Banks are fighting to stay in the middle of the money system, and crypto is the main threat to that position.

• Banks' top worry is being cut out of the flow of money entirely.
• Central bank digital currencies are the old system's answer — programmable money that keeps central banks relevant.
• Cash is fading, private payment networks are growing, and tokenized assets can move without banks touching them.
• The crypto lobby is pushing for fair competition, betting that on a level playing field crypto wins.

Outlook: Expect a bigger fight between central banks pushing digital currencies and crypto firms pushing for open competition.