It seems like a lot of the banking regulations out there are gonna have to go away or undergo serious rework for them to compete.

I think you strike the point of why we need to do this type of stuff at the base layer. It looks like the regulators are going to make the issuers of stablecoins come under the banking regulation. Hence, they are effectively going to have to operate like banks (Circle, etc).

If we take the legacy tools and have them on a decentralized chain, then yes I agree the idea of regulation becomes absurd. It also makes it near impossible for the banks to compete. Who is going to store their money in the bank and earn 1% when something like this pays 20%.

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