The Bitcoin ETF will work just like IOU because the institution and the government never like decentralization.
This is clearly the future the government want for bitcoin. The majority just buy ETF IOUs. Those who do actually buy bitcoin can only do through via KYCed exchanges, and their bitcoin can only move from there to other KYCed exchanges. Actually owning your own bitcoin won't be allowed - after all, what are you trying to hide? 
ETF's are not bitcoin IOU's because they are shares of a business structure(trust) that is not bitcoin but has bitcoin. they do not have to redeem them/settle them for btc to a shareholder.
none of the regulations you cry about even mention anything about node or cold store individuals needing to register as a vasp or MSB..
try to actually articulate what the regulations and details do say then you can come up with better arguments..
it seems you are just angry the business you affiliate with needs to be less opaque. you seem less concerned about real privacy nor bitcoin utility. and just upset that regulations affect the businesses you want to promote.. and u do so by pretending if your business cant operate then you think bitcoin is broke