People are rushing to do CDO-squared (collateralized debt obligation from 2006) type financial products using stable coins. And one company has already created an ETF product linked to an on-chain CDO-style debt product.

I think the financial industry has figured out a way to do an end run around all financial regulations written since the 1930s.

I think like vaccine mandates, we will all have to "relearn" why we wrote this regulations in the first place the hard way.