Even though bitcoin itself is independent of a specific country, government or economy, the people who buy and sell bitcoin are not. The regulations and rules that are set forth by the SEC and the Fed are there to ensure civil and fair conduct between players, as well as quality products making it to market. I don’t think there is a way that bitcoin can operate completely outside of the current financial system until people stop using the current financial system. Jumping through the hoops to make something like an ETF acceptable to the Fed and SEC is a necessary evil given tne current state of affairs. Unfortunately government as been allowed to bloat and grow into an octopus with tenticles stretching to every aspect of daily life and in order to remain a citizen in good standing or be allowed to operate within the confines of the reach of the government , then you need to play by the rules. You made a good case for the benefits of such systems to ensure trust and fair dealing but the trade off is having a gate keeper as you stated. This is another great, thought provoking post @knircky!