Grayscale just filed for a Worldcoin ETF. The first of its kind in the US, to be traded on NASDAQ. Let's take a step back and look at what Wall Street wants to package up and sell you. This is a project that scans your iris at physical stations called Orbs to generate a biometric identity. 18 million people across 160 countries have already done it. The pitch is that AI makes it impossible to tell humans from bots, so we need universal proof-of-personhood. The regulatory track record speaks for itself. Kenya raided their warehouse and ordered all scans deleted. Hong Kong called it "unnecessary and excessive." Thailand wiped 1.2 million records. Brazil, Spain, South Korea, Germany, and others have imposed bans or investigations. China flagged it as a national security threat. But it keeps expanding. Quietly rolling into new markets, partnering with apps like Tinder, building out infrastructure for AI agents to carry your biometric identity. The strategy isn't to win the public debate. It's to embed so deeply into everyday platforms that by the time people notice, opting out isn't realistic. The problem is irreversibility. You can change a password. You cannot change your iris. If this biometric data is ever breached or compelled by a government, there is no reset. Every centralized identity system in history has expanded beyond its original scope. Now Grayscale wants to wrap it in an ETF and slide it into your retirement account. The normalization is the point.