A policy paper arguing that the nation should dedicate a sizable share of public airwave spectrum auction proceeds to closing digital equity gaps and establish a reliable, proven vehicle to pursue this task. It outlines spectrum and its regulation, the forces driving the expansion of broadband demand, and precedents for channeling proceeds into public-purpose uses; and lays out a case for endowing a private Digital Futures Foundation to invest in the significant advancements in public-purpose applications and services needed to close the various digital equity gaps for the benefit of all Americans.