Big money, they kind that's to big to fail in other words, has bought into crypto. It's being co-opted. It still has advantages, in that it is "free speech money", for now at least.
BTW, the big exchanges have been co-opted for years, by handing over your data to the IRS.
Interesting shift in the anti-crypto arguments. It's like they forgot they said it was all a ponzi scheme for suckers and worthless and you should buy muh gold and AR-15s. Funny, because anybody with any sense diversifies and has gold/silver/guns/food AND crypto.
And no, I'm not referring to any one person in particular.
This will only work if it's legal, otherwise there won't be any exchange rate to manipulate. Funny how anti-crypto people always change the narrative. You can't both have the cake and eat it. 🤡
There will be de-facto. In either case, wether they make it illegal or devalue it to nothing - the end result is the same. What once you could trade for the goods and services you require, now you cannot. When made illegal, people who have it and stubbornly still BELIEVE in its value will try to use it - and the few (if any) who accept it will automatically devaluate it for the risk and acknowledgement that it isn't worth much, if anything, after having been made illegal.
I'm not anti-crypto, I'm anti fiction, slavery, manipulation, and delusion. Crypto is exactly the same as the fiat money it is backed by, and for the same reasons. It's just another con/shell game dude.
You're choosing to play the game by their rules.
Fact is, most crypto coins are not pegged to fiat at all, they're pegged to Bitcoin. Heck, first purchase ever made with Bitcoin was two pizzas. And for millenniums we've had gold as primary source of money, an asset similar to Bitcoin, because you mine gold, and the supply is limited.
Don't be their slave when you have a choice.