Phase 1 includes the influence, or control of the developers behind Bitcoin Core by those huge hedge funds and financial institutions.
Not happening.
Phase 2 will be the eventual complete digitalization of Bitcoin, and a mandate that only centralized exchanges can approve its use.
Bitcoin is in private hands.
The main way to stop this is to make Bitcoin useful as a medium of exchange again, and to make sure no political party ever endorses stronger AML controls, and laws against holding your Bitcoin yourself.