WE NEED TO FIX OUR DEAL WITH BANKS

Summary from the TLDR Crypto newsletter

Consumers have an unfair relationship with banks. People earn almost nothing on deposits while banks take large risks, keep the upside, and rely on taxpayer bailouts for the downside. Historically, this was controlled by Glass-Steagall, which forced banks to separate boring deposit-taking from speculative investment banking, creating a safer and more socially aligned system. Deregulation in the 80s–90s removed those guardrails, letting banks earn huge profits while lobbying to restrict competition from yield-bearing stablecoins. There are two paths we may pursue: one is to allow free competition between banks and stablecoins, or consider bringing back Glass-Steagall to realign banks with public interest.