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.
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.