Our current financial system has, at best, only a veneer of democratic oversight, evidenced by decades of deregulation and the inability of the government to sensibly reregulate it after the GFC.

The banking system pretty much owns politicians cradle-to-grave - you need massive political donations to get elected, then lobbyists have super-access to politicians while in office, then politicians are offered lucrative revolving door jobs and board seats on leaving office.

A lot of people are excited about that. For good reason too. The very idea that two people exchanging private value should be subject to “democratic oversight” is a totalitarian nightmare.

To me that's a surprising premise and an even bigger surprise in the conclusion. What makes you think A16Z wants to create a financial system without democratic oversight?

…and entirely opt-in.

I know I am!