For Mom'n'em: https://www.youtube.com/watch?v=BWMoE7kDE14

Gr8ful4 CEX commentary:
There are two dangers for government: Liquidity/adoption through CEX vs losing control through CEX delisting.

One is losing control of Monero's price. A higher price (especially when it is not correlated to other cryptoassets or pump and dumps) means that traders will want to trade it and the wider public will be exposed to it. It's what made BTC big.

The other thing is losing access to information. And here Kraken and Binance play a vital role.

Price suppression only works for so long. And once you hit rock bottom there is no way you can manipulate prices any lower. That's also why we see Monero becoming more stable. It's heavily accumulated against price suppression.

And it's creating a perfect risk-reward scenario, where there is almost no downside risk and only ever increasing potential reward. In other projects where there is no demand, de-listing announcements mean negative capitalization-adoption, but that's not the case for Monero.

In my opinion, governments already lost the price suppression game. They not yet lost total control via Kraken and Binance, but atomic swaps and DEX will pull liquidity from CEX and FMSP will also help to make their data less reliable.

This means that the two most important things for governments are already a lost cause.

So the only thing they are left with is harshly regulating Monero or even declare it illegal, but that would mean CEX need to insta de-list. So what they will likely try to achieve is keep it on CEX, but declare any form of undeclared fiat wealth as money laundering. And if we look at the regulatory landscape that is exactly what we see with cash for decades and more recently and even more so with Monero.

It is a numbers game. Only when enough people adopt Monero will those non-sensical money laundering rules by the biggest money launderers themselves stop.

People haven't yet seen major capital controls in the US/EU, so they don't rebel against AML/KYC. It will come. The way for Monero is establishing a circular economy bottom up. Interfacing with traceable fiat will be a bigger and bigger risk for the reason described above and when the market participants realize this it will increase the spread, as their is both a premium for those who need fiat from XMR or need XMR from fiat.

Overall this is exactly the expected outcome many of us in 2010-2012 had in mind, when we were talking about the "end then they fight you stage". The only thing we didn't know back then is that Monero will fight this battle and not Bitcoin, which got embedded and embraced into the old financial order.

And it's good to have BTC, LTC, BCH in that position as it enables Monero to have liquidity after a complete CEX delisting (if it ever comes.