Former SEC Corp Fin Director Bill Hinman sees the IPO process from both sides: inside the division reviewing registration statements, and in private practice helping issuers and underwriters get deals done. In this episode, he takes us inside the S-1, the SEC comment process, and the disclosure regime every company has to navigate before entering the public markets. While at the SEC, Bill also delivered the “Hinman Speech," which laid out how a token’s legal status could change based on decentralization.

Everyone hears the opening bell. Few know what it takes to get there. The S-1 is where a company’s story gets tested and its readiness for public investors starts to take shape. It is not just a filing, but the crucial disclosure blueprint for life as a public company.

In Episode 3 of The Pop, Superstate CEO Robert Leshner sits down with Hinman to unpack what happens behind the scenes. At the SEC, Hinman led the division responsible for reviewing registration statements and overseeing the comment process. As a private practice lawyer, he also advised issuers and underwriters through major public market debuts.

The episode revisits landmark IPOs that show how the playbook has evolved:

Google: the IPO that challenged the traditional Wall Street allocation model with a Dutch auction.
Spotify: the direct listing that forced the system to adapt around exchange rules, listing standards, and market plumbing.
Facebook: the mega-deal that showed how quickly execution, pricing, and market structure can take over the story.

The conversation also explores why going public has become more burdensome, what companies often misunderstand about the SEC process, and why disclosure sits at the center of investor protection, capital formation, and market trust.

Episode 3 of The Pop is available now. Watch the full conversation on YouTube, or listen on Spotify and Apple Podcasts.

The Pop, Episode 3: Inside the SEC’s Disclosure Playbook with Bill Hinman