The first delivery for that kind of money would be the
primary dealers who have priority access to the treasury bond market. This is a wanted position so much that the Chinese have tried to pay others to bid on their behalf which is not allowed but whose going to argue with people who hold and could dispose of trillions of what you are trying to sell more of.
Then we have to look at who are the primary dealers then using the 'new' money with, they have employees who will spend some of the money but the bank itself is the main distributor of funds and even Goldman Sachs a gilded partnership type setup previously is now a consumer facing bank. Hence I think the idea is that the money that the primary banks receive is somehow beneficial even to the common people by providing liqudity and stability to all finance operations, of course we know banks will buy and sell what is most profitable to them personally. This has been twinned with wider regulation I think but I dont think that encourages innovation and growth any more then inflation does.
Capitalism is by no means a fair system but it should at least be competitive so that any can succeed and thrive by being the most efficient sophisticated operator, we have a strong bias with this central bank money that I dont think adds overall competition across the economy. Some of the money will come to Crypto but only speculatively via third parties enabled by funding of a major bank that might not otherwise be there.
