Remember that scene at the beginning of It’s a Wonderful Life, where people are all desperately trying to get into the bank because if it fails before they get in, they lose their money? That’s what the FDIC prevents.
This post uses a gift link which may have a view count limit. If it runs out, there is an archived copy of the article available
If you haven’t noticed elon wants to grift crypto via the government so by eliminating oversight and forcing people to run the bank, guess what kinds of assets people will dump their digital dollars into?