Of course, it's largely been take over by government, and word is that they plan to unveil their own government issued crypto.
Yes, the problem is the potential that crypto represents. Bitcoin itself has shady origins and a probable link to intelligence service(s). It could be speculated that they funded and promoted the design and deployment of digital currencies in order to develop it more quickly for the future purpose of Central Bank Digital Currency (CBDC). Using CBDC they can finally lease and revoke coins for the ultimate form of social control, but it isn't quite here yet.