Look, I dig that shit, too, but I'm also a subscriber to The Atlantic and even read the articles in Playboy when I was still in the throes of adolescence.
My point is that the Democrats have gotten tricked into thinking they can policy their way into an electoral majority. "If we pass the programs that people say they want, they will vote for more of it." Either that shit doesn't work or it requires a superior communication strategy to sell it and putting that together is more challenging than getting the program passed.
Forget the ethics of it, the cold reality is that it's popular amongst a certain group of voters, some of whom poured money into the Trump campaign in a quid pro quo appeal for light (or no) regulation with the most transactional and corrupt President in our life time. A smart politician shouldn't be picking fights unless it's VERY intentional.
You can't forever stand on principle on this if that loses elections. At least for me, I'm not interested in being the most noble person in an authoritarian state.
Here's the transcript of an Ezra Klein interview that narrates how the crypto industry went from being unaffiliated to activated in favor of Trump.
Joe Biden is president. Gary Gensler is his S.E.C. chair. Gensler is a huge crypto skeptic. He wants crypto regulated as securities, for the most part, which crypto people hate.