Sponsor: Uniswap
Citadel has sparked uproar with a letter calling on the SEC to regulate DeFi protocols as exchanges. But the company's requests may not be totally unreasonable.

In this episode of DEX in the City, hosts Jessi Brooks, Katherine Kirkpatrick Bos, and Vy Le dig into Citadel's controversial letter and how it is a reminder that “crypto is a bubble.”

They also discuss how the CFTC and SEC are in a “race to the top,” plus Jessi explains how AI agents can exploit smart contracts they haven’t been trained on for just $1 apiece.

Plus, Vy calls on the crypto community to support Samourai developers.

Hosts:

Jessi Brooks, General Counsel at Ribbit Capital
Katherine Kirkpatrick Bos, General Counsel at StarkWare
TuongVy Le, General Counsel at Veda

Links:

Unchained:

Samourai pardon petition

Timestamps:

🚀 00:00 Introduction

💡 3:05 What Citadel's SEC letter on tokenized securities and DeFi says about how TradFi views crypto

👀 6:50 Why Vy says Citadel's suggestions are not unreasonable

🤔 9:31 Is Citadel shooting itself in the foot?

❌️ 11:13 What Jessi says Citadel got wrong

📍 13:42 How crypto is a bubble (or a cult?), but Citadel’s position is more mainstream

🧠 19:39 Why the CFTC greenlighting spot crypto trading on regulated exchanges matters

💡 22:57 Katherine explains Bitnomial’s advantage

💥 26:53 Why Jessi says the CFTC and SEC are in a race to regulate crypto

🧏‍♀️ 31:30 Why KK loves the CFTC’s tokenized collateral pilot

🧠 33:47 Why Anthropic's study on smart contract security is so scary for crypto

⚠️ 36:31 How AI agents could exploit 1,000 smart contracts for $1 apiece

📝 41:42 How community members can support Samourai wallet developers

💫 44:00 Crypto good news shoutout for the week

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