Are we building crypto for the banked to save fees or the unbanked to gain access to undreamt of opportunities?, Mike Daly

The GENIUS ACT -a catalyst to change or revolution?

The GENIUS Act signed by President Trump spurred The Economist to write: -

“Among the strait-laced denizens of Wall Street, crypto’s “use cases” are often discussed with a smirk. Veterans have seen it all before. Digital assets have come and gone, often in style, sending hype-prone investors in memecoins and NFTs on a ride. Their use as anything other than a tool for speculation and financial crime has been repeatedly found wanting.

Yet the latest wave of excitement is different. On July 18th President Donald Trump signed the GENIUS Act into law, providing stablecoins—crypto tokens backed by conventional (usually dollar) assets—with the regulatory certainty that insiders have long craved. The industry is booming; Wall Streeters are now scrambling to get involved. “Tokenisation” is also taking off: a rapidly growing volume of assets trade on blockchains, representing stocks, money-market funds, and even private-equity stakes and debt.”

The Economist ‘Crypto’s big bang will revolutionise finance’ July 23^rd, 2025

This is very much framing crypto and blockchain as benefitting those already trading and just adding those who may have been deterred by the costs and complexity before The GENIUS Act stimulates change. More evolution than revolution.

The GENIUS Act could be a catalyst by providing regulatory clarity for stablecoins, which are more suitable for everyday use in developing nations. Stablecoins can offer:

Protection against local currency devaluation
Lower-cost international remittances
Financial inclusion for the unbanked
Stable store of value

In other words, improvements that reduce the barriers to transacting with crypto rather than traditional payment rails.

Google has a similar strategy in mind.

“Google’s GCUL to Challenge Dominant Players Like Ripple, Circle, Stripe

The new Layer-1 blockchain network, Google Cloud Universal Ledger (GCUL) is designed to streamline cross-border payments and asset settlements. This development comes as the tech giant explores opportunities in the blockchain and crypto industry, while recently increasing its stake in Bitcoin miner CleanSpark.”

Source: CoinGape August 27^th, 2025

Not just banks but established cross border payment and asset settlement players being challenged

Shouldn’t we be thinking more of how continued innovation may unleash new opportunities for the unbanked? Especially in developing nations in the African Continent, Asia, Latin America and elsewhere? It is interesting to see established banks in the US express their disquiet about such change.

“Banks are lobbying for a change to the new stablecoin legislation in the U.S., warning that a loophole in the regulation risks trillions of dollars worth of bank deposit outflows.

The landmark GENIUS Act, which establishes a regulatory framework for stablecoins, contains a prohibition on stablecoin issuers offering interest or yield.

But without an explicit prohibition applying to cryptocurrency exchanges, this "can be easily evaded and undermined by allowing payment of interest indirectly to holders of stablecoins," five banking lobbies warned lawmakers in a joint letter.”

Source: Seeking Alpha Aug 26^th, 2025

Is this the establishment seeking to close ranks against perceived threats rather than embrace change for the benefits of current and future customers? Central Banks, Commercial Banks and governments profess an interest in growth and controllable inflation but over the past decades have not delivered that to the great mass of peoples. Wealth flows to the wealthy whilst the once thriving middle class and working class have missed out as GDP per head has failed to grow significantly.

Reframing the question

What if we were to ask:

How can we create an entirely new financial infrastructure for the billions who lack access to traditional banking?

In Africa alone, over 400 million adults remain unbanked, yet mobile phone penetration exceeds 80% in many countries. This creates a unique situation where people have the technology for crypto adoption but lack traditional financial infrastructure.

Just as African Farmers have bypassed fixed landlines entirely and adopted cell phones for not just conversations but also for transacting, making and receiving payments and even raising loans. No wonder established banks are worried!

What game changing use cases could we imagine?

Global Gig Economy Access: A weaver in rural Bangladesh could sell textiles directly to customers worldwide, receiving payments instantly without needing a bank account or waiting weeks for international transfers. Freelancers could access global markets regardless of their country's banking relationships.

Decentralized Marketplaces: Farmers could sell produce directly to urban consumers through blockchain-verified supply chains, capturing more value by eliminating middlemen who previously required banking relationships to operate.

Community-Driven Finance

Rotating Savings Groups (Tontines): Traditional community savings circles could be automated and made transparent through smart contracts, allowing participation across distances while maintaining cultural trust mechanisms.

Community Investment Pools: Neighbourhoods could collectively fund local infrastructure projects - solar installations, water systems, or schools - with transparent fund management and automated milestone releases.

Resource Management & Optimization

Utility Micropayments: Pay-as-you-go solar power, water access, or internet could be metered and paid for in tiny increments through crypto, enabling access without large upfront deposits traditional utilities require.

Fractional Asset Ownership: A motorcycle taxi could be owned collectively by multiple drivers through tokenization, or expensive equipment could be shared across a farming cooperative.

Risk Management & Protection

Parametric Insurance: Automated crop or livestock insurance based on weather data, satellite imagery, or IoT sensors - no claims adjusters needed. Payouts happen automatically when conditions are met.

Health Savings Pools: Community health insurance where members contribute small amounts regularly, with smart contracts managing payouts for medical emergencies.

Data & Digital Economy

Personal Data Monetization: Individuals could sell their anonymized data directly to researchers or companies, receiving micropayments that would be impractical through traditional banking.

Proof of Work/Service: Get paid for verifying local information (road conditions, crop prices, business hours) that's valuable to mapping services, delivery companies, or other users.

Education & Capacity Building

Learn-to-Earn Models: Students could earn small crypto rewards for completing educational modules, building both digital literacy and financial assets simultaneously.

Skill Verification: Blockchain credentials could verify skills and training across borders, enabling labor mobility without traditional educational bureaucracy.

Infrastructure Coordination

Mesh Network Incentives: Users could be rewarded for sharing internet connectivity or providing network infrastructure, creating decentralized internet access.

Waste Management Systems: Communities could incentivize recycling and waste collection through token rewards, creating circular economy models.

The key insight is that these use cases often depend on programmability, global accessibility, and the ability to transact in very small amounts - features that traditional banking infrastructure cannot economically provide to low-income populations. When built for the unbanked, crypto becomes less about replicating existing finance and more about creating entirely new economic possibilities.

Quo Vadis?

The purpose of this article was to ask the right questions rather than offer answers. Rather, I have posed potential answers, and these have implications for enterprises and startups across various sectors including: -

Banking
Payments
Asset Trades
Insurance
Education

I have a sneaking suspicion that there will be a closing of ranks by those currently earning high fees and wealth today who see the potential disruption by new players able to leverage the innovation hinted at in this article. They will want to automate, reduce costs whilst maintaining retained margins.

Will new entrants to the market have the vision, courage, financial backing, plus the ability to operationalise and scale compelling new use cases that will change the world for humanity rather than the tech giants and established players?

I do hope so