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Unchained

Why Crypto Market Structure May Not Pass Until 2027: DEX in the City - Ep. 946

Unchained

Laura Shin

News, Tech News, Business News

4.61.3K Ratings

🗓️ 13 November 2025

⏱️ 41 minutes

🧾️ Download transcript

Summary

In this first episode of DEX in the City, hosts Jessi Brooks of Ribbit Capital, Katherine Kirkpatrick Bos of StarkWare, and Vy Le of Veda dig into the questions that DeFi keeps forcing the industry to confront. They debate how projects should respond after exploits like the recent Balancer hack, what “programmable risk management” could look like in practice, and why the idea of “pure DeFi” might be more myth than model. They also cover the MIT Brothers trial (and what its mistrial revealed about the law’s limits in crypto) and end with why the long-awaited crypto market structure bill still isn’t close to the finish line. Hosts: Jessi Brooks, Ribbit Capital Katherine Kirkpatrick Bos, General Counsel at StarkWare Vy Le, General Counsel at Veda Links: Paper: Trust Without Intermediaries: A Programmable Risk Management Framework for the Future by Jessi Brooks and Katherine Kirkpatrick Bos Paper: Blockchain May Offer The Investor Protection SEC Seeks By Tuongvy Le Timestamps: 👏 0:00 Introduction 🌆 0:43 Welcome to DEX in the City — meet the hosts and the mission ⚙️ 6:16 What “programmable risk management” could mean for DeFi’s future 💥 10:38 How the Balancer hack exposed huge differences in how projects respond to exploits 🧩 17:48 Can “pure DeFi” really exist, or is it just a myth? ⚖️ 22:23 The MIT Brothers trial: why no one paid attention and why it matters 🏛️ 28:26 Inside the Senate’s new crypto market structure bill draft 🕒 33:13 Vy’s prediction on when (or if) the bill finally passes Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Hey all, before we begin, I've got some exciting news to share. We've been working on something

0:05.9

a little wild behind the scenes. It's called Unchained On Air, a revamped live stream series and podcast

0:12.7

feed that takes you way beyond the headlines. It features sharp, maybe even controversial,

0:18.6

takes on major events, and the kind of on-chain intel that never makes it to your feed. Way more shows, way more often, each one laser-focused on a different slice of crypto and finance. First up is decks in the city, where the wallets are cold and the takes are hot, with Jesse Brooks, Catherineatherine kirkpatrick baws and v lee three powerhouse lawyers

0:40.8

gathering to dish about the latest from defy enforcement to token regulation and everything in between

0:46.5

it live streams every t t t t uneas uneasy money because what happens on chain never stays on chain with

0:57.0

Lucan Nets, Kane Warwick, and Taylor Monaghan. Three OG-DFI builders unpacking everything

1:03.2

happening on chain, from tokenomics to dows, from hacks to yields. It airs Wednesdays at 3pm

1:10.5

ET. And finally, Bits and Bips the interview,

1:14.7

an addition to our group chat show, in which our executive editor, Stephen Erlich, takes you

1:20.2

deeper with one-on-one conversations. This streams on Thursdays at 12 p.m. ET. To catch the live

1:27.1

streams, follow Unchained on X,

1:29.6

subscribe on YouTube, or find us on your favorite streaming platform now.

1:33.9

And don't forget to hit the bell icon so you never miss a show.

1:37.6

And if you can't make the live stream,

1:39.7

these episodes will show up in your podcast feed the very next day.

1:43.6

Thanks, as always, for your support.

1:46.2

The balancer exploit that recently happened, right? This incident, just like others that have come

1:50.6

before it, right, reveal this really interesting tension. I think it's this idea that like decentralization

1:55.5

is not binary. Because ultimately, after a hack or an exploit, like I, and I know institutions and users, don't want to have to wait around and be like, well, is the project going to do anything to work for me? Is the community going to do anything to work for me? Is the government going to say that this is a crime, even though it's unsure if this is a crime? For all those betting on polymarket as to crypto market structure passage,

2:18.2

this is not investment advice, but I agree with V. I am very bearish that this is going to

2:23.3

happen soon, despite the president making this a mandate, like get this done.

...

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