We have been monitoring this space for years and remember the short lived euphoria when Ripple/XRP was able to wrangle a “securities” classification on crypto for INSTITUTIONS only to trade amongst themselves some time ago.
The prevailing reality was that this “capitulation” by the SEC was tantamount to laying the groundwork for eventual recognition of crypto as a security for public adoption, akin to creating a decentralized out of THEIR control alternative currency to the dollar right in our backyard.
Realizing that our Federal Reserve here in the US looms larger than ALL the central bank members of the Bank of International Settlements in the global financial system (read Swift Network), we knew that until the Fed created a CBDC here, crypto was a non starter. The overlords COULD NOT allow a dollar pegged alternative digital currency to exist outside of their intractable insufferable financial infrastructure developed over more than a century of what some would call overly paranoid oversight.
The fact OTHER countries have been more amenable to embracing crypto as a digital currency alternative means nothing if the digital currency cannot be adopted globally as the go to currency as the dollar is today. This post clarifies yet again our government is nowhere near resolving this YET!