I believe the argument is that privacy on L1 would cause exchanges and regulated businesses to not accept it at all. Those same businesses probably wouldn't accept private ecash either though. In any case I think the fear of regulations argument for not having privacy at L1 is pretty weak. If it can be done with acceptable trade offs I say do it.
tell that to monero
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Weak as in cowardly. Of course there will be consequences since governments hate privacy. It’s not a reason to avoid privacy.
Having said that, private L2/3s like ecash are probably the smarter way to get privacy with Bitcoin at this time.
