate financial surveillance of the public ledgers crawls forward as resources to handle it come into awareness at the institutional level. The old one about crypto speed running the history of finance applies. Every regulation they didn't bother implementing has proved that, yes, the regulation in trad fi is still, in a sense, justified.