Exceptional framework for understanding how dematerialization isn't sudden expropriation but gradual erosion. The custody law breakdown showing claim-on-claim structures versus direct property really clarifies why most people already don't own what they think they own. I've worked with clients who discovered this the hard way during 2023 banking wobbles when withdrawal limits kicked in. The phased timeline feels accurate, espeically how Phase 1 normalizes CBDC rails through benefits before expanding coercion.