Imagine if Figma’s IPO had Hyperliquid’s pre-launch perps

Key Points

1. Figma's IPO saw a 250% price surge from its opening price, sparking criticism about investment banks underpricing IPOs to benefit institutional investors over retail investors.

2. The traditional IPO process, governed by the Securities Act of 1933, is criticized for enabling 'legalized theft' by giving pricing power and allocation discretion to Wall Street.

3. The article compares the IPO process to crypto market dynamics, such as memecoin launches, where retail investors often buy into hype-driven price surges.

4. SEC Chair Paul Atkins unveiled 'Project Crypto,' an initiative to promote crypto innovation, including policies to protect self-custody and integrate onchain software into securities markets.

5. The article highlights the challenges of regulatory evolution, noting that current capital market laws may not adapt quickly enough to new financial technologies like crypto.