We have repeatedly witmessed temporary euphoria permeate thru the crypto world as minor segegated victories in adoption are noted globally.
Singapore and certain Arab states (among others globally) have wholeheartedly embraced crypto as a national tender supported by local government as an alternative payment for localized goods and services.
But without a US sanctioned crypto as a legitimate security (approval WAS granted for institutional trade, NOT personal adoption) as the global “linchpin” none of these crypto products could take root in a meaningful way globally.
This central bank here CANNOT lose the economic and political advantages the dollar dominance brings by allowing trillions of dollars of assets to be converted into non trackable asset streams to be absorbed into an opaque world wide financial system outside their Swift network.
When you see the list of financial behemoths lined up with applications pending seeking asset custodian status to buy sell and trade crypto products, the reality becomes glaringly apparent.