[mteam88]

That is true. Crypto is not faster/cheaper because of a technological breakthrough. The reason crypto can be faster/cheaper is because it cuts out the middleman. The traditional financial system is full of incumbents and middlemen who take a cut of every transaction. Crypto rebuilds the financial system from the ground up and removes ALL middlemen. Instead of verifying the legitimacy of a transaction using a trusted third party, crypto uses cryptography. The same kind of cryptography used in PGP or encrypted email.

Crypto is a disruptive technology class that many incumbents hate because it literally removes them from their powerful position as a middleman. There are usually at least 3 middlemen in every credit card transaction. [0] Combined, these come to a fee of (on average) 2.24%. [1] There are zero intermediates involved with a crypto transaction. The total fee on Solana (the leading payments blockchain) is less than $0.01 for any amount transfered. A 1 million dollar transfer on Solana costs the same amount of fees as a 10 cent transfer.

> a creative way to evade banking regulations. Coinbase, the leading US crypto exchange, has been trying to get regulatory clarity for years [2]. Crypto wants regulation, but the SEC refuses to provide it. The SEC would prefer to "regulate by enforcement" [3]. It sounds to me like the SEC is the one trying to avoid having to create banking regulations...

[0] https://www.managementstudyguide.com/intermediaries-to-a-cre...

[1] https://www.fool.com/the-ascent/research/average-credit-card...

[2] https://www.forbes.com/sites/digital-assets/2023/12/15/coinb...

[3] https://www.goodwinlaw.com/en/insights/publications/2023/05/...