First, they dismiss it. 
Then, they own it.

Bitcoin? A scam (until Wall Street wrapped it into ETFs)
Derivatives? "Too risky" (until banks built trillion-dollar markets around them)
Stablecoins? “Shadow banking” (until TradFi firms started issuing their own)

This is the playbook:
→ Step 1: Reject innovation. Call it dangerous, speculative, or illegal.
→ Step 2: Accumulate in the background. Push for regulation that benefits incumbents.
→ Step 3: “Legitimize” it but on their terms.

What’s next? Probably DeFi. 
But not the DeFi we started with. 
The one TradFi will mold to fit its interests.