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 →