All-In with Chamath, Jason, Sacks & Friedberg Multicoin Capital's Kyle Samani on Internet Capital Markets
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Oct 1, 2025 
Kyle Samani, founder of Multicoin Capital, shares insights on the future of internet capital markets. He explores how modern software can redesign market infrastructure for 2025, enabling seamless trading of various asset types through blockchain technology. Kyle discusses the need for regulatory alignment, predicting a 'regulation super app' for on-chain finance. He envisions innovative trading experiences integrated into media, like live betting during sports or interactive podcasts, ultimately transforming how we engage with financial markets.
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Century Of Layered Market Complexity
- Modern US capital markets evolved from 1929 reforms and accumulated layers of intermediaries and rules over 100 years.
- These intermediaries add fees, delays, and inertia that make markets inefficient by design.
Intermediaries Create Built-In Friction
- Today's market plumbing forces trades through exchanges, clearinghouses, and custodians, each adding cost and friction.
- That design explains why markets still close at 4 p.m. and why settlement can take two days in 2025.
Design Markets From First Principles
- Rebuild market infrastructure from software first principles: global, 24/7, programmable, permissionless, and cryptographically secured.
- Replace legacy intermediaries with a single global ledger to enable internet-scale capital markets.