The banking institutions have little control over self contained communities utilizing crypto-currencies. Here on steemit real goods and services are being exchanged for STEEM. Not just resteem services etc. But actual sales of goods and services are being exchanged. If I want to buy an ounce of silver, I can do it right here on steemit with steem! If I want to hire a graphic designer for my website I can do that and pay in steem. At least at present we are beyond their grasp. One of the great quotes from the written testimony was that the technology genie was out of the bottle and could not be put back in. Also, the blockchain technology itself open source instant ledger is the Achilles heal of the banks and they are scared. Remember the mortgage crisis because of all the bundling of assets, no one really knew who owned what mortgages? Imagine if each note had been registered on an open source instant ledger (i.e. blockchain). No confusion, but then again how many banks in the fractional reserve system were counting the same mortgage note as an asset? No this is about to get real interesting, blockchain technology will expose everything especially who owns what. Consider yesterday's testimony as putting a choke collar on the banks.