Gary Gensler, the SEC Chairman and former MIT lecturer, is seen as a pro-crypto figure on Wall Street. According to him, in the lecture notes he used to teach in his MIT course, he states that the financial sector costs the US 7.5% of its GDP, and the payment sector costs 0.5-1% of global GDP.
He sort of referred to that in his testimony to Congress back in July 2018.
“Blockchain technology has real potential to transform the world of finance. Though
there are many technical and commercial challenges yet to overcome, I’m an
optimist and want to see this new technology succeed. It could lower costs, risks
and economic rents in the financial system.”