Seems like the SEC’s approval of Grayscale’s Digital Large Cap Fund (GDLC) ETF is a big win for crypto, huh? More access, more mainstream acceptance. Are we truly democratizing finance, or just building a new playpen for the already elite?

We hear the buzzwords: financial inclusion, empowerment, a new dawn for the unbanked. So, no – I’m not talking about Wall Street trading floors, but rather the dusty streets of Khayelitsha, South Africa. Will Nomusa, a single mom that sells fruit at the market, get the tools and knowledge she needs? How will she figure out how to do an ETF, even one that’s just a basket of cryptos?

The reality is stark. Digital illiteracy as well as the lack of access to reliable internet pervades these populations’ communities throughout Africa. How can Nomusa, who can’t afford money for data for her cell phone, let alone with this “financial revolution?” This is not a call to throw crypto under the bus. That gets to the heart of the matter—because this isn’t just about the fact that access doesn’t equal utilization.

It's easy to get swept up in the excitement surrounding Bitcoin's price or the potential of Solana. We can’t forget about the millions more who are completely left out of this conversation. Should the Grayscale ETF go the distance, it would be a major step forward. If we don’t join forces to close the digital divide and teach financial literacy, it could simply become another privileged club.

I’d like to introduce you to Thabo, a budding entrepreneur I met last week in Johannesburg. She dreams of tapping into the power of crypto to crowdfund her cafe. He fights daily against the challenges of spotty internet, as well as a lack of clarity over the regulatory environment. He’s smart, ambitious, and more than a little crafty, sure—but he’s subject to an extraordinary uphill battle.

Thabo’s story is not unique. Yet, this very moment showcases the anger and pain experienced by millions of people living in marginalized neighborhoods. They see the promise of crypto and, despite being stymied by systemic barriers, the SEC's decision to approve the GDLC ETF doesn't magically erase those barriers.

These are, in fact, the cornerstones of legitimate and meaningful financial inclusion. Without them, the promise of crypto remains just that: a promise, unfulfilled for those who need it most. Don’t let the media fool you, the GDLC ETF does not hold a random, diverse mix of cryptocurrencies. Bitcoin constitutes almost 80%, Ethereum just under 11%. In addition, it has lower weights to Solana (SOL), Cardano (ADA), and XRP, all less than 10%. What proportion of those underserved communities have one of those assets? Probably close to zero.

What can we do? This isn't just about governments and regulators. It's about each of us taking responsibility.

  • Digital Infrastructure: Reliable, affordable internet access is non-negotiable.
  • Financial Literacy: Accessible, culturally relevant educational programs are crucial.
  • Regulatory Clarity: Clear, simple regulations that protect consumers without stifling innovation.

Here's where the "Unexpected Connection" comes in. Remember the early days of microfinance? Muhammad Yunus and the Grameen Bank changed the face of lending, providing high-impact, low-interest loans to poor entrepreneurs, especially women. We need a similar micro-crypto approach. Emphasize grassroots education, localized resources, and creating community-driven spaces for agency and practice.

Let’s face it, the world isn’t equitable, we have the tools to help make it fair. While the approval of the Grayscale ETF would be a catalyst for much-needed change. We need to be purposeful to make sure that its benefits accrue to those who’ve been most commonly marginalized.

This time, don’t let the hype drown out the voices of those who need to be heard. Don’t let the potential for profit blind you to the potential for real empowerment. Let’s ensure that crypto’s promise isn’t the next broken promise, but a catalyst for positive, enduring change. Let’s make sure that Nomusa and Thabo’s voices are the ones being heard at the table.

Here's where the "Unexpected Connection" comes in. Remember the early days of microfinance? Muhammad Yunus and the Grameen Bank revolutionized lending by focusing on small loans to impoverished entrepreneurs, primarily women. We need a similar micro-crypto approach. Focus on small-scale education, accessible tools, and community-based initiatives.

  • Support organizations that are providing digital literacy training in underserved communities.
  • Advocate for policies that promote affordable internet access.
  • Invest in projects that are building crypto solutions tailored to the needs of these communities.

Let's be honest, the world is not fair, but we have the power to level the playing field. The Grayscale ETF approval could be a catalyst for positive change, but only if we actively work to ensure that the benefits reach those who are most often left behind.

Don't let the hype drown out the voices of those who need to be heard. Don't let the potential for profit overshadow the potential for genuine empowerment. Let's make sure crypto's promise isn't just another broken promise, but a force for real, lasting change. Let's ensure that Nomusa and Thabo get a seat at the table.