I can see how some have tried to absorb it for the purpose of price manipulation, but eventually those games hit a wall, the wall of its hard limit of supply.
If you're in the camp that believes Bitcoin wasn't created by the govt as a trojan horse for a
cashless society slavery system, then their op to control the price would have obviously been when they launched those CME derivatives. Since nobody uses them, they would likely shift to plan B and do something like walk into Coinbase, issue a gag order and seize it under "national security" while paying them off with some stipend, then go full blown fractional reserve Gox 2.0.
If you assume bitcoin is not created by the govt as a trojan horse, their goal is to obviously control the price through fraudulent derivatives just like they do in metals. For their next step, since step one obviously didn't work, they would either do something like take over Coinbase and manipulate there or just try to outlaw them all together. I don't really see that happening myself since bitcoin is likely a govt invention and they want people to buy these dystopian tracking system tokens instead of metals.
Its a nonsensical argument since bitcoin is designed to be like cash, or rather better than cash. So one would not create something that works like cash for a "cashless" society.
And if you're worried about the tracking aspect ... there are ways to make this it more private. I believe they are called those "privacy" coins. Also, it seems that bitcoin can, and might, absorb these privacy technologies.
Taking over coinbase wouldn't have that much of an effect anymore. Instead they'd have to try to take over every exchange, but this is getting more difficult to do every day, and you'd have to consider the decentralized exchanges. So, not really realistic.