For years, more and more people are shying away from traditional banking. But because there aren’t really any services available that can provide safe and secure means of storing money, banking has been the go-to place for most.

That is, of course, until blockchain came along. Blockchain enabled people to store money in a decentralized platform, as opposed to the traditional banks, which was a centralized one. And because the technology offers a transparent, secure, and immutable records of all transactions conducted, people have slowly been drawn into this new innovative service.

This transition is only going to be more apparent since the U.S. Federal Reserve (Fed) means to relax financial regulations. This plan has been reported by Weiss Ratings and the gathering is set on May 30.

To be precise, the meeting will focus on loosening the Volcker Rule, a law inhibiting banks from creating investment activities, limiting their freedom of shaking hands with hedge and covered funds. The rule was put in place following the financial crisis that erupted in 2008, protecting clients from banks that means to conduct speculative investment.

Weiss Ratings have reported that banks have been heavily lobbying for years in order to gain more freedom when trying to trade speculative assets. The meet-up of the Fed is the result of these efforts.

If the watering down of the Volcker Rule goes through, it’s going to create an even wider divide between the common people and traditional banks. Surveys have revealed that a staggering 92 percent of millennials don’t trust bank and are gravitating towards blockchain technology as a means to store their hard-earned savings.

Weiss explains that derivative assets and other similar investment pose a significant threat to the deposits of banking clients since banks use these savings to cover major a system crisis if a bank finds itself in one. It also doesn’t help that banks have been caught in damaging scandals time and again in the past.

In July 2017, the increase in the number of banking scandals has created more distrust from the general public. One such scandal is the announcing of the European Union (EU) that they’re trying to create measures that would impede a client’s ability to withdraw their deposits. The maneuver is reported to create a safety net as a means to prevent a bank from failing. Another such damning incident is the Wells Fargo scandal where the multinational financial service was caught stealing 25,000 cars.