Yes, you're right and not only that, they're scared of changes right now, which is why patience (likely years of it) and presentation of facts is important. They are however complaining about the things I mentioned. I only say that covenants are one way of doing it and wouldn't be so closed minded as to say its the only way. If you have other ways of doing it (that don't compromise rehypothecation risk, theft risk, or censorship risk to unreasonable degrees), I'd want to read on it.