TechFlow reported on December 18 that Ryan Sean Adams, co-founder of Bankless, posted on social media stating that if a Layer 1 blockchain's DeFi system can be shut down by a single letter from the Treasury Department—because all its liquidity pools, collateral, and trading pairs are backed by stablecoins supported by the U.S. government—then it's merely fintech with extra steps.
Adams emphasized that if we want a genuine internet-native sovereign monetary system—the very thing the crypto industry once cared about—then we need a large-scale economic asset capable of competing with G7 nations to serve as the base currency. He stated: "Either ETH reaches tens of trillions in value, or the entire endeavor is meaningless."
In response, Solana co-founder Anatoly Yakovenko commented that traders have always been dealing with custody risks, and banks can also fail. If there's sufficient bandwidth to manage all markets, then from a technical standpoint, this is a feature.
