Yeah, that "banking cabal" includes a heap of checks and balances that at least on paper stop financial crimes like scams, money laundering, market manipulation, insider trading, and they add guarantees like the relative stability of value, interest rates, and compensation if your bank does end up going bankrupt.
You get none of those protections with cryptocurrency, which is exactly what scammers, criminal organizations, and financial libertarians want.
Price instability, confiscatory and variable transaction fees, several high profile frauds -- including in a so-called "stable coin".
Crypto is its own worst enemy. Not the government.