All-In Podcast: Multicoin Capital’s Kyle Samani on Internet Capital Markets

Date: October 1, 2025
Guest: Kyle Samani, Founder & Managing Partner, Multicoin Capital
Summary prepared for: Those seeking an in-depth, structured recap with key quotes and timestamps

Episode Overview

This episode features Kyle Samani from Multicoin Capital, discussing the seismic shift underway in global finance as blockchain-based "Internet Capital Markets" become feasible and regulatory conditions align. Samani lays out a vision for a future where capital markets are 24/7, globally accessible, technologically advanced, and embedded directly into our digital lives—media, sports, group chats, and more. Drawing parallels to past financial evolutions, he explains how technology and new US policy—and even nods to David Sacks' political involvement—are catalyzing this shift.

Key Discussion Points & Insights

1. Historical Roots of Capital Markets

• [02:00-05:00]
  • Samani contextualizes the modern financial system’s origins:
    • Born out of the 1929 crash and the subsequent regulatory response (Securities Act of 1933, Exchange Act of 1934, Investment Company Act of 1940).
  • Purpose of regulations: Restore trust, protect investors, and create confidence in capital markets.
  • Quote:

    "Those three laws today still stand as the foundation that our modern capital markets are built on top of." (04:30, Kyle Samani)

  • Over time, the system added complexity—intermediaries, fees, delays, and inertia—resulting in "bloat and cruft."

2. Legacy Market Inefficiencies & Need for Reform

• [05:00-08:00]
  • Samani paints today's system as antiquated:
    • Markets close at 4pm, high fees, limited access, two-day stock settlement.
  • Asks how engineers would reimagine markets today: global, permissionless, 24/7, secured by cryptography.
  • Quote:

    “You’d build one global ledger that can support Internet scale capital markets.” (07:30, Kyle Samani)

3. The Tech is Ready: Blockchain Scalability

• [08:00-10:00]
  • Modern blockchains (notably Solana) have solved historical bottlenecks:
    • "Solana can actually process more than a billion transactions in a day at an average cost of less than a penny per transaction.” (09:30, Kyle Samani)
  • But technology alone isn’t enough—regulatory alignment is critical.

4. A U.S. Regulatory Watershed in 2025

• [10:00-13:00]
  • Major policy changes poised to start a new era.
  • Executive Orders: President Trump “kicked off the year by signing a series of executive orders aimed to make America the crypto capital of the world.” (10:45, Kyle Samani)
    • Shout-out to panelist David Sacks for his role in pushing these policies:

      “We also owe a huge shout out to our favorite bestie, David Sacks, in his role as crypto czar...” (11:10, Kyle Samani)

  • Genius Act: Passed July 2025, foundational for stablecoin proliferation and global dollar reach.
  • Clarity Act: Expected to define crypto market structure regulations in coming months.
  • SEC Chair’s Digital Vision: Paul Atkins directs the agency to revamp its regulations.
    • Notable Quote:

      "I have directed the commission staff to update antiquated agency rules and regulations to unleash the potential of on-chain software systems in our securities markets.... He is preparing the SEC for... “the digital finance revolution." (13:00-13:40, quoting Paul Atkins via Kyle Samani)

  • Regulation Super App: Atkins’ proposed single interface for trading non-security cryptos, tokenized securities, and traditional securities.

5. The Rise of Financial "Super Apps"

• [14:00-16:00]
  • Existing apps like Robinhood, Coinbase, SoFi, positioned to become financial super apps.
  • Future scenario: Seamless access to crypto-native protocols, DeFi products, and more, all in one place.
  • Users won't distinguish "back ends"—they’ll just trade, borrow, lend, stake via one interface.
  • Quote:

    “Soon you’re going to be able to access crypto native protocols such as Jito, Drift, Camino, and a lot of others directly from these regulated financial super apps.” (15:20, Kyle Samani)

6. Convergence: Regulated Finance & Permissionless Crypto

• [16:00-18:30]
  • Predicts an “absolute boom in on-chain DeFi activity.”
  • For the first time in a century, technological and regulatory frameworks are in alignment—creating the chance for “rebirth” of US and global capital markets.

7. The Vision: Internet Capital Markets as One Global Market

• [19:00-21:00]
  • Internet capital markets = any asset, anywhere, through global open ledgers.
  • trading becomes an “Internet native primitive.”
  • Quote:

    “At the highest level, Internet capital markets should just be thought of as one global market. A market in which anyone anywhere with just a phone and an Internet connection can trade any asset from any software modality.” (19:40, Kyle Samani)

8. How This Will Change Everyday Life: Use Cases & Media Integration

• [21:00-27:00]
  • Betting on financial outcomes (e.g., Fed interest rates) will be possible directly within news platforms using protocols like Kalshi.
  • Media’s role changes: prediction markets will underpin much of news and sports coverage.
  • “Second screen” experience for sports:
    • Quote:

      “The right instantiation of it [second screen experience] is not social content, it’s financial. By betting on a game, it makes it way more entertaining and engaging.” (24:30, Kyle Samani)

  • “Swipe to bet” and similar UI concepts allow trading from anywhere—including, humorously, “while you’re taking care of business” on the toilet.

9. Social & Group Trading: The Rise of Entertainment Finance 2.0

• [27:00-30:00]
  • Group chats (e.g., within Telegram) as live, collaborative trading arenas.
  • Influencers and streamers build large audiences around participatory trading—“finance becomes social content.”
  • Compare/contrast: Jim Cramer (Finance 1.0) vs. Roaring Kitty, Portnoy (Finance 2.0).
  • Quote:

    “There are today tens of thousands of streamers all over the world, streaming content and trading with their fans and their audience members. And this is happening every day on Solana.” (29:00, Kyle Samani)

10. Markets Embedded in Media and Everyday Software

• [30:00-32:00]
  • Trading via podcasts: buy shares, enter prediction markets, all without leaving the stream.
  • Quote:

    “Markets are going to become the media and the media is going to become the channel.” (31:50, Kyle Samani)

11. Parallel Shifts: AI and Financial Technology

• [32:00-34:00]
  • AI is “rewriting how companies are built,” while on-chain markets will reinvent how they’re financed, traded, and owned.
  • Call to action:

    “When we look back in 20 years, the year 2025 is going to be remembered as the year that the dam broke.” (33:10, Kyle Samani)

  • Urges listeners to see this as a “generational opportunity” open to all, not just professionals.

Notable Quotes & Moments

• On the legacy system:

  "Inefficiency is baked into the system by design. It still takes two days to settle a stock trade in 2025." (06:50, Kyle Samani)

• On technology surpassing old constraints:

  “Blockchains have gotten a lot better, cheaper and faster." (09:00, Kyle Samani)

• On regulation finally catching up:

  “This combination is creating the substrate on top of which we can finally build Internet capital markets.” (17:00, Kyle Samani)

• On the revolutionary potential:

  “Just as software has eaten the world over the last 20 years, Internet Capital markets are going to absorb every function of capital formation, trading, settlement and risk. The legacy system is not going to adapt. It's going to be consumed.” (32:00, Kyle Samani)

• On democratizing access:

  “Internet capital markets are open to everybody.” (34:00, Kyle Samani)

Timestamps for Key Segments

• [02:00-05:00]: History and foundation of modern capital markets
• [05:00-08:00]: Inefficiencies and intermediaries in the legacy system
• [08:00-10:00]: Blockchain scalability leap (Solana example)
• [10:00-13:40]: 2025 landmark policy—Trump’s executive orders, Genius Act, SEC's chain vision
• [14:00-16:00]: Regulatory Super Apps explained
• [21:00-27:00]: Media integration, prediction markets, and “betting as second screen”
• [27:00-30:00]: Social/group trading, finance streamers, Entertaining Finance 2.0
• [30:00-32:00]: Markets embedded in content—podcasts, group chats, and more
• [32:00-34:00]: AI convergence, call to action, and generational opportunity framing

Summary Tone and Style

Kyle Samani’s talk blends historical perspective, technical optimism, and bold predictions. His delivery is energetic, analogical, and at times irreverent—pointing out both the seriousness of the opportunity and the playful, transformative ways trading and capital markets will touch everyday life.

Conclusion

Kyle Samani’s All-In appearance sets a vision of 2025 as a catalytic year for global financial transformation, with the convergence of internet-scale blockchain tech, regulatory clarity (with U.S. leadership), and a cultural leap toward capital markets as interactive, embedded, and participatory. The opportunity is, as he says, “open to everybody.”