I agree that it will be controlled by them, whether or not it uses cryptographic algorithms. But also, I'm saying in either case, it amounts to the account tha

I agree that it will be controlled by them, whether or not it uses cryptographic algorithms. But also, I'm saying in either case, it amounts to the account that each bank is required to have at the Fed, and the Fed apparently has refused in the past to go down the road of bypassing existing banks by opening this up to other entities or people. You can view that cynically as regulatory capture, as a sinister banking cabal controlling everything, or as a prudently conservative outlook if you think the banking system serves a purpose, or might serve a purpose a la Chesterton's fence. But no matter what the motivation, the question I have is why would they want to change their minds now?