[vmception]

Speculation drives innovation in every economy.

The privacy play is a supercycle aspect of crypto worth checking into every 4 or 5 years.

State level actions are hindered because even the state knows they can only make a move once before the anti fragility of crypto kicks in. Crypto becomes more resilient under pressure because there is no financial incentive to improve these kinds of boring technologies, and so the pressure galvanizes people to develop the boring thing they already knew needed to be done.

So you are not inaccurate, but it will come.

Check out SECRET network, its hide smart contract states which effectively means token privacy. They have a trustless enough bridge to and from Monero, and bridges to the broader defi ecosystem.