[floatingatoll]

You jest, but “stand up a government” is a primary barrier to entry to being considered a “fiat currency”, which makes sense given the drawbacks of trying to qualify as a currency without one.

A banking-grade currency would have reversed the WETH transactions and prohibited new ones. Ethereum has refused so far to do so, even though it’s in their power to hard fork. Whether or not you view them as a currency, that’s not the sort of behavior that engenders a perception of financial trust and safety in their work.