The state run Perth Mint in Australia created a gold backed crypto 2019 and they are already trying to shut it down.
Capitalists: "We want to make something more stable than the current system."
Regulators: "Whoa there! Hold those horses! That ain't a move in the playbook! What will these madmen think of next, a full reserve bank? Shut that scheme down now!"
The 3 act play making sure the system is safe unprincipled men since ... I dunno, maybe forever. I doubt this Texan scheme will have a long life either.