Exchange delistings are something to be embraced, IMO, especially if there are real technical gains made that anger the establishment.

Monero has faced this "problem" for years with both delistings and large exchanges (i.e. Coinbase) refusing to list it because it actually works. I would be very worried if the current broken system is more than happy to support Bitcoin and don't seem scared or worried.

As far as privacy on L1/L2 -- while it's a nice sounding idea to just build privacy into L2, if L1 is not private (a la Bitcoin) L2's privacy suffers as a result, just like we've seen with many of the core privacy flaws in Lightning being the result of on-chain privacy issues bubbling up to Lightning.

I still do think Lightning is probably the most promising tool in Bitcoin for potential approachable privacy, but on-chain is still superior in most cases (if done right).