Multicoin Capital’s Kyle Samani on Internet Capital Markets
On All-In, Kyle Samani explores how blockchain technology could transform traditional financial markets by addressing inefficiencies in the current system. He discusses how outdated post-1929 regulations have created a complex web of intermediaries, fees, and delays that persist even in 2025, while modern blockchain networks like Solana demonstrate the potential for faster, cheaper, and more accessible financial transactions.
The discussion examines regulatory changes that could enable blockchain integration in traditional markets, including new executive orders and SEC rule modernization. Samani describes a future where capital markets extend beyond traditional financial hubs into everyday digital experiences, with possibilities ranging from real-time sports betting to peer-to-peer trading through social platforms, all powered by AI and blockchain technology.
This is a preview of the Shortform summary of the Oct 1, 2025 episode of the All-In with Chamath, Jason, Sacks & Friedberg
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1-Page Summary
Problems With Financial System Inefficiencies
The modern financial system remains burdened by inefficiencies rooted in post-1929 crash legislation. While regulations like the Securities Act of 1933 and the Investment Company Act of 1940 were designed to protect investors, they've created a complex system weighed down by intermediaries, fees, and delays. Even in 2025, the system maintains outdated features like two-day settlement times and limited trading hours, creating barriers to global market access.
How Blockchain Enables Efficient, Decentralized Capital Markets
Modern blockchain technology, particularly Solana's network, demonstrates the potential for transformative change by processing over a billion transactions daily at minimal cost. This infrastructure enables a vision of global, programmable, and permissionless capital markets that operate 24/7. The technology promises to eliminate inefficient intermediaries while democratizing access to trading and financial services through internet-based platforms.
Regulatory Changes Enabling the Transformation of Capital Markets
In 2025, significant regulatory shifts are paving the way for blockchain integration in traditional markets. President Trump's executive orders aim to position America as a global crypto leader, while the SEC Chair is modernizing agency rules to accommodate on-chain systems. The proposed "super app" framework represents a breakthrough in combining crypto protocols with regulated financial services, marking the first time in 100 years that technology and regulations are aligned for transformative change.
Integration of Online Capital Markets Into Media, Social Platforms, and Daily Life
The future of capital markets extends beyond traditional financial hubs into everyday digital experiences. New possibilities include real-time betting integration with sports broadcasts, peer-to-peer trading through group chats (similar to current crypto bot trading on Telegram), and livestream trading sessions. This integration of financial services with media and social platforms signals a shift toward internet-native finance, where AI and blockchain technology reshape how companies approach financing, trading, and ownership structures.
1-Page Summary
Additional Materials
Clarifications
- The post-1929 crash legislation, including the Securities Act of 1933 and the Investment Company Act of 1940, was enacted to regulate financial markets and protect investors after the Great Depression. These laws aimed to increase transparency, reduce fraud, and restore confidence in the financial system by requiring companies to disclose relevant information to the public and imposing regulations on investment companies. However, over time, these regulations have been criticized for creating a complex system with inefficiencies such as delays, fees, and barriers to market access, which persist in the modern financial landscape.
- In financial systems, two-day settlement times refer to the period between a trade's execution and when the transaction is finalized, assets are exchanged, and funds are transferred. This delay allows for various processes like trade confirmation, clearing, and settlement to occur smoothly. It is a standard practice in traditional financial markets, but advancements like blockchain aim to reduce or eliminate this settlement lag.
- Solana is a high-performance blockchain platform known for its fast transaction speeds and low fees, making it attractive for decentralized applications and financial services. Its unique consensus mechanism, called Proof of History, helps in achieving scalability by ordering transactions efficiently. Solana's architecture allows for thousands of transactions per second, enabling quick and cost-effective processing compared to some other blockchain networks. Overall, Solana aims to provide a scalable and efficient infrastructure for decentralized applications and financial markets.
- The SEC Chair's modernization of agency rules for on-chain systems involves updating regulations to accommodate blockchain-based systems that operate directly on the blockchain, without the need for traditional intermediaries. This shift aims to address the regulatory challenges and uncertainties surrounding decentralized finance (DeFi) platforms and cryptocurrencies. By adapting rules to the unique characteristics of on-chain systems, the SEC seeks to foster innovation while ensuring investor protection in this rapidly evolving financial landscape. This modernization reflects a recognition of the growing importance of blockchain technology in reshaping traditional financial markets.
- A "super app" framework in finance typically involves a single platform offering a wide range of services beyond traditional banking, such as payments, investments, and insurance. This integrated approach aims to enhance user convenience by centralizing various financial activities in one app. It often leverages technology like AI and blockchain to provide seamless and personalized financial solutions. The concept is gaining traction as a way to streamline financial interactions and cater to diverse consumer needs in a digital-first environment.
- The integration of financial services with media and social platforms involves incorporating features like trading, investing, or financial transactions directly into popular online platforms such as social media networks or streaming services. This integration aims to make financial activities more accessible and seamless for users who are already engaged with these digital platforms for other purposes. It can include functionalities like real-time trading updates during live streams, peer-to-peer trading discussions within social groups, or even the ability to make financial transactions while interacting on social media. By merging financial services with everyday digital experiences, this trend seeks to bring finance closer to people's daily lives and routines, leveraging the widespread use and familiarity of online platforms to enhance financial engagement and accessibility.
- Real-time betting integration with sports broadcasts involves the seamless connection between watching a sports event live on TV or online and being able to place bets on various aspects of the game as it unfolds. This integration allows viewers to engage in betting activities related to the game they are watching in real-time, enhancing the overall viewing experience and potentially increasing viewer engagement with the content. It combines the excitement of live sports with the thrill of betting, creating a more interactive and dynamic entertainment experience for audiences. This trend reflects the growing convergence of sports entertainment and gambling activities, leveraging technology to offer new forms of engagement for fans and bettors alike.
- Peer-to-peer trading through group chats involves individuals directly buying and selling financial assets within a chat group, bypassing traditional exchanges. This method allows for informal transactions and discussions among participants, often facilitated by messaging platforms or social media channels. It can provide a more personalized and immediate trading experience compared to conventional trading platforms. Participants can negotiate terms, share insights, and execute trades in a social and collaborative setting.
- Livestream trading sessions involve broadcasting real-time trading activities, analysis, and discussions online through video streaming platforms. Traders share insights, strategies, and market updates with viewers, fostering a community around financial markets. Viewers can engage by asking questions, learning from experienced traders, and potentially mirroring trades. This interactive format blends education, entertainment, and financial information in a dynamic online setting.
- Internet-native finance refers to financial systems and services that are built and operate primarily on the internet, leveraging technologies like blockchain and AI. It involves the seamless integration of financial activities into online platforms and digital experiences. This approach enables new ways of accessing and interacting with financial services, such as trading, investing, and fundraising, through internet-based tools and applications. Internet-native finance aims to democratize financial access, streamline processes, and create innovative opportunities for individuals and businesses in the digital age.
- AI plays a significant role in reshaping financing, trading, and ownership structures by enabling data analysis at a scale and speed beyond human capacity. Through AI algorithms, financial institutions can make more informed decisions, optimize trading strategies, and assess risks more accurately. AI also facilitates personalized financial services and investment recommendations based on individual preferences and behaviors. Additionally, AI-driven automation streamlines processes, reduces costs, and enhances efficiency in various financial operations.
Counterarguments
- While blockchain technology offers many benefits, it is not without its own set of inefficiencies and challenges, such as scalability issues, energy consumption (particularly for networks that still use proof-of-work), and the potential for centralization in the hands of a few large players.
- The claim that blockchain can eliminate intermediaries overlooks the fact that new intermediaries, such as exchanges, wallet providers, and blockchain service companies, have emerged within the crypto ecosystem.
- Regulatory changes may not be keeping pace with technological advancements, and there could be unforeseen consequences or loopholes that emerge from hastily drafted regulations.
- The integration of financial services into media and social platforms raises concerns about data privacy, security, and the potential for increased manipulation or misinformation within financial markets.
- The promise of democratizing access to trading and financial services may not fully materialize if there is a lack of education on how to use these new technologies or if access to the necessary technology is unequal.
- The two-day settlement time in traditional finance is often criticized, but it also provides a period for due diligence and error correction that may be lost in an instantaneous blockchain-based system.
- The idea of a "super app" that combines crypto protocols with regulated financial services could lead to a concentration of power and influence within a single platform, which may introduce systemic risks.
- The 24/7 operation of global, programmable, and permissionless capital markets could lead to increased stress and reduced downtime for traders, potentially exacerbating issues related to mental health and work-life balance.
- The reliance on blockchain and AI technologies could lead to job displacement within the financial sector, particularly for roles that are currently centered around the intermediaries that blockchain seeks to displace.
- The volatility and speculative nature of cryptocurrencies, which are often integral to blockchain-based financial systems, may introduce additional risks to the financial system.
- The integration of real-time betting and financial trading into everyday activities could encourage compulsive behavior and increase the risk of financial loss among the general public.
- The claim that President Trump's executive orders aim to position America as a global crypto leader may not take into account the full spectrum of international regulatory competition and the efforts of other countries in the crypto space.
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Problems With Financial System Inefficiencies
The modern financial system's inefficiencies are rooted in its lengthy history and are maintained due to resistance to change and outdated features.
The Financial System Is Bloated and Inefficient due to Intermediaries and Accumulated Regulations
Post-Crisis Legislation and Complexity
The modern financial system was significantly shaped in response to the 1929 stock market crash. Legislation such as the Securities Act of 1933, the Exchange Act of 1934, and the Investment Company Act of 1940 were passed to regain the public’s confidence, ensure transparency, and safeguard investors from future crises. These acts required companies issuing securities to make significant disclosures, created the Securities and Exchange Commission (SEC), and regulated public mutual funds. Although these regulations were implemented with the protection of investors in mind, they have contributed to a financial system that has become encumbered with cumbersome layers of regulatory complexity.
Finance System's Complexity: Intermediary Fees, Delays, Inefficiencies, Resistance to Change
Today, inefficiencies in the financial system are maintained by an array of intermediaries such as exchanges, clearing houses, and custodians. These entities each take their share through fees, add to overall costs, cause delays, and contribute to the system's overall inertia against modernization. The financial markets are constrained by these players, resulting in a system that is bloated and resists evolutionary change despite its well-intentioned legal protections.
Despite Advancements, the Legacy Financial System Retains Outdated Features Like Trading Hours and Settlement Times
The financial system shows its age through the preservation of legacy features that reflect a bygone era. Notably, stock trades still adhere to outdated settlement times and the system retains traditional trading hours, a relic of the past.
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Problems With Financial System Inefficiencies
Additional Materials
Clarifications
- The Securities Act of 1933 required companies issuing securities to provide detailed disclosures to investors, aiming to enhance transparency and protect investors after the 1929 stock market crash. The Exchange Act of 1934 established the Securities and Exchange Commission (SEC) to regulate securities exchanges and ensure fair and efficient markets. These acts were pivotal in shaping the modern financial system by introducing regulations to prevent fraud, promote transparency, and restore confidence in the financial markets post-crisis.
- Intermediaries in the financial system act as middlemen facilitating transactions between parties, such as buyers and sellers. They include entities like exchanges, clearing houses, and custodians. These intermediaries play crucial roles in ensuring the smooth functioning of financial markets by providing services like trade execution, settlement, and safekeeping of assets. Their involvement adds layers of complexity, fees, and delays to transactions but also helps mitigate risks and maintain market integrity.
- Settlement times for stock trades represent the period between the trade execution and the final transfer of securities and funds. The delay in settlement impacts liquidity, risk exposure, and capital efficiency for market participants. Shortening settlement times can reduce counterparty risk, enhance market stability, and improve overall efficiency in the financial system ...
Counterarguments
- The complexity of financial regulations can be seen as a necessary safeguard against the kind of systemic risks that led to past financial crises, ensuring a more stable financial environment.
- Intermediaries play a crucial role in maintaining the integrity of the financial system, providing services such as risk management, due diligence, and settlement that protect all parties involved in financial transactions.
- The existence of trading hours and settlement times can be justified by the need for maintenance, reconciliation, and the human oversight required to ensure markets function correctly and fairly.
- Two-day settlement times for stock trades, while seemingly slow, provide a buffer for checking and clearing trades, which can help prevent fraud and errors in an increasingly complex financial world.
- Barriers to global access to US dollars and ...
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How Blockchain Enables Efficient, Decentralized Capital Markets
Blockchain technology is poised to fundamentally transform the capital market infrastructure into a global, programmable, and permissionless system.
Blockchains and Distributed Ledgers Enable Global, Programmable, Permissionless Capital Market Infrastructure
Blockchains and distributed ledgers are reinventing the way assets are issued, accessed, and traded, creating a foundation for internet-scale capital markets.
Solana's Blockchain Processes a Billion+ Transactions Daily At Low Costs, Supporting Internet-Scale Capital Markets
Modern blockchains, such as Solana, have the capacity to handle over a billion transactions daily, with the average cost of each transaction being less than a penny. This high throughput and low cost are key attributes that make blockchain an attractive infrastructure for global, internet-scale capital markets.
Blockchain Capital Market System Eliminates Inefficient Intermediaries and Legacy Infrastructure
Blockchain's vision for capital markets is one where the complex web of intermediaries and legacy infrastructures is redundant. Engineers and traders looking to redesign capital market infrastructure in 2025 would opt for a system that’s global, operates 24/7, is programmable, permissionless, and secured by cryptography—attributes that all contribute to a more efficient and transparent capital market ecosystem.
Leveraging Blockchain, Internet-Based Capital Markets Offer Open, Global Access to Trading, Issuance, and Services
The implementation of blockchain technology in capital markets leads to a democratized financial ecosystem accessible to all.
Internet Markets Enable Trading Without Geographical or Institutional Barriers
Imagine a single global market where any individual with a smartphone and an internet connection can trade a ...
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How Blockchain Enables Efficient, Decentralized Capital Markets
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Clarifications
- A permissionless system in the context of blockchain technology means that anyone can participate in the network without needing approval from a central authority. It allows for open access and participation, enabling anyone to read, write, and interact with the blockchain without restrictions. This concept contrasts with traditional systems that require permission or approval to access or use certain services. Permissionless systems promote decentralization, transparency, and inclusivity in blockchain networks.
- A distributed ledger is a decentralized system where digital data is stored across multiple locations without a central authority. It uses a peer-to-peer network and consensus algorithms to ensure data consistency and security. Blockchain technology is a common form of distributed ledger, known for its use in cryptocurrencies like Bitcoin. The lack of a central point of failure and the reliance on consensus mechanisms make distributed ledgers secure and reliable for various applications.
- Solana is a blockchain platform known for its high transaction throughput and low costs, making it attractive for internet-scale capital markets. It aims to provide a global, programmable, and permissionless system for issuing, accessing, and trading assets. Solana is part of the new generation of Layer-1 blockchains that support complex decentralized interactions through smart contracts and decentralized applications (dApps). It differentiates itself from Layer-2 solutions by operating independently to process and finalize cryptocurrency transactions.
- Intermediaries in capital markets are entities that facilitate transactions between buyers and sellers. They include brokers, exchanges, clearinghouses, and other financial institutions. These intermediaries provide services such as ...
Counterarguments
- While blockchain promises to reduce inefficiencies, the technology itself is not without limitations, such as potential scalability issues that can arise with increased usage.
- The claim that blockchains like Solana can handle over a billion transactions daily may not account for the network congestion and increased transaction fees that can occur during peak times.
- The elimination of intermediaries could also lead to reduced oversight and regulatory control, which might increase the risk of fraud and market manipulation.
- Global, permissionless access to capital markets assumes a level of digital literacy and access to technology that is not yet universal, potentially exacerbating financial inequality.
- The assertion that blockchain enables trading without geographical or institutional barriers overlooks the regulatory and compliance challenges that vary by jurisdiction and can impede truly global access.
- The integration of financial trading with media and social platforms could lead to concerns over data privacy and the potential for increased speculative behavior ...
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Regulatory Changes Enabling the Transformation of Capital Markets
The U.S. Securities and Exchange Commission (SEC) prepares for integrating crypto assets and traditional securities as regulatory and technological advancements merge, signaling a major transformation in the capital markets.
Executive Orders and Legislation Lay Groundwork for Blockchain Capital Markets
The SEC is aligning its regulatory framework to adapt to the burgeoning innovations in blockchain technology, setting the foundation for a revamped capital market system.
Regulatory Changes Ready the Sec and Financial System For Integrating Crypto Assets and Traditional Securities In the "Digital Finance Revolution."
In 2025, President Trump signed a series of executive orders positioning America to become the crypto capital of the world. Concurrently, the SEC Chair has directed his staff to modernize agency rules, paving the way for on-chain software systems to integrate with the securities market. This effort represents a significant shift towards internet-native capital markets and indicates the readiness of the financial system for the "digital finance revolution."
Proposed "Super App" Framework Enables Convergence of Crypto Protocols and Regulated Financial Services on Unified Platforms
The SEC Chair introduced a vision for a "regulation super app." This comprehensive framework is designed to integrate non-security crypto assets, tokenized securities, and traditional securities within a single user interface. This signifies a move toward a streamlined and unified digital financial marketplace.
Regulatory-Tech Alignment Spurs Capital Market Innovation
The synchronization of technological advances and regulatory reform offers a watershed moment for the capital market industry.
First Time in 100 Years: Tech and Regulations Enable Internet-Native Capital Market ...
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Regulatory Changes Enabling the Transformation of Capital Markets
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Counterarguments
- The integration of crypto assets with traditional securities might introduce new systemic risks due to the volatile and speculative nature of cryptocurrencies.
- Executive orders may not be sufficient to address the complex regulatory challenges posed by blockchain technology and may require more comprehensive legislative action.
- The readiness of the financial system for a digital finance revolution could be overstated, as many institutions are still grappling with the cybersecurity and operational risks associated with digital assets.
- Positioning America as the crypto capital of the world could potentially alienate traditional financial allies and create geopolitical tensions, especially with countries that have banned or heavily regulated cryptocurrencies.
- Modernizing agency rules for on-chain software systems may not keep pace with the rapid evolution of technology, potentially leading to outdated regulations that could stifle innovation.
- A "super app" framework, while innovative, could lead to monopolistic practices and raise antitrust concerns if not properly regulated.
- The vision for a regulation super app may underestimate the complexity of integrating diverse financial services and crypto protocols into a unified platform, potentially leading to user experience and performance iss ...
Actionables
- You can educate yourself on the basics of blockchain and cryptocurrency to better understand the evolving financial landscape. Start with free online courses or webinars that explain the fundamentals of blockchain technology and how cryptocurrencies work. This knowledge will help you grasp the significance of regulatory changes and how they might affect the future of finance and investment opportunities.
- Consider diversifying your investment portfolio to include digital assets. With the SEC working towards integrating crypto assets into the capital markets, it might be wise to allocate a small, responsible portion of your investments to cryptocurrencies or blockchain-based assets. Before investing, research to find reputable exchanges and digital wallets, and always be aware of the risks involved.
- Engage with fintech apps that are incorporating blockchain technology to get fi ...
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Integration of Online Capital Markets Into Media, Social Platforms, and Daily Life
The convergence of online capital markets with various digital platforms is poised to redefine how we engage with media, socialize, and conduct financial transactions. This integration is predicted to embed financial activities into our daily digital experiences and open up new opportunities for interactivity and financial engagement.
Internet Capital Markets Will Integrate Into Software and Media, Enabling New Financial Engagement and Interactivity
Online capital markets are expected to blend seamlessly with software and media channels. This blend is set to alter the landscape of media, turning it into a more interactive platform where individuals can directly engage in financial activities.
Bet On Interest Rates or Events Within Content, Blurring Line Between Information and Trading
Prediction markets could become intertwined with media content, allowing readers to place bets on interest rates or outcomes of events directly within articles in a journal. This integration has the potential to blur the line between simply consuming information and actively trading on it.
Sports Broadcasts Can Integrate Real-Time Betting and Trading Into a "Second Screen" Experience
The realm of sports broadcasting is another area where integration is anticipated, with the possibility of incorporating real-time betting and trading into broadcasts. This "second screen" experience can be leveraged to increase viewer engagement, offering an immersive and interactive layer to watching sports.
Capital Markets' Integration Into Social Platforms Enables New Peer-To-peer Financial Behaviors
Capital markets are merging with social platforms, fostering new peer-to-peer financial behaviors that allow friends to engage in financial transactions such as trading assets.
Group Chats Can Enable Friends to Trade Assets and Bet, Like Crypto Bots
Millions are currently trading crypto assets using Telegram bots, indicating a trend towards peer-to-peer financial activity on social platforms. Moving forward, these behaviors could extend to a variety of assets and prediction markets, with group chat trading, especially in sports betting, gaining popularity.
Livestream Platforms Could Enable Trading and Investing In Assets, Fostering New Social Finance
With thousands of streamers already interacting with their audience through platforms like Solana, there's an expectation that live-streaming will evolve into collective trading sessions. These sessions could become commonplace, creating shared financial experiences that signify a new social finance frontier.
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Integration of Online Capital Markets Into Media, Social Platforms, and Daily Life
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Clarifications
- Prediction markets are platforms where participants can buy and sell shares in the outcome of events. Integrating prediction markets with media content allows readers to place bets on various outcomes directly within articles or content. This integration blurs the line between passive consumption of information and active engagement through trading on predicted events. It transforms media into an interactive platform where individuals can participate in financial activities based on their predictions and insights.
- Real-time betting and trading integration in sports broadcasts involves incorporating features that allow viewers to place bets or engage in trading activities related to sports events while watching the broadcast. This interactive experience typically utilizes a "second screen" setup, where viewers can participate in these financial activities alongside watching the game or event. It aims to enhance viewer engagement by offering a more immersive and interactive way to experience sports content. This integration blurs the lines between traditional sports viewing and financial engagement, creating a new layer of interaction for audiences.
- Peer-to-peer financial behaviors on social platforms involve individuals engaging in financial transactions directly with each other through the platform, without the need for traditional financial intermediaries like banks or investment firms. This can include activities such as trading assets, sharing investment tips, or participating in prediction markets within a social network setting. The integration of financial activities into social platforms enables friends or connections to interact in a more informal and collaborative manner when it comes to managing their finances or exploring investment opportunities. This trend reflects a shift towards more decentralized and community-driven approaches to financial interactions in the digital age.
- Livestream platforms evolving into spaces for collective trading sessions means that viewers can engage in real-time trading activities while watching live streams. This integration allows for interactive financial participation within the livestream environment. It transforms passive viewers into active participants in trading discussions and decision-making processes. This trend signifies a shift towards merging entertainment and financial engagement in a seamless digital experience.
- Internet-native finance refers to financial activities that are born, developed, and executed entirely within the digital realm, without the need for physical intermediaries like banks or traditional financial institutions. This concept leverages technology to enable direct peer-to-peer transactions, automated trading, and decentralized financia ...
Actionables
- You can start a digital finance journal to track and reflect on your interactions with emerging online capital markets. By documenting your experiences with any new media platforms that incorporate interactive financial elements, you'll develop a better understanding of your habits and preferences. For example, if you come across an article with integrated prediction markets, jot down your thoughts on the process, your predictions, and the outcome. This practice will help you become more conscious of how these innovations influence your engagement with digital content.
- Experiment with small-scale peer-to-peer financial exchanges among friends using existing social platforms. Set up a private group with interested friends where you can informally trade or bet on assets, using virtual points or a mock portfolio to simulate the experience. This will give you a hands-on understanding of how group dynamics can influence financial decisions and prepare you for the potential future of social finance without risking actual money.
- Engage wi ...
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