Part 8/13:
They warn of a future where KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations are further integrated into every aspect of Bitcoin usage, effectively banning or heavily restricting self-custody and non-custodial wallets. This would reduce Bitcoin to a limited store of value, accessible only through heavily regulated, traceable channels like ETFs and custodial services.
The danger is that these regulations could extend to the Lightning Network, making it impossible to use as a true peer-to-peer payment system without revealing identities or surrendering control.