Why Crypto Market Structure May Not Pass Until 2027: DEX in the City - Ep. 946
Unchained13 Nov 2025

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

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

Episoder(1088)

The Chopping Block: Perps, Privacy & Prediction: Aster vs. Hyperliquid, Zcash Pops, Polymarket Soars, Galaxy One Debut - Ep. 921

The Chopping Block: Perps, Privacy & Prediction: Aster vs. Hyperliquid, Zcash Pops, Polymarket Soars, Galaxy One Debut - Ep. 921

Polymarket scales with Wall Street’s blessing, Kalshi fires up KOLs, and BNB chain melts down as fast as it ran. We dissect Aster’s data drama, the new privacy wave lifting Zcash, and Galaxy One’s glo...

11 Okt 20251h 1min

The Stablecoin Competition Is On. Who Will Be the Winners and Losers? - Ep. 920

The Stablecoin Competition Is On. Who Will Be the Winners and Losers? - Ep. 920

The stablecoin race is heating up. With the passage of the U.S. stablecoin law the floodgates have opened. Tether still dominates globally, but Circle, Stripe, and a wave of new “stablechains” are mak...

10 Okt 20251h 7min

Bits + Bips: What’s Really Driving Bitcoin—and Who’s Driving Crypto Onchain? - Ep. 919

Bits + Bips: What’s Really Driving Bitcoin—and Who’s Driving Crypto Onchain? - Ep. 919

Bitcoin is hitting new all-time highs—but is this real euphoria, or just a prelude to it? In this double-header episode, we bring you a Bits + Bips roundtable and an in-depth interview on the five com...

8 Okt 20251h 55min

Bitcoin Core vs Knots: Why Developers Are Fighting Over a Coming Change - Ep. 918

Bitcoin Core vs Knots: Why Developers Are Fighting Over a Coming Change - Ep. 918

On Monday, bitcoin hit a new all-time high of over $126,000, but Bitcoin’s biggest fight right now isn’t about price; it’s about purpose.  Since 2023, image files and meme tokens have clogged the net...

7 Okt 20251h 5min

The Chopping Block: Arthur Hayes & Tom Lee; Hyperliquid vs Aster, DATs & ETH - Ep. 917

The Chopping Block: Arthur Hayes & Tom Lee; Hyperliquid vs Aster, DATs & ETH - Ep. 917

Arthur Hayes & Tom Lee map the new crypto arms race—Hyperliquid vs Aster, Plasma’s stablecoin rails, and ETH’s DAT-fueled supercycle. Welcome to The Chopping Block – where crypto insiders Haseeb Qure...

4 Okt 202544min

What’s the Better Bet? Stocks or Gold? - Ep. 916

What’s the Better Bet? Stocks or Gold? - Ep. 916

Is gold the ultimate hedge against inflation and sovereign risk? Or are stocks the better long-term wealth builder thanks to innovation and earnings growth? In this heated and highly entertaining epi...

3 Okt 202559min

How Hyperliquid Came to ‘Threaten the Very Existence’ of CEXs Like Binance  - Ep. 915

How Hyperliquid Came to ‘Threaten the Very Existence’ of CEXs Like Binance - Ep. 915

Perp DEXs are on fire, with volumes topping $1 trillion a month for the first time.  Aster, backed by YZi Labs (formerly Binance Labs), has suddenly vaulted to the top of volume charts, but is its ri...

2 Okt 20251h 14min

How DoubleZero Built a Faster Internet for Crypto and Helped All DePIN - Ep. 914

How DoubleZero Built a Faster Internet for Crypto and Helped All DePIN - Ep. 914

DoubleZero just launched its mainnet-beta, offering a new type of high-performance fiber network for blockchains, live across 5 continents and already adopted by 20%+ of Solana stake. Co-founder Aust...

2 Okt 202536min

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