Multicoin Capital’s Kyle Samani on Internet Capital Markets

Kyle Samani’s core thesis is that 2025 marks the first real alignment of scalable blockchains and supportive U.S. regulation. He points to sub-cent Solana transactions, Trump’s crypto executive orders, the GENIUS Act and SEC Chair Paul Atkins’s push to modernize rules for on-chain securities.

The SEC’s proposed “super app” framework could collapse several financial businesses into a single regulated interface. Samani describes platforms handling crypto, tokenized securities and traditional securities alongside staking, lending and DeFi, potentially without separate licensing across every state or multiple federal regimes.

Samani expects firms such as Robinhood, Coinbase and SoFi to become gateways between regulated finance and permissionless crypto protocols. His important prediction is not merely tokenized stocks, but ordinary users reaching DeFi infrastructure through familiar regulated applications instead of interacting directly with crypto-native tools.

Stablecoins could expand the dollar’s global reach precisely because many people who want dollars cannot easily access the existing banking system. Samani treats the GENIUS Act as geopolitical infrastructure: permissionless rails could distribute dollar-denominated assets globally while reinforcing demand for the U.S. currency.

His most distinctive prediction is that markets will become embedded inside media rather than remaining separate destinations. News articles, sports broadcasts, group chats, livestreams and podcasts could let audiences trade or make prediction-market bets directly inside the content they are consuming.

Prediction markets are central to that media thesis because they turn opinions and live events into continuously priced contracts. Samani expects financial media to expand beyond stocks and rates toward markets on politics, sports and other events, making the market price itself part of the story.

Samani is betting on replacement, not gradual modernization, of today’s capital-market infrastructure. He argues that layers of exchanges, clearing houses, custodians and other intermediaries create fees, delays and institutional inertia, while blockchains could combine issuance, trading and settlement on a shared programmable ledger.

The presentation is ultimately an investment thesis: Samani believes on-chain finance and AI are arriving together as mutually reinforcing platform shifts. He predicts 2025 will eventually resemble the 1996 Telecommunications Act moment for the internet—a claim that depends on today’s regulatory momentum producing widespread adoption rather than another crypto cycle.