Welcome to the new era of free banking... Saylor and the other treasury companies are accelerating Hal's vision via the back door. The key difference is that shenanigans can't be hidden behind a centralized money printer any more. In Hal's vision, the "banks" will clear/settle on layer 1, where there is no way to hide. If a particular bank issues excessive notes, other banks will demand redemption, forcing it to maintain adequate reserves. Competition and the need to maintain trust will therefore discourage bad actors (per Selgin), as there is no safety net against absolute scarcity. Bank runs in bitcoin are the ultimate FAFO.