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The CFTC has invoked its rarely used emergency authority just six times in its history. Twice in the past month, it did so to shield Kalshi. Jessi Brooks argues that’s normalizing a dangerous kind of agency overreach.

With KK Bos and Vy Le away this week, Brooks welcomes Jacob Robinson, host of the Law of Code podcast, and Jane Khodarkovsky, a financial integrity and sanctions expert, to debate whether shielding Kalshi from state regulators protects innovation or tramples states’ rights.

They also unpack the SEC’s abruptly canceled 400-page market-structure proposal, Anthropic’s new EU-mandated watermark on Claude’s outputs and the First Amendment questions it raises, and a presidential memorandum letting vetted private companies run offensive cyber operations against foreign criminal groups under DOJ and DHS oversight.

Robinson makes the case for treating the fight against crypto hackers like modern-day privateering — arguing what the industry really needs is its own letter of marque.

Host:

    • Jessi Brooks, Co-host of DEX in the City and General Counsel of Ribbit Capital

Guests: