Can crypto solve the $4 trillion SME financing gap? The big question that I’ve been pondering of late is whether crypto can be a better technology for capital formation than existing options (e.g., banks, capital markets, non-bank financial intermediaries). Matt Sweet invited me to riff on this topic as part of the Yak Collective’s annual get-together. I’ve spent most of my adult life working on the problem of access to capital in “emerging” markets and “developing” economies. So, I focused my remarks on the$4 trillion financing gap besetting small and medium-sized enterprises (SMEs) in these markets.

That said, I think an open, permissionless protocol for capital formation would be a boon to innovation and entrepreneurship everywhere.