what's the counterargument to the idea that stablecoins should (and probably will) be forced to KYC all holders?

what's the counterargument to the idea that stablecoins should (and probably will) be forced to KYC all holders?

https://jpkoning.blogspot.com/2024/08/stablecoins-digital-version-of-swiss.html

I cannot think of one, except that there are around $164b in stablecoins in the wild:  https://app.rwa.xyz/stablecoins  A concerted effort to prohibit the stablecoin killer-app would be a dagger in the heart of crypto.  

There are about $2b in tokenized US treasury products that are constrained by this KYC issue.   I think they will struggle to gain adoption unless the general ban on bearer securities is eased.

No worries I’ve got a good counter argument