Innovation isn't what's needed, it's regulation. Making an alternative that does a couple things better but a thousand things worse isn't going to turn a broken market into a free one.
There are multiple types of decentralization and the one we need for finance isn't the "everyone is (theoretically) equal and there are no rules" of crypto but the "distributed network of trusted providers" that we use for things like public key infrastructure and email. People WILL get hacked, lose their wallets, etc. so recovery MUST be possible and like it or not, law enforcement SHOULD have the power to freeze accounts and take back money that doesn't belong to someone.
There are multiple types of decentralization and the one we need for finance isn't the "everyone is (theoretically) equal and there are no rules" of crypto but the "distributed network of trusted providers" that we use for things like public key infrastructure and email. People WILL get hacked, lose their wallets, etc. so recovery MUST be possible and like it or not, law enforcement SHOULD have the power to freeze accounts and take back money that doesn't belong to someone.