Rewriting the Rules: The SEC & CFTC on Crypto, IPOs & the Future of American Markets
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What is the main topic discussed in this episode?
All right, everybody, welcome to the All In interview program.
How have US markets changed over the last 40 years?
Today, we are delighted to have two of the most important individuals shaping capital markets over the next couple of years. SEC Chair Paul Atkins is with us as well as CFTC Chair Michael Selig.
What are the top priorities for the SEC and CFTC regarding IPOs and crypto?
Welcome to the All In interview show, gentlemen. Glad to be here. Thank you very much. Great to be here. Also with me, my bestie, Shamath Palihapitiya, who is known
How do AI trading bots impact modern investing?
to participate in capital markets. I think there's a great structure here for us to talk, many opportunities, and then guardrails and things that we should be concerned about in such a dynamic time. Chairman Atkins, this is your third tour of duty since the 90s. Things have changed dramatically. So maybe just to start us off here, and I know Chamath's got a lot of great questions ready to go. I'm just curious, in your time, say the last 40 years or so what has uh what have you noted here about capital markets and how they've changed and what's important for us looking forward well thanks it's great to be here and see both of you all today well so i started out as a young lawyer uh in new york city doing uh corporation finance work you know new offerings and that sort of thing in the mid 80s
What efforts are being made to end the turf war between the SEC and CFTC?
And to be a startup company and to build your products and do R&D and all that, you had to go public. So Apple and Microsoft, Advanced Micro Devices, all of those companies started off as IPOs. And so Andreessen Horowitz has, I think, a really good bar chart where they compare the companies of the early and mid to late 80s to today, where it just basically demonstrates through the ROI that insiders versus the buyers of the public stock enjoyed from those early companies, the insiders being there's not much private equity, or a venture capital back then, but the insiders, meaning the officers, directors, and whatnot, they had a relatively thin slice of the entire pie. I mean, everyone made out well, obviously, but the public purchasers in the IPO made out very well over the years and then had the lion's share of that.
You look at today, the current situation where we have robust private capital markets, and we have fully today half the number of public companies as we had 30 years ago, and it's completely reversed. The return on investment is mainly to the insiders, private equity, venture capital, and the corporate officers and employees versus the public because they're mature companies when they actually go public. So that's a huge change.
What are the implications of changing quarterly earnings to bi-annual reporting?
The private markets are very robust and strong. But anyway, the American capital markets are very healthy, I think. When you look at that back then, there was a real requirement for everybody to do an enormous amount of work because to your point, these companies were quite young. You'd be a four or five-year-old company and you'd go public because the going public was not about monetizing anything.
How will changing accreditation rules affect investors in 2026?
It was actually a fundraising moment. It was like a Series C or a Series D. I guess the answer is the reason it changed was probably because To your point, there's all these returns. And so investors said, well, let's go capture these in the private markets for us and our LPs.
What challenges do high-frequency trading firms present in futures markets?
But what it also does is then change the nature of how these markets behave. Can you just comment on the amount of time companies are staying private, the dearth of the IPO, because it has become a liquidity defining moment, and is much more so than the financing moment, and whether things should change? And if so, how do you want to change that? And why? Yeah, well, it's a free market, obviously. So, you know, investors, we should allow the market to develop as it will. But you're exactly right. So now it's more of a liquidity event for insiders. And so what we are seeing now is in the private markets, you know, there's a lot of capital that's where people are willing to deploy it. to companies at early stages and then to stay on.
But at the same time, there are inhibitions for private companies to go public. And one of them is the cost of our rules to comply with our rules and the disclosure ones, especially where you have all the annual report requirements, proxy statements and all of that.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:00–0:03
2
How have US markets changed over the last 40 years?
0:03–0:17
3
What are the top priorities for the SEC and CFTC regarding IPOs and crypto?
0:17–0:27
4
How do AI trading bots impact modern investing?
0:27–1:17
5
What efforts are being made to end the turf war between the SEC and CFTC?
1:17–2:56
6
What are the implications of changing quarterly earnings to bi-annual reporting?
2:56–3:23
7
How will changing accreditation rules affect investors in 2026?
3:23–3:40
8
What challenges do high-frequency trading firms present in futures markets?
3:40–59:48
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