US Acting Comptroller of the Currency Brian Brooks stated during the DC FinTech week forum stated that banks were relics of the "pre-technology era" and would be disrupted by blockchain. He saw the legacy role of the bank being removed when centralization no longer becomes require for efficiency or services like deposits or loans.
"Does anyone want to take my $10,000 and pay me 5%? And the algorithm will find somebody who does," stated Brooks, "All of a sudden, there’s no longer value in the bank aggregating all that money together. Because the technology is substituting for the aggregation function of banks."
Despite this change, Brian believes banks might still exist, but mostly to provide two functions: institutions for financial advice and blockchain nodes. With this, cryptocurrency and blockchain ledgers and traditional banking will become blurred with banks serving a very different role than in humanity's early economic history.
Regulation and Society adoption
