i'm not sure where this shit is going because they seem to be trying to claim jurisdiction over all cryptocurrencies. if they try to stop custodial wallets, most will just get VPNs and use them offshore. then they have to chase down VPNs. there will be a coordination problem, ultimately, with trying to do this. if one set of nations tries to ban it, another set have a benefit to allow it. same as bitcoin in general.

Unlicensed banks to be more specific.