In my view the most sensible solution, rather than directly cave nor try to fight the US government on this (we are too small at this point to win such a fight), would be to sidestep by defining an index of commodities, and re-peg to the new index.
The index can be defined as an open standard so that other cryptocurrencies may also peg algorithmic stablecoins to it.
Hive Dollars will become their own independent currency, users can treat them like foreign currency (euros, pounds, francs etc) - they may not be exactly 1:1 with their local currency, but they are pretty stable nonetheless, and there is no problem pricing goods/service in these denominations.
This is what needs to happen eventually anyway, right?
In my view yes, it would eventually become necessary if/when USD becomes highly inflationary.
It sounds complicated, but repegging to an index of commodities is actually quite simple technically and requires no changes to consensus rules. The challenge will be getting consensus on actually doing it. The drawback is that it's a little more conceptually difficult for the average user.
I wonder if the exchanges would consider getting together to create some kind of AMM to back it, where users could stake their tokens for a small return.
Or as I have said earlier, perhaps the real usecase for BTC is to back a decentralised industry standard token.
This is not my area, so I am bit sure how it is accomplished.
It really doesn't need anything as complicated as that.
Repegging to an index is something the witnesses can accomplish very easily.
BTW, not sure, not a "bit sure" :)