Opinion: Banks have never bailed out cryptocurrency. Why should we be forced to bail out banks that have mismanaged their finances?
There are many highly inefficient aspects of TradFi, where rotten trees are choking the growth of new sprouts. Some are a result of similar pathologies where the government uses the banking system to subsidize its own political objectives. It would be better for the economy to let them burn.
Rent-seeking brick-and-mortar facades, with most customer service outsourced overseas and who earn most of their revenue from overdraft fees, need to burn. Payment systems that bribe cardholders with “cash back” programs then use the market power their consumer bribes give them to gouge the merchant, need to burn.
DeFi protocols are making inroads into home mortgages, but that’s at its earliest stages. Consumer finance and tax payments are still fiat-based. And crypto developers at a minimum deserve the same treatment as anyone else participating in the fiat economy. That means they shouldn’t be discriminated against in the provision of basic checking and savings accounts.
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