Multicoin Capital’s Kyle Samani on Internet Capital Markets

Overview

Kyle Samani of Multicoin Capital explores the transformative potential of internet capital markets, where blockchain technology and regulatory advancements converge to reshape global finance. He discusses the inefficiencies of the current financial system, the role of modern blockchains, and the integration of finance into everyday digital experiences.

Notable Quotes

- If you asked a group of engineers and traders to redesign capital markets infrastructure in 2025, you wouldn’t recreate all these intermediaries—you’d build something global, 24/7, programmable, and secured by cryptography. – Kyle Samani

- The year 2025 will be remembered as the year the dam broke, akin to how the Telecommunications Act of 1996 unleashed the power of the internet. – Kyle Samani

- Markets are no longer just going to exist in some silo on Wall Street—markets are going to become the media, and the media is going to become the channel. – Kyle Samani

📜 The Evolution of Capital Markets

- The modern financial system was born out of the 1929 stock market crash, leading to foundational regulations like the Securities Act of 1933 and the creation of the SEC.

- Over the decades, layers of intermediaries and regulations have added inefficiencies, including high fees, delays, and limited access.

- Samani critiques the bloat and cruft of the current system, emphasizing its reliance on outdated infrastructure.

🔗 Blockchain as the Future Infrastructure

- Modern blockchains like Solana can now process over a billion transactions daily at minimal cost, making them viable for global financial markets.

- Blockchain technology enables a single, global ledger that operates 24/7, eliminating the need for intermediaries and reducing inefficiencies.

- Cryptography ensures security, while programmability allows for innovative financial products.

📜 Regulatory Shifts Enabling Innovation

- Recent U.S. executive orders and legislation, such as the Genius Act, aim to position America as a leader in crypto adoption.

- The SEC is modernizing its rules to embrace blockchain-based systems, with initiatives like the regulation super app framework.

- This framework will allow seamless trading of non-security crypto assets, tokenized securities, and traditional securities on unified platforms.

📱 Embedding Finance into Everyday Life

- Internet capital markets will integrate finance into media, sports, and social platforms, creating new user experiences:

- Prediction markets could reshape media by tying content to financial outcomes.

- Sports betting and financial engagement will enhance entertainment, such as live betting during games.

- Group chats and live streams will enable collaborative trading and betting.

- Examples include swipe to trade and text to trade functionalities embedded in apps and platforms.

🌍 The Global Impact of Internet Capital Markets

- Internet capital markets democratize access to financial systems, allowing anyone with a phone and internet to trade assets globally.

- This shift will disrupt legacy systems, making finance an internet-native primitive and embedding it into the digital fabric of daily life.

- Samani predicts a generational opportunity for builders and investors, comparing the moment to the internet boom of the late 1990s.