Right, but in order to open a 'semi-decentralized' account that grants you access to things like debit cards and fiat on-ramps/off-ramps you have to do the same KYC/AML you'd do at, say, coinbase.

The difference with Arise seems to be that they managed to develop a customer-oriented private verification platform while trying to solve for opening accounts that adhere to federal regulations.

Which if you think about it is very cool. Arise themselves don't need to look at my paperwork because if I want a decentralized account I don't need paperwork.

But if I want to play with fiat they'll make the KYC/AML process one that doesn't actually involve them outside of meeting regulations for federal purposes.