This battle is primarily between the existing banking system and the Libra Consortium whose wealth from silicon valley is rivaling the central banks. They applied for banking licenses in the last decade and now all these tech giants are coming for the established banks. Government is but a slave between these two powers and will do the bidding of whoever can buy out and capture the most lobbyists.
As Andreas Antonopoulos recently said, "just as AOL introduced us to the wrong kind of internet, Libra will introduce us to the wrong kind of crypto". I think it's only a matter of time before the army of lawyers on the silicon valley side win. As for looking for help from the US government, their net worth is actually negative and the annual budget is only 20% of what the Libra Consortium will have with full membership. Debtors such as the US government cannot be masters; they are slaves between two masters (the banking class and silicon valley).
RE: The Crypto market is getting thrashed, here's why...