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A $300 million bridge exploit at Kelp DAO has put DeFi’s most uncomfortable question back on the table: when users lose money, who is actually responsible?

Katherine, Jessi, and Vy dig into the Kelp and Layer Zero finger-pointing and ask whether the industry’s core values — permissionlessness, open composability — have become its greatest vulnerability.

Then: the Ninth Circuit heard oral arguments on prediction markets last week, and the panel’s pointed questions signal the case is headed to the Supreme Court sooner than most expect.

Finally: American Express just solved three of agentic commerce’s hardest problems — identity, mandate, and accountability — with a product that’s live today. The crypto industry, which should be leading this race, is watching from the sidelines.

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