Permissionless = Permission-more Crypto Institutionalization?
By Cate Fox, Ambitio US Program Director, and Leeann Wallett, Ambitio US Program Officer
On Monday, June 23, 2025, Center for Cultural Innovation (CCI) staff arrived in New York to attend Blockworks’ Permissionless IV conference. For Leeann Wallett and Chris Audain, Ambitio US Program Officers; Jessica Mele, Research to Impact Lab Director; and Stephanie Imah, Grants Program Director, this was their first Web3/Blockchain/Crypto conference. For me (Cate Fox, Ambitio US Program Director), it was the second (and hopefully last) such conference this year. Many of the overall takeaways that I outlined from the mid-March Digital Assets Summit (found here ) hold true, and what you will read below are some additional observations from me and Leeann Wallett.
The first Permissionless was also the first crypto conference I attended when I joined CCI. It was in June 2022 in West Palm Beach, Florida. Everyone was feeling very optimistic about DeFi (decentralized finance) and crypto. Presenters were keen to tell us how DeFi would replace TradFi (traditional finance), and the world was going to be a better place based on all the innovation that was happening. The gathering had a relaxed country-club vibe with a dance club lighting scheme and soundtrack (even at 9 a.m.). Venture capital funds were flowing into blockchain companies, and the merch game was fierce. Defi Summer was in full swing. It was a strange but telling introduction to this emerging field.
The fact that the location for Permissionless has migrated from a very politically conservative environment to New York — the financial capital of the United States, which, while this conference was taking place, selected in the Democratic primary for New York City mayor, State Assemblymember and progressive, Zohran Mamdani — is an interesting signal indicating how this industry has changed in a relatively short time period. Gone were most of the pronouncements from the main stage about how DeFi will replace TradFi or CeFi (centralized finance); instead, the emphasis was on how these systems work together to enhance finance. Conversations about crypto and blockchain that were once seen as fringe are now more mainstream, even if the adoption (or the understanding) of these systems and structures is still not widespread.
There is tension between those who believe crypto and blockchain should be completely or largely new systems that would replace traditional financial systems, and those individuals who see advantages in the integration of these new technologies by traditional financial institutions. The fact that the conference is in New York suggests that the crowd that favors integration and strong relationships with TradFi has influence. Still, both viewpoints (and everything in between) were on display at the conference, which the conference planning team deserves credit for making happen. However, the fact that no women were on the main stage was a real miss.
This was my (Leeann Wallett’s, Program Officer, Ambitio US ) first time at Permissionless and my first time at a crypto conference. I had a preconceived notion about what to expect: a conference full of “tech bros” with khakis and shoes with no socks. And while that proved true, what scared me more than the lackadaisical dress code was how little the average person knows about what is happening in the crypto industry without them. What also struck me was the stark contrasts in where we were staying (Sunset Park, a working-class neighborhood near the 36th Street MTA stop in Brooklyn), where the conference was (Industry City, a metaphorical island on the New York Bay), and what content was emphasized and highlighted in the main stage discussions.
When we first arrived at Industry City, a former warehouse, now a mixed-use development with offices, restaurants, bars, and stores, that overlooks the New York Bay waterfront, my goal was to learn as much as I could about decentralized finance and how it plans to move in the current political and financial landscape. I intentionally picked sessions that spoke to the future for average consumers and users to keep myself apprised of the things that would have important ramifications to our worldbuilders that include artists, creatives, and culture builders.
While crypto moves in cyclical and, at times, unpredictable ways like the rest of the global financial system, if you zoom out to the past few years, the crypto and Web3 industry, you can see a slow and steady growth curve to the right. As Erik Voorhees, a cryptocurrency entrepreneur and founder of the exchange, ShapeShift, said, “the tent is getting bigger,” and the rising ratio of crypto traded on decentralized versus centralized exchanges is a key performance indicator that demonstrates the significant growth over the past few years (see chart below).
Even with this consistent growth, many of the main stage conversations mentioned the “persecution and pain” felt by the builders and developers over the past few years. And while we cannot deny that the crypto community has faced ongoing challenges in its ascent and dissent against TradFi, our worldbuilders have faced real-world, physical violence and persecution through their work in communities (see our Historic Clayborn Temple write-up below).
In addition, one of the more interesting main stage discussions featured exchange-traded funds (ETFs) pundit, James Seyffart, research analyst at Bloomberg Intelligence, who brought ominous predictions about the future of crypto ETFs (a type of investment that trades on exchanges, much like individual stocks). This “basket” of securities or commodities allows investors to buy into a diversified portfolio in a single transaction. The importance of this is that ETFs are an easy way to embed a small percentage of crypto (mainly Bitcoin) into an easy-to-understand consumer product. People are “willing to pay for the convenience,” said Seyffart. This would be the first entry point for many individuals to see crypto as an investment in their portfolio.
Seyffart also mentioned a key date (July 2, 2025) where the U.S. Securities and Exchange Commission (SEC) had to decide on crypto ETFs or “specifically, the securities regulator is set to rule on Grayscale Investments’ proposal to convert its Digital Large Cap Fund (GDLC) to an ETF…GDLC has about $730 million of assets under management. While more than 90% of the fund’s assets are allocated to Bitcoin and Ethereum, it also holds XRP, Solana (SOL), and Cardano (ADA).”
In a surprising move, the SEC decided to suspend the conversion of the GDLC into an ETF after initially fast-tracking the application a day before, on July 1; a move that has sent shockwaves through the crypto community and industry and prompted Grayscale to initiate legal action against the SEC. In another twist (two weeks later), Grayscale announced by press release on July 14, 2025, that it would confidentially submit a draft registration statement to the SEC. The number of shares to be registered and the price range have not yet been determined.
The legal and regulatory battle between Grayscale and the SEC emphasizes the ongoing challenges faced by the crypto industry. As the legal and regulatory challenges unfold, it will be a significant outcome and signal that will shape the future of cryptocurrency and the digital asset market. While this is an extreme example of a regulatory battle, on a massive scale (millions of dollars) and on a public forum, it is quite similar to what some of our investees have faced while trying to align their direct public offerings to meet the SEC regulations and policies. However, the main difference is that much of the conversation goes unmentioned in mainstream news and under the radar for fear of retaliation.
This article was originally published on Medium. Read it on Medium →
Historic Clayborn Temple Finds Hope and Support After Devastating Fire
By Christopher Audain, Ambitio US Program Officer
During the early morning hours of Monday, April 28, a fire consumed Historic Clayborn Temple. The Memphis Fire Department called in the Department of Alcohol, Tobacco, and Firearms (ATF) to investigate the suspicious nature of the fire, and on May 21, investigators confirmed that it was intentionally set . Despite containment of the fire within an hour, devastating damage occurred that destroyed the inside of the building. Two days after the fire, on Wednesday, April 30, the east wall of the building collapsed after a storm brought in strong winds, according to the Memphis Fire Department. “Tragically, the fire destroyed the painstakingly crafted stained-glass windows that were unveiled in 2023 as a highlight of a $6 million renovation campaign organized by Historic Clayborn Temple, the nonprofit overseeing the church. Instead of traditional religious scenes, the windows featured portraits of Sanitation Striker Larry Payne; labor leader T.O. Jones of AFSCME Local 1733, which won the right to represent the sanitation workers in 1968; activist Cornelia Crenshaw; civil rights leader James Lawson; and Maxine Smith, longtime Memphis school board members of NAACP leader” (John Beifuss, The Commercial Appeal ).
On a call with funders on Friday, May 2, Anasa Troutman — the Founder and CEO of the BIG We, which manages Historic Clayborn Temple — shared that the Temple fire was actually the third fire she had experienced in as many weeks . Three weeks before the Temple fire, in the early hours of the morning, a fire (now deemed suspicious by authorities) destroyed her home. A parcel of land in Eastern Tennessee that she owns also caught fire during that time period. Anasa hired security for herself and for other properties she owns in Memphis (including the birthplace of Aretha Franklin).
Anasa continues to demonstrate resilient leadership through the tragedy, organizing her team, the community, funders, and supporters of the historic site from across the country. They have already launched a campaign, “Reimagining Historic Clayborn Temple,” to fill the immediate needs of the physical building, as well as costs related to safety and security, legal counsel, messaging and communications, and health and wellness for the team (just to name a few). Ambitio US has reached out to our networks of funder colleagues and to our allied network at Solidaire to see what additional resources can be brought to bear for this important catalytic organization. While the exact circumstances surrounding the fire are still uncertain, the act of burning a church is certainly a very public symbol of the ongoing Civil Rights struggle, both past and present. It has historical resonance and will be a harbinger for whether our collective movement has the resilience, capacity, and courage to support building new economies that work for cultural communities under threat, which will, in turn, benefit us all.
At the end of May, Anasa and the team at The BIG We hosted a convening in Memphis that brought together philanthropic leaders, local stakeholders, national preservation experts, and movement builders. The late afternoon community event was emotional and inspirational, with strong local leadership present, including from the fire and police departments, elected officials, funders, and a strong media presence. The overall mood was hopeful and optimistic for rebuilding. The goal of the convening was to have a day of visioning collective action to “commemorate the past, and begin to chart a path forward — one that ensures the historic institution rises again with the resources, infrastructure, and imagination needed to serve the Memphis community for decades to come,” explained Anasa in an email invitation. I attended the convening with Ambitio US Program Director Cate Fox, as we saw an opportunity to reflect, make meaning, and strategize about what is needed for Historic Clayborn Temple and potentially for other allied projects all over the United States.
Efforts to reopen Historic Clayborn Temple will be supported by a $1.5 million grant in a joint effort from the Ford Foundation, Mellon Foundation, and the National Trust for Historic Preservation (NTHP) . Brent Leggs, Executive Director of the African American Cultural Heritage Action Fund at NTHP, broke the news of the grant and underscored the national organization’s support for healing and rebuilding efforts. NTHP deemed Historic Clayborn Temple a National Treasure in 2018. Last week, on July 17, Congress approved $3.15 million for the restoration of Historic Clayborn Temple through the Transportation and Housing, and Urban Development (THUD) subcommittee. We hope these support funds catalyze efforts for additional funding to accelerate the reopening. CCI, Ambitio US contributed to the early support efforts as well with a $150,000 general operating grant.
The rapid response is not a coincidence or simply people responding quickly to a tragedy. It is the result of the momentum Anasa and her team are building. The Temple, an important Civil Rights site, was in the process of being restored to both tell the history of the Sanitation Worker Strike of 1968 and to serve as a neighborhood anchor with programming that covers the arts, workforce development, solidarity economics, and everything in between. It was a gathering place where community members would periodically come together to talk about the future of Memphis. Anasa understands that Historic Clayborn Temple will only be successful if it is surrounded by locally-owned businesses, and neighbors are not displaced as more economic development moves into the area.
The Temple supported — and will continue to support — the neighborhood by providing jobs to local Memphians through its construction and restoration work. The BIG We runs a Cooperative Business Development program with the Southeast Center for Cooperative Development, which provides training to entrepreneurs from the neighborhood who are interested in starting cooperative structures. (All of the members of the cohort are eligible for a loan from SEED Commons , a cooperatively-governed national CDFI, former Ambitio US grantee, and nonprofit financial organization based in New York, if their business plans are viable.) The legacy of the Historic Clayborn Temple is people coming together to create a better world, but it is also about the present and the vision for the future.
Echoing the enormity of the event, Civil rights leader Martin Luther King III attended the May press conference and provided moving remarks. One line really struck me as we think about this moment and how we move forward when faced with great odds, devastation, and new threats to communities: “It only takes a few good human beings to bring about change.” I know we’ve got more than a few good folks, and the greatest power we have is in each other.
This article was originally published on Medium. Read it on Medium →