The fundamental key to the way crypto works is that it is fully traceable.
Anyone can follow any fraction of any bitcoin through every wallet it has ever touched.
That means that once governments decide to crack down, they can seize anything that anyone they don't like ever touched.
It's even more insidious than debanking.
They can announce that "any money the people of NYgunforum ever touched is now forfeit" and then not only can't you spend it, but anyone who did business with you will lose anything they got from that.