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.

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.