All-In with Chamath, Jason, Sacks & Friedberg
Multicoin Capital’s Kyle Samani on Internet Capital Markets
01 Oct 2025
(0:00) Introducing Kyle Samani (1:07) History of modern capital markets (3:25) What a redesigned capital market structure would look like in 2025 (8:22) Examples of the future of internet capital markets Thanks to our partners for making this happen! Solana - Solana is the high performance network powering internet capital markets, payments, and crypto applications. Connect with investors, crypto founders, and entrepreneurs at Solana’s global flagship event during Abu Dhabi Finance Week & F1: https://solana.com/breakpoint OKX - The new way to build your crypto portfolio and use it in daily life. We call it the new money app. https://www.okx.com/ Google Cloud - The next generation of unicorns is building on Google Cloud's industry-leading, fully integrated AI stack: infrastructure, platform, models, agents, and data. https://cloud.google.com/ IREN - IREN AI Cloud, powered by NVIDIA GPUs, provides the scale, performance, and reliability to accelerate your AI journey. https://iren.com/ Oracle - Step into the future of enterprise productivity at Oracle AI Experience Live. https://www.oracle.com/artificial-intelligence/data-ai-events/ Circle - The America-based company behind USDC — a fully-reserved, enterprise-grade stablecoin at the core of the emerging internet financial system. https://www.circle.com/ BVNK - Building stablecoin-powered financial infrastructure that helps businesses send, store, and spend value instantly, anywhere in the world. https://www.bvnk.com/ Polymarket - https://www.polymarket.com/ Follow Kyle: https://x.com/KyleSamani Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg
Chapter 1: What is the main topic discussed in this episode?
Crypto, crypto, crypto.
Chapter 2: What is the history of modern capital markets?
As cryptocurrency becomes more popular, we're starting to see signs that it could become part of our financial future. US dollars are the greatest product in human history.
Chapter 3: What would a redesigned capital market structure look like in 2025?
But amazingly, most people around the world who want dollars cannot get them because the legacy financial rails simply prevent them from doing so.
You want to have the world's most real-time global financial market where everyone is synchronizing, using the same open protocol at the speed of light.
Ladies and gentlemen, please welcome Multicoin Capital's Kyle Simani. Good afternoon, everyone. My name is Kyle Simani.
Chapter 4: What examples illustrate the future of internet capital markets?
I'm a founder and managing partner at Multicoin Capital. I'm incredibly excited to be here with you all at the All In Summit today. Today I'm gonna be talking a little bit about internet and capital markets. But before we get to the future of capital markets, I think a little history lesson is in order.
Chapter 5: How have regulations shaped today's capital markets?
Before we dive in, do have some small disclosures. You can read all this in about four seconds. Please do note that nothing in this presentation should be considered financial advice. All right, let's jump in. The roots of our modern financial system are about 100 years old. The stock market as we know it today was actually born out of crisis.
In 1929, the stock market crash lost a third of its value in about a week, and over the next three years proceeded to lose about 90% of its value. At the time, there was no SEC, there were no disclosures, there were no standardized audits. In response, Congress passed three major pieces of legislation.
The first is the Securities Act of 33, and that required disclosures for companies that issue securities. The second was the Exchange Act of 34, which created the SEC. And the third was the Investment Company Act of 1940, which created regulations for regulating public mutual funds. The government's goal in these regulations was simple.
They needed to create trust, protect investors, and most importantly, restore confidence in our capital markets. Those three laws today still stand as the foundation that our modern capital markets are built on top of. In the 90 years since, we've added rule after rule, system after system.
Typically, it's been predicated on these financial intermediaries whose job it is, they're deputized to process these regulatory functions. We've added layers of complexity, layers of rent-seeking. And interestingly, most of these rules have come not from Congress, but from the administrative state. Today's markets are both held together by these intermediaries and made more inefficient by them.
Investors have to go through exchanges, exchanges go through clearing houses, clearing houses go through custodians, on and on. Each of these players takes a cut, they add a fee, they add a delay, they create complexity, and they also create inertia in the status quo so that it's harder to remove them later.
While the intent of these legal protections are generally pretty good, their evolutionary path over the last hundred years has produced in our modern system of bloat and cruft. Markets still close at 4 p.m. Fees are still high. Access is still limited. Inefficiency is baked into the system by design. It still takes two days to settle a stock trade in 2025.
If you asked a group of engineers and traders to redesign capital market infrastructure from first principles in 2025, you wouldn't be recreating all of these intermediaries. You'd be building something based on modern software. You'd build something that's global and 24-7. that's programmable and permissionless, and that's secured, most importantly, by cryptography.
You'd build one global ledger that can support internet-scale capital markets. Until recently, these global ledgers, or as we like to call them, blockchains, couldn't actually scale to support internet capital markets. No one in this room is going to wait two minutes to send the transaction and pay $20 in gas fees on Ethereum. Blockchains have gotten a lot better, cheaper and faster.
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