I see it the opposite way to Balaji. I think it's the set up for a 6102. They create this paper and say "see, you can hold it here. It's regulatory sound, tax efficient, and no need to mess about with complex nerdy stuff". Then they turn around and say, "well no need for self hosted wallets now. What are you, some kind of terrorist!?". And then they outlaw self custody and demand all coins are handed to exchanges in exchange for paper claims. Eventually there will be a "national emergency", and the paper claims will not be honored. I.e. exactly what happened with gold. History is not going backwards, imo, it's repeating itself.