[boringg]

What does a bank do? Many things that crypto can't but probably the number 1 thing compared to crypto ... the bank (via the FDIC) provides assurances for each account for up to $225,000 USD.

I wouldn't write off banks that quickly.

[derangedHorse]

It's important to note that FDIC doesn't kick in for instances of scams or other unauthorized transfers. It only gives assurances to deposit holders. Stablecoins under the GENIUS Act requires 100% backing and is more stringent than banks since reserve requirements are still 0%[1]. I think it's also useful to focus on stablecoins in a conversation like this rather than crypto at large.

[1] https://www.federalreserve.gov/monetarypolicy/reservereq.htm