Cryptocurrencies and banks will merge into a single system, says David Sacks

Source: CritpoTendencia Original Title: Cryptocurrencies and Banks Will Merge into a Single System, Says David Sacks Original Link: In the near future, cryptocurrencies and banks will converge to create a unified digital financial system. This is according to David Sacks, who serves as an advisor on crypto and artificial intelligence for the U.S. government. The expert believes that tensions between the two sectors will reach a natural equilibrium.

During a recent interview on CNBC’s Squawk Box program, the so-called “cryptocurrency czar” advocated for a convergence between the crypto world and traditional banking. His comments come amid a context where banks are intensifying efforts to limit the growth of the crypto sector.

These financial institutions have deployed a lobbying strategy aimed at protecting their margins and reducing competition. In practice, this means trying to prevent cryptocurrencies from replicating their business models in a more efficient and profitable way for investors.

In this context, banks seek to modify key aspects of the CLARITY regulatory proposal to align the regulations with their own interests.

It is worth noting that, according to their lobbying report for 2025, the banking association allocated nearly $2 million to neutralize key points of this legislative initiative.

However, this open confrontation between banks and cryptocurrencies would have a clear outcome: the unification of both sectors, according to the interpretation of Sacks’s statements.

Is there common ground between banks and cryptocurrencies?

For now, the CLARITY proposal remains stalled after facing a new rejection in Congress. This situation reflects the pressure exerted by the banking sector to limit the crypto ecosystem’s ability to compete on equal terms.

The central debate revolves around the possibility of stablecoin issuers offering yields. From a crypto perspective, this is a natural step toward a more efficient, profitable, and secure financial system for users. For banks, however, the issue is perceived as a direct threat to their business model.

Banking entities are subject to strict regulations that require them to offer very low returns on deposits. At the same time, crypto platforms and exchanges can offer significantly higher returns, making them much more attractive to customers.

In simple terms, if regulations enable rewards on stablecoins, a significant portion of deposits could migrate from banks to the crypto ecosystem, risking the stability of the traditional banking system.

From the crypto sector’s perspective, the opposite view is held. It is argued that banks seek to preserve inefficient structures at the expense of users, and that by slowing down a more competitive sector like blockchain, innovation is limited and savers are harmed.

According to Sacks, this tension will not be resolved with winners and losers, but through convergence. From that integration, a more robust, efficient digital finance system aligned with the needs of 21st-century users would emerge.