Detailing the Biden Admin's coordinated, ongoing effort across virtually every US financial regulator to deny crypto firms access to banking services...
This is why I suspect that the enormity of the FTX disaster was to some degree or a large degree allowed to continue. The Fed gov has every motive to see the crypto world crash and burn in spectacular fashion, so what was their motivation to take action against FTX when they first learned about it? About none. They don't like crypto. They want the world to center on the dollar. And what better way to do that then to simply let FTX fester and grow with no action, just like with Hunter's laptop?
Let it get huge and then blow up in an uncontrolled fashion, making world economic news and give crypto a very bad reputation as a dangerous & unsound currency/asset. And of course if the Dems benefit from it, then so much the better. And the fact that crypto itself is in no way to blame for the FTX disaster doesn't matter. Failed regulatory oversight over the multi-billion dollar FTX exchange is what caused it, not crypto, but yes, crypto gets the blame.
As for "stable coins" they act as a go between for dollars and cryptos, and as such, only facilitate the treatment of crypto as a tradable asset. They do nothing to facilitate crypto's use as a currency, and in fact they help ensure crypto remains treated as a tradable asset and not a currency.
If people start exchanging crypto between one another, then it becomes a currency, and the great thing is that no amount of actions by government or central banks can stop that as all free market crypto transactions completely bypass any and all bankers or other middlemen. These restrictive regs may well have the unintended consequence of encouraging direct xfers of crypto between average people, which is what helps crypto transform from an asset to an actual currency, which is what I very much want to see.