IAMA David Weild, former Vice Chairman of NASDAQ. I'm the father of the JOBS Act, brought email to iPhone with Steve Jobs, and currently co-chair the world’s first digital asset network, 55 - AMA!
I’ve spent my career fighting to improve capital access for entrepreneurs - the heroes that drive the innovation and job formation that will make or break the future for mankind.
During this time I’ve been lucky to have served as the Vice Chairman of NASDAQ - where I got to meet the leaders of such world changing companies as Apple (Steve Jobs - I discussed with Steve the need for remote email in cellular five years before the launch of the iPhone), Microsoft (both Bill Gates and Steve Ballmer), Staples (Tom Stemberg) and Cisco (John Chambers). More importantly, I had the privilege to put in share repurchase programs with NASDAQ listed companies to support stock prices as we reopened markets in the way of 9/11 and I advised Mike Oxley, then Chairman of the House Financial Services Committee, to do the Airline Bailout Bill as a way of bridging the US economy to smoother economic waters.
After leaving NASDAQ, I worried that regulators had unwittingly destroyed the greatest IPO market ever known. I was the first to discover and document catastrophic decline in the number of public US companies relative to foreign countries - most notably China. Congress circulated our studies and soon I found myself testifying in front of the House Subcommittee on Capital Markets and at the Securities and Exchange Commission. This led to a legislative movement continuing to this day, that includes The JOBS Act that enabled securities crowdfunding, a form of IPO lite called “Reg. A+” and a new form of private placement called 506(c). I was in the Rose Garden of the White House when President Obama signed The JOBS Act into law on April 5, 2012.
In August of 2016 I took my own company, Weild & Co. in a different direction to revolutionize Investment Banking by creating a platform - WEILD.NET to Bring Wall Street to Main Street. Throughout my career, I bore witness to how regulation increasingly favored large corporate entities at the expense of startups and regular, everyday businesses. As someone who has helped to nurture every wave of technology from genetic engineering to the personal computer, the internet, the smartphone, and now the blockchain, I believe fervently that the US must lead in technology or it will be relegated to the dustbin of history.Recently, I’ve taken my passion for startups to the digital world, where I serve as co-chairman of 55.com, the world’s first asset network.
Our mission is to make capital more easily accessible through tokenization, and, to create the free trade of assets, similar to the free trade of goods that we’ve already achieved. By assigning a value to traditional assets through the blockchain, 55 allows users to trade any asset class without the limitations of time or location. I believe that this innovation will lead to lower transaction costs, improved liquidity and more efficient allocation of capital which in turn will contribute to economic growth.
EDIT: I sent proof to the moderators already, but here is my proof picture
EDIT 2: [9:30pm ET] I took a break for nourishment and life, but I'm heading back in to answer more questions. Some of these questions are really thought-provoking. Shoot!
EDIT 3: [11:30pm ET] Thank you all for the discussion! I’m done for tonight but tomorrow (and potentially into next week), I am planning to respond to more questions. I really want to thank the moderators and Redditors for the chance to do this event. I hope to get invited back sometime soon!