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 future in which distributed ledger technologies (DLT) mediate financial services, making the legacy banking sector’s historic role as “central ledger-keeper” redundant.