Vannia Yalan is a staff writer and second-year MPA student.

In an era when global finance stands at the intersection of innovation and uncertainty, technology is reshaping the foundations of the global economy. The BTC in DC Conference offered a timely reflection on the ethics, opportunities, and vulnerabilities of digital finance. Held at The Donald J. Trump and The John F. Kennedy Memorial Center for the Performing Arts. and hosted by The George Washington University, the event gathered economists, innovators, and policymakers to examine how digital currencies, and the ideas behind them, can transform financial systems.

Over two days, participants engaged with a variety of prominent figures in the Bitcoin and digital finance ecosystem, including Michael Saylor, Adam Back, Samson Mow, Curtis Harris, and Giacomo Zucco, alongside academia and private-sector leaders. The sessions were not only technical, but reflective, examining how emerging financial systems could coexist with global regulatory structures, and some of the related ethical, social, and economic implications.

This blog entry explores three dimensions of that dialogue: first, how Bitcoin and digital assets challenge traditional notions of value and institutional trust; second, how universities can bridge policy and practice through innovative models of public engagement; and third, why financial literacy must become a cornerstone of democratic participation in an increasingly digital world.

Nevertheless, more than the headline speakers or the technical debates, the conference was unique in its shared recognition that the future of economic stability will depend on digital awareness and financial literacy. Especially for students, early-career professionals, and communities who are most impacted by technological shifts but often least included in shaping them. Understanding how money works is no longer a concern for specialists; its systems, evolution, and social consequences are essential to the resilience, agency, and civic participation of younger generations navigating a digitized world.

Redefining Values and Accountability in Digital Finance

The conference advanced a nuanced view of Bitcoin. Rather than presenting it as a speculative technology, speakers explored fundamental questions about value, trust, and public accountability in digital finance. The discussions focused on deeper inquiries: What defines value in an increasingly digital world? How do institutions maintain trust when financial systems evolve faster than regulations? Where should accountability lie when private innovation intersects with public risk?

Several speakers argued that digital assets could help counter financial opacity, reduce reliance on centralized intermediaries, and enhance transparency across borders. Others raised critical questions about consumer protection, cybersecurity, and the uneven distribution of benefits if digital finance grows without strong regulatory frameworks.

As Milena Mayorga, El Salvador’s Ambassador to the U.S. stated, “Bitcoin is not about replacing institutions; it’s about redesigning how we relate to them”, reflecting a balance between enthusiasm and prudence. Using El Salvador as a case study, she demonstrated how financial innovation must strengthen, not circumvent, public oversight, public trust, and the public interest.

The GW Competition & Innovation Lab, led by Professor Aurelien Portuese, played a central role in curating these dialogues by bridging academia, private industry, and public policy. The Lab’s model of “policy incubation through participation” exemplifies how universities can foster interdisciplinary spaces where young professionals and experts engage constructively on the future of finance. By emphasizing structured collaboration, the Lab demonstrated what responsible innovation looks like: collaborative, transparent, and grounded in democratic values.

Building Technology Trust Through Ethical Innovation

Panelists discussed the complex relationship between decentralization and governance. Speakers explored Bitcoin’s potential as a hedge against inflation and institutional instability, while policy-oriented panels turned to governance and how to ensure transparency and accountability in a borderless financial environment. Yet amid contrasting views, a shared priority emerged focused on building systems that people can trust.

Panelists discussed the complex relationship between decentralization and governance. Speakers including Michael Saylor and Jeff Booth explored Bitcoin’s potential as a hedge against inflation and institutional instability, arguing that decentralized assets could preserve purchasing power during periods of monetary expansion and provide alternatives when traditional financial institutions face crises. Conversely, policy-oriented panels turned to governance challenges observing how to ensure transparency and accountability in a borderless financial environment. Despite contrasting perspectives, a shared priority emerged centered on building systems that people can trust.

These discussions underscored the fundamental principle that technology itself is neutral and cannot improve governance on its own. Rather, the values embedded in policy design determine whether innovation serves the public good. Without coherent governance, digital finance risks reproducing the very inequities it claims to address. In that line, The World Bank’s Digital Government 2025  and the OECD’s AI Principles  were cited as examples of how governments can promote innovation responsibly through open data, interoperability, and ethics-by-design frameworks. Both emphasize that successful digital transformation depends not only on technology, but on the ethical infrastructure surrounding it. 

Standards for transparency, accountability, and privacy should not be viewed as barriers to innovation; they should be understood as its necessary foundation. As leadership advisor Bob Roark notes, “Innovation without governance is chaos; governance without innovation is stagnation.” This duality remains at the heart of modern financial policy. Consider, for example, how a small business owner choosing between traditional banking and cryptocurrency payment systems must navigate not just technical differences, but questions of regulatory protection, transaction transparency, and recourse in case of fraud. Showing how without clear consumer protection rules, digital venues can accelerate fraud; thus, governance becomes the difference between empowerment and exploitation.

Empowering Citizens Through Financial Literacy

Beyond questions of technology and governance lies the social concern of effectively equipping citizens to navigate rapid financial transformation. Financial literacy, as several speakers emphasized, is not merely an educational goal; it is a democratic necessity. Universities, in particular, have a vital role in democratizing this knowledge by integrating financial and digital literacy into curricula, hosting public dialogues, and creating accessible resources that reach beyond campus boundaries. 

While many factors shape access to economic opportunity, the relationship between financial understanding and institutional trust is particularly significant. The IMF’s Digital Future Review reinforces this point, showing that informed citizens are more likely to adopt and benefit from emerging digital tools while mitigating risks of exploitation or exclusion. When citizens lack understanding of how digital financial systems operate, the benefits of innovation remain concentrated among those already advantaged. Consider a recent graduate evaluating student loan refinancing options who encounters terms like “blockchain-based lending” or “decentralized finance protocols”: without baseline financial literacy, such innovations become inaccessible or, worse, vectors for predatory practices. Digital tools can bridge social gaps, but only when designed with equity in mind and when users possess the knowledge to engage with them critically.

Adapting Governance for a Decentralized Age

The conference also examined lessons from El Salvador’s Bitcoin policy, which made Bitcoin legal tender in 2021 alongside the U.S. dollar. This policy illustrates the promise of digital adoption and the critical need for regulatory safeguards; while it aimed to increase financial inclusion and attract investment, implementation revealed challenges around digital literacy, infrastructure access, and consumer protection. Organizations such as the IMF and various think tanks emphasize that such policies require strong regulatory frameworks, risk management tools, and safeguards for fiscal stability. 

For public administrators, this case reinforces the importance of designing institutions that can adapt to uncertainty without losing accountability. Public officials must move beyond administrative control toward ethical stewardship, ensuring that new technologies enhance equity and accountability. 

Public administration scholarship on adaptive governance provides useful frameworks here. Scholars like Janine O’Flynn emphasize that effective public sector innovation requires what she calls “dynamic capabilities“: the capacity to sense emerging challenges, seize opportunities through experimentation, and reconfigure institutional arrangements as needed. In El Salvador’s case, this might have meant piloting Bitcoin adoption in limited contexts, building robust digital literacy programs before full implementation, and establishing stronger consumer protection mechanisms. Public institutions must develop these dynamic capabilities to govern effectively in an era of rapid technological change.

Panelists pointed to the rise of decentralized systems as both a challenge and an opportunity for public institutions. These systems can increase efficiency and access, but they also demand transparency and adaptability from regulators. Ethical governance must evolve in parallel with technological change. After all, in finance as in government, trust is the only currency that holds its value. This requires long-term institutional courage and the willingness to invest in oversight, education, and inclusion rather than just chasing speed or disruption.

Conclusion: Integrity as the Foundation of Progress

The BTC in DC Conference ultimately demonstrated that the future of finance is not solely defined by algorithms or technology, but by the values embedded in their use. Blockchain, AI, and decentralized systems will continue to evolve, but their legitimacy depends on whether they expand opportunity and safeguard human dignity.

This event affirmed that policymaking in the digital era must remain grounded in ethics, equity, and education. The real challenge is not how fast technology moves, but whether institutions, and the people who lead them, can keep pace with integrity. In the digital age, progress and ethics must evolve together. Innovation without integrity leads to instability; innovation guided by ethics can lead to governance at its best.

Photos by Vannia Yalan

The views expressed in Policy Perspectives and Brief Policy Perspectives are those of the authors and do not represent the approval or endorsement of the Trachtenberg School of Public Policy and Public Administration, the George Washington University, or any employee of either institution.