Legislators and central bankers shouldn't be involved. Cryptocurrencies should not be centralized through exchanges. It should only be between individuals. Politicians and bankers don't like it because they cant control it. With fiat they can use nefarious private sector behaviors to justify bailouts and implement more "laws" (issue threats of violence) against everyone else and increase taxes (theft). I think this project can work, but the further it stays away from politicians and central bankers the better.
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Legislators, Central banks and politicians see a threat to the existing system in cryptocurrencies, so they are afraid of any serious changes. The AZBIT project is like a breath of fresh air for all of us. I really hope that the developers will realize their plans