All-In PodcastE132: SEC goes after crypto giants, Sequoia splits, LIV/PGA, Messi's deal + LIVE Q&A!
At a glance
WHAT IT’S REALLY ABOUT
SEC targets crypto, Sequoia restructures, sports money rewrites power dynamics
- The episode opens with politics and media, focusing on RFK Jr.’s crossover appeal to Republicans, his positions on censorship, COVID vaccines, and the border, and the backlash Chamath and Sacks receive for supporting him. The core of the show centers on the SEC’s aggressive actions against Binance and Coinbase, what that means for crypto’s future in the U.S., and how regulation, investor protection, and government control over fiat intersect. They then dissect Sequoia Capital’s decision to spin out its China and India operations as emblematic of de‑globalization, geopolitical pressure, and internal strategy shifts, before pivoting to the economics of sports: LIV–PGA’s controversial merger and Lionel Messi’s innovative MLS deal that treats him as a content/equity partner, not just an athlete. A live Q&A segment closes the show, touching on AI’s impact on jobs and education, deepfakes, banking risk, venture’s role in politics, and how investors are thinking about AI opportunities.
IDEAS WORTH REMEMBERING
5 ideasThe SEC is signaling that operating a broad, retail-facing crypto exchange in the U.S. may be effectively impossible under current rules.
Binance is being hit for commingling funds and registration issues, while Coinbase—seen by the hosts as a ‘good actor’—is accused of listing unregistered securities without a clear path to registration, leading Sacks and Chamath to argue Gensler is de facto trying to shut U.S. crypto exchanges or drive them offshore.
Two dynamics can coexist: many crypto players broke securities rules, and key regulators still want to protect the primacy of fiat.
Jason emphasizes that founders and exchanges chose not to treat many tokens as securities restricted to accredited investors, while Sacks and Chamath argue figures like Elizabeth Warren and Gensler also view crypto as an unacceptable competitor to government-controlled money and spending flexibility.
Policy changes like testing-based accreditation could unlock broader retail access to risky assets, including crypto.
J-Cal points to a House bill allowing any American to become accredited by passing a test, arguing this would let average investors legally buy volatile assets (such as tokens) while acknowledging the risks—analogous to getting a driver’s license or choosing to gamble.
Sequoia’s China and India spinouts reflect both de-globalization and internal strategy/risk management, not just ‘getting too big.’
Chamath frames the moves as part retrenchment after missteps (mega-funds, evergreen structure) and a rational jettisoning of China as ‘uninvestable’ for Americans, while Sacks and J-Cal also highlight rising U.S.–China geopolitical tension, AI/chip restrictions, and LP desire to allocate distinctly to U.S., China, and India.
Sports economics are shifting from league-first to star-as-equity-partner, changing how top talent negotiates.
The LIV–PGA deal exposes the PGA’s hypocrisy after moralizing against Saudi money, while Messi’s MLS move—trading a massive Saudi salary for Apple TV revenue share, Adidas upside, and likely equity-style economics—illustrates athletes increasingly being treated like content platforms and equity creators, not just salaried labor.
WORDS WORTH SAVING
5 quotesIt’s not up to the chairman of the SEC to say that Americans should not be holding crypto.
— David Sacks
Two things can be true at the same time: they broke the rules and the government doesn’t want to give up control of fiat.
— Jason Calacanis
I think China is largely uninvestable for the next 30 or 40 years.
— Chamath Palihapitiya
Messi is not an athlete in this deal… he is an elite content creator.
— Chamath Palihapitiya
The dynamics are changing. It will no longer be a capital–labor situation; capital is merging with labor, and labor is becoming the equity.
— David Friedberg
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