All-In E132: SEC goes after crypto giants, Sequoia splits, LIV/PGA, Messi's deal + LIVE Q&A!
Episode 132 • 6/10/2023
SEC's Crypto Crackdown
- SEC filed 13 charges against Binance entities and its founder
- Filed lawsuit against Coinbase over exchange and staking programs
- Coinbase CEO Brian Armstrong claims they've attempted to register but SEC lacks clear framework
- Discussion around whether this represents targeted action against crypto or legitimate investor protection
- Debate over whether SEC Chairman Gary Gensler is overstepping authority vs enforcing existing securities laws
- Consensus that crypto companies may need to leave US or limit to accredited investors
Sequoia Capital Restructuring
- Announced splitting off China ($56B AUM) and India/Southeast Asia operations into separate firms
- China business becomes "Sequoia China" under Neil Shen
- India becomes "Peak 15 Partners" under Shailendra Singh
- Debate over whether this was due to:
- Geopolitical pressures and US-China tensions
- Portfolio company conflicts
- Internal management challenges
- Discussion of implications for venture capital globalization
PGA Tour - LIV Golf Merger
- Saudi PIF-backed LIV Golf merging with PGA Tour
- PGA Commissioner Jay Monahan to lead combined entity
- Controversial given PGA's previous stance against LIV Golf
- Questions raised about antitrust scrutiny and CFIUS review
- Discussion of Saudi Arabia's sports investment strategy
Messi's Inter Miami Deal
- Turned down reported $1.6B Saudi offer
- Innovative deal structure includes:
- Revenue share from Apple's MLS streaming rights
- Cut of Adidas merchandise sales
- Viewed as pioneering model for athletes as "content creators"
- Discussion of implications for future sports deals
Live Q&A Highlights
- Discussions on AI's impact on jobs and education
- Investment strategies in the AI era
- Constitutional amendment for foreign-born presidents
- Deep fakes and media manipulation