Banks are really stuck between a rock and a hard place. The rock being the US government and the hard place is their ability to borrow money.

Banks rely on their ability to borrow money from the Fed. Without that, banks won’t be able to function. They are also required to follow federal laws to maintain FDIC insurance. When someone is is making large cash transactions, the banks are required to report each large transaction. This creates additional work and cost to the bank. It also adds scrutiny from the FED and risk of loosing their FDIC insurance and their ability to borrow.

What we really need is a bank that does not borrow money from the FED or insured by the FDIC. I recommend that Steemit sponsors a bank. Imagine a bank that borrows money from Steemit and customers funds are insured by Steem.