It's real plank-in-your-own-eye stuff that all the crypto-huggers will dismiss the BLS analysis so readily at the line about banks acting as a risk buffer. Yes, to be sure! Banks present risks, massive risks, risks which should have been and still should be much better managed, at both bank and government levels — but boy howdy, are you in for a treat, you should see what happened to a financial system in the bad old days, when there were banks but no deposit insurance, and there would sometimes be a run on the banks, and they lose all their customers' cash, and the shock waves ripple through the whole economy.
Now let's do the exact same thing in the crypto-verse, except with even dodgier loans, even more pathetic capital buffers, and, by the way, rampant fraud and bank robberies. It is only by the grace of obscurity and irrelevance to anything that matters that crypto-finance as a whole doesn't suffer widespread derision and fear a hundred times worse than the banking crisis.