The Father of the JOBS Act isn't happy with the legislation he inspired. But he thinks blockchain is the solutions. With a $130 million cryptocurrency IPO already in the works, he could be right.
Weild and Co. is taking a completely different tact of building an investment bank. We’re in 17 states and the District of Columbia now. It is a low fixed cost model. We’re aggregating producers. We think it’s the future of investment banking, in the middle market in particular. We’re looking to build the first scale-integrated—collaboration focus for the benefit of clients—investment bank in the country.
We think our business is one of the greatest social impact stories ever told because we’re moving into that collapse of the middle market that occurred where literally more than 80% of the companies that were banking the middle market over the last 20 years are gone.
We went from quarter-point trading spreads in the 1990s, which were telephone-quoted markets, to penny tick size electronically traded markets, which essentially gutted the economics that Wall Street depended on to provide equity research in smaller-capitalization companies.
It was a lot slower getting adopted initially than I think people thought it was going to be, largely because of the regulators, rightly, being concerned. The same thing with crypto. If you look at what Facebook was trying to do with Libra, there were some significant concerns. But we’ve also talked to a lot of bankers about joining us. And in this particular area because we’re very much by-the-book kind of people. Three months before SEC Chairman Jay Clayton came out and said that he hadn’t seen an ICO that he didn’t think was a securities offering, I told everybody that we were going to treat them all as securities offerings during a Monday morning investment banking call that we host every week. It was very clear to us that they were securities.
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