Points of Focus

• Kyle Samani accused Multicoin of working against Solana after it backed a CFTC proposal alongside Hyperliquid.
• The Multicoin-Hyperliquid filing supports a federal framework for prediction markets instead of state-by-state regulation.
• The CFTC submission never mentions Solana, with Samani’s criticism centered on Hyperliquid’s potential competitive advantage.

Multicoin Capital co-founder Kyle Samani has turned his former company’s federal policy backing into a fight over Solana’s place in on-chain trading.

In a July 27 X post, Samani told Solana developers “you should understand that Multicoin is working against everything you are building.” His claim came after the Hyperliquid Policy Center announced that it and Multicoin Capital had filed a joint comment with the Commodity Futures Trading Commission (CFTC). 

If you are building in the Solana ecosystem, you should understand that Multicoin is working against everything you are building https://t.co/hxFAvAvW1R

— Kyle Samani (@KyleSamani) July 27, 2026

Samani co-founded Multicoin in 2017, but he’s now chairman of Forward Industries, a public company with a treasury strategy focused on Solana’s SOL token. 

The filing and Hyperliquid’s case

The joint letter supports the CFTC’s proposed federal framework for prediction markets. Hyperliquid and Multicoin argue that event contracts should fall under a national system rather than 50 state gambling policies.

Essentially, they’re asking the CFTC to treat prediction markets like traditional derivatives platforms rather than gambling platforms, which require different laws in every state. This approach ensures approved platforms could serve everyone in the US after approval, rather than having to apply for licenses in every state.

The filing makes two main recommendations: 

1. It wants the CFTC to judge each prediction market contract by the event people are actually predicting, such as an election, sporting event, or economic report. 
2. Second, it asks the agency to explain publicly why it approves or blocks a contract, giving platforms clearer guidance as markets evolve.

The letter also focuses on Hyperliquid’s HIP-4 “outcome” contracts. It says users must fully fund their positions, with contracts settled in USDC and no borrowing or forced liquidations. 

That said, the seven-page filing never mentions Solana or restrictions on its developers. Samani also did not identify any rule that would put Solana-based prediction markets at a disadvantage. So his criticism appears to be about the advantage regulation could give Hyperliquid, one of its competitors.

Multicoin is backing both networks

Multicoin has supported Solana since 2018, and also has a major investment in Hyperliquid’s HYPE token. It’s a bit of an at-odds holding, though, as the two networks compete for many of the same traders, developers, and financial apps.

Samani has his own reason to favor Solana. He’s chairman of Forward Industries, a company that holds SOL and invests in the Solana ecosystem. In his eyes, Hyperliquid’s growth could threaten the network his company is backing.

Still, Multicoin’s letter does not ask regulators to restrict Solana. Samani appears upset that his former firm is helping one of Solana’s biggest competitors, and that’s what he means by “working against everything you are building.”