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Unchained

CFTC Approves True Perps and Agentic Finance Gets Real: DEX in the City

Unchained

Laura Shin

Business News, News, Tech News

4.61.3K Ratings

🗓️ 3 June 2026

⏱️ 50 minutes

🧾️ Download transcript

Summary

The CFTC reclassified perps as futures. Katherine and Jessi parse what the ruling actually permits and what it means for Hyperliquid. Plus: if your AI agent gets scammed, who pays? Thanks to our sponsor! Explore crypto careers that could change your future at https://crypto.fidelitycareers.com The CFTC approved a perpetual Bitcoin futures contract for KalshiEX, and crypto Twitter immediately got it wrong. Katherine Kirkpatrick Bos untangles what actually changed, why the switch from swap to futures classification matters for retail access, and what the ruling leaves wide open on leverage and decentralized exchanges. Jessi Brooks and Katherine explore the fact that AI agents can now place orders, not just give advice. They revisit their paper "The Agents at the Gate" and make clear why Robinhood's move to let agents charge your Gold Card raises liability questions that existing consumer protection law was never built to answer. In the strangest segment, they also dug into a New York lawsuit where an anonymous plaintiff is claiming legal ownership of nearly 40,000 dormant crypto wallets. Jessi explains why the lost-property theory will probably fail — and why even a partial win could force centralized exchanges into an impossible spot. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Katherine Kirkpatrick Bos⁠⁠⁠⁠⁠⁠, General Counsel at StarkWare. Previously held senior legal roles across DeFi and centralized exchanges. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jessi Brooks⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, General Counsel at Ribbit Capital⁠⁠⁠⁠⁠⁠⁠⁠⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

The laws weren't written by written for crypto. They weren't written contemplating crypto. I mean,

0:05.4

you have the securities laws where a bunch of people who helped write those were alive during

0:10.4

the Civil War problematic, right? Well, it's the same but way worse with agentic commerce,

0:16.1

meaning all of our laws were written with the implicit assumption that the human, a human being,

0:22.7

was taking the action. And now we have this conundrum where the humans are no longer taking

0:28.2

action. The agent is taking the action. The agent is the customer.

0:34.1

Hi all, and welcome to Dex in the city where the wallets are cold and the takes are hot.

0:39.2

Before we get going, remember, we're lawyers, but we're not your lawyers.

0:42.3

Nothing you hear on Dex in the City is legal or financial advice and it doesn't create an attorney-client relationship.

0:47.0

For the fine print, check Unchained Crypto.com.

0:50.2

Luckily, I have the ability to speak very fast in times like this.

0:53.5

So first, we have Jesse, Web3 prosecutor turned Web3 protector at Ribbett Capital.

0:59.6

And I'm your host, Catherine KK, fluent in tradfai and conversant in deep tech, over at Starkware.

1:05.3

V is out today in beautiful Paris at the Proof of Talk conference.

1:10.8

Very exciting. I have heard great things about

1:12.5

this conference um be really knows how to travel let me tell you oh my gosh she sent us a picture

1:19.3

of like the beautiful rain coming down in paris i'm like what are we doing with our lives but

1:26.3

i'm glad it's just us today so that we can rant about everything.

1:31.1

I mean, there is so much happening this week.

1:33.2

I know you're going to sort of lay out the land here.

1:35.9

But to me, like the story of this week is finance is officially becoming autonomous.

1:42.6

And we're finding different ways into that path.

...

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