Britain missed the first crypto wave. We can't miss the second

I'm somewhat of a cryptoskeptic as well but the points in the opinion piece seem valid.

The age of the regulated financial system banning transactions have anything to do with Bitcoin has passed. Like he said, millions of britons are buying the stuff, while the US has successfully regulated the space and offers usually successful ETFs. An increasing number of investors are treating it like gold, in this use case is here to stay.

The point on missing the securitization with is also valid, when it comes to running a financial system that is ahead of the curve, not behind. Let's just look at stablecoins, which have bought nearly $200,000,000,000 in US treasuries. No matter what people think, it's a quickly growing part of the money supply, in a wider sense, much like the initial post-gold-standard shift to the modern Eurodollar system (offshore USD denominated bank deposits is over 10 trillion dollars in size, and is the de facto Global financial system despite being outside of the regulatory purview of the very US entities that purportedly control the dollar).

The stablecoin developments very much remind me of the initial wave of offshore dollarization. Regulating the space (ex: mandating one to one dollar denominated asset/liability matches, and forcing audits if the product is to be offered to retail investors in the country) is very much a good move to make. If you remember narratives like the Asian Financial Crisis, letting these spaces grow entirely unregulated can result in explosive unwinds. And in the meantime, the US gets hundreds of billions of dollars of demand for their debt, and continues to see near monopolization of the securitization wave that is developing extremely rapidly.