All-In

Jason Calacanis × Chamath Palihapitiya × Paul Atkins × Michael Selig

SEC Chair Atkins wants to restore the IPO as a financing round through material-disclosure reform, less litigation, and review of quarterly reporting and accreditation rules.CFTC Chair Selig is replacing regulation by enforcement with purpose-fit frameworks for crypto, prediction markets, AI, and blockchain, while agencies pursue coordinated oversight.Tokenization could enable T+0 settlement and broader onshore innovation, but autonomous trading, manipulation, leverage, and gambling-related harms remain unresolved monitoring risks.

Anatoly Yakovenko

GENIUS Act implementation could unlock $1 trillion–$10 trillion of stablecoins on public chains, potentially making the internet the largest holder of U.S.Treasuries within five years.Solana’s proposed edge is execution speed—roughly 1,000 times faster than ETH by Yakovenko’s estimate—while tokenized securities, uncorrelated real-world assets, and Bitcoin’s quantum migration remain regulation- and infrastructure-dependent catalysts.

Adena Friedman

Nasdaq is expanding from an exchange into market infrastructure, serving technology to 17 markets and 135 others while its index business supports roughly $700 billion in assets tied to major innovators.Tokenized equities will enter the core market, with 24/5 trading ahead of possible 24/7 access; regulatory clarity, public-market reform, private-share control, and leverage outside banks remain the catalysts and risks.

Scott Bessent × Doug Burgum × Chris Wright × Howard Lutnick

Scott Bessent’s 3-3-3 plan depends on roughly $300 billion of annual AI capex translating into productivity growth, a deficit near 3% of GDP, and persistent 3%-plus growth.Stablecoins could generate “several trillion dollars of demand for T-bills,” while tariffs are intended to compress foreign margins and pull factories such as AstraZeneca’s announced $50 billion US buildout onshore.The immediate AI-power bottleneck is natural gas and retained baseload, with planned closures potentially removing 100 GW by 2030 and advanced nuclear treated as a roughly 10-year rebuild.

Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg × Joe Lonsdale

The panel frames tariffs as a border lever, industrial-policy experiment, and attempt to rebase dollar dependence, with predictable rates favoring commodities and sectors that have domestic substitutes.CoreWeave shows the other side of the AI infrastructure trade: $1.9 billion of 2024 revenue and 250,000 Nvidia GPUs alongside almost $8 billion of debt, nearly $1 billion of losses, and roughly 60% Microsoft concentration.

Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg × Antonio Gracias

Crypto’s policy path is stablecoin legislation followed by a FIT21-style market-structure bill, with Sacks citing alignment among all four relevant committee chairs and passage within several months as plausible.Google’s $75B 2025 capex plan looks like a utilization and ROIC test: a 20% return plus six-year amortization requires roughly $27B in incremental annual operating profit.A US sovereign wealth fund remains divided between strategic reinvestment and disciplined asset sales, while GLP-1 benefits and muscle and bone-density loss remain unresolved.

Tom Emmer × Eric Swalwell × Ro Khanna

Trump owns the political mandate, while Democrats are being pushed to rebuild around economic competence, respect for success, and a story that connects with everyday Americans.The immediate fiscal and industrial agenda has a detailed reconciliation calendar but undisclosed offsets, alongside unresolved tradeoffs over deportation’s labor-supply effects, TikTok’s security risk, crypto disclosure, and execution capacity.