Depends on your country. In Australia, our banks are among the most regulated and survived through the GFC with barely a scratch. Regulation is proven to work

Depends on your country. In Australia, our banks are among the most regulated and survived through the GFC with barely a scratch. Regulation is proven to work in the financial system. You just need to make sure you have enough of it which often the US hasn't. But in recent years that has been fixed up. Also it's a false comparison. There is one Tether and tens of thousands of banks.