{"id":93963,"date":"2020-10-21T05:27:26","date_gmt":"2020-10-21T02:27:26","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/mainstream-defi-is-inevitable-us-currency-comptroller\/"},"modified":"2020-10-21T05:27:26","modified_gmt":"2020-10-21T02:27:26","slug":"mainstream-defi-is-inevitable-us-currency-comptroller","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/mainstream-defi-is-inevitable-us-currency-comptroller\/","title":{"rendered":"# Mainstream DeFi is \u2018inevitable\u2019: US currency comptroller"},"content":{"rendered":"

“# Mainstream DeFi is \u2018inevitable\u2019: US currency comptroller <\/strong>”
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The U.S acting comptroller of the currency, Brian Brooks, predicts th decentralized finance (DeFi) will render many of the financial services offered by banks obsolete, just as email disrupted the postal service.<\/p>\n

In an interview<\/a> during DC Fintech Week on Oct. 19, Brooks predicted a not-too-distant future in which distributed ledger technologies (DLT) media<\/a>te financial services, making the legacy banking sector\u2019s historic role as \u201ccentral ledger-keeper\u201d redundant.<\/p>\n

\u201cWe […] see a future where decentralization is very likely an unstoppable force out there. Decentralized networks, by definition, are cheaper, faster, and more resilient than any kind of centralized structure.\u201d<\/p><\/blockquote>\n

Formerly the chief legal officer for Coinbase, Brooks is now the head of the Department of Treasury\u2019s banking oversight bureau. He compared financial institutions\u2019 historical function as an aggregator of money to that of the post-office’s role as an aggregator of communications, noting: \u201cwith email, we don\u2019t need the aggregation anymore \u2014 we can do it directly with each other.\u201d<\/p>\n

When asked what the role banks will have in society amid increasing creative destruction posed by stablecoins and DeFi, Brooks said: \u201cHuman beings need financial services, they don\u2019t need banks.\u201d<\/p>\n

\u201cIt is possible for you to just go online and say, \u2018Hey, listen, I\u2019ve got $10,000 here and I\u2019d like it to earn five percent […] and the algorithm will find someone who does and all of a sudden there\u2019s no longer a value in the bank aggregating all of that money together.\u201d<\/p><\/blockquote>\n

Brooks predicts that banks will continue to provide an array of important services, including \u201ccustody of physical assets\u201d and \u201cfiduciary stuff.\u201d\u00a0<\/p>\n

He also expects banks will adapt to an increasingly decentralized world, predicting a future where banks and businesses operate nodes within blockchain networks, and in which banks mint their own stablecoins.<\/p>\n<\/div>\n

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For forums sites go to Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n

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If you want to read more News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“# Mainstream DeFi is \u2018inevitable\u2019: US currency comptroller ” The U.S acting comptroller of the currency, Brian Brooks, predicts th decentralized finance (DeFi) will render many of the financial services offered by banks obsolete, just as email disrupted the postal service. In an interview during DC Fintech Week on Oct. 19, Brooks predicted a not-too-distant…<\/p>\n","protected":false},"author":1,"featured_media":93964,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.eu-central-1.amazonaws.com\/s3.cointelegraph.com\/uploads\/2020-10\/17d0b3c9-1f64-4390-b855-12b3fc72545c.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74868,75554,71939,4965,67874],"class_list":["post-93963","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-defi","tag-dlt","tag-banks","tag-technology","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/93963","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=93963"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/93963\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/93964"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=93963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=93963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=93963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}