Crypto developers are trying to build a financial system where users have more control. In that system, credit is allocated by algorithms rather than loan officers, payments are settled instantly on blockchains rather than slowly inside the Federal Reserve, and customer funds are secured by cryptographic keys rather than by hackable debit-card PINs. A user-controlled financial system threatens the vision of a government-controlled system for which Sens. Warren and Sanders continue to advocate.

One version of their government-sponsored financial system would have the U.S. Postal Service offer banking services to the public. An even more extreme version would have Americans hold their deposits directly at the Federal Reserve. This would allow the government to trim bank balances to control the money supply, decide which payments to approve and disapprove, and otherwise directly intervene in private financial decisions.