There's just a fundamental misunderstanding of what DFI is, what a protocol is, who's involved, who has, to your point, you know, what is control, what's not control.

And it's really been tough to try to educate them to fully understand it.

At what point does ongoing judgment turn rule-based compliance or rule-based risk

management into human control? And that's what I can't quite figure out in this bill. It's actually

very ambiguous to me that even if you do sanction screening or some other compliance measure

through a fully automated mechanism, you could still be exercising control.

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

First, we have Jessie, Web3 prosecutor turned Web3 protector at Ribbett Capital.

Hi, guys. What a morning.

And we're being from the SEC to Web 3.

Hey, everyone.

And I'm your host, Catherine, KK, Fluent and TradFi and conversing in deep tech over at Starkware.

So first, before we get going, remember, we're lawyers, but we're not your lawyers.

So nothing you hear on decks in the city is legal or financial advice. It doesn't create

an attorney-client relationship. And for the fine print, as always, check unchained crypto.com.

Today, we have a jam-packed episode as always. I know, I know you want to hear about crypto market structure legislation.

The big news was a new mark markup on that bill dropped late last night.

We're going to explain what that means.

And we have a very special guest joining us a little later in the program, Summer Mersinger, CEO of the

Blockchain Association, one of the premier trade organizations for crypto in DC. We are going to

give you all of the alpha and the intel on that markup and what that means for you as builders,

lawyers, individuals trading are interested in crypto. But I want to start with something else.

...