A Friday-night directive banned Anthropic's Fable 5 with no public explanation — Sam Enzer on what it means for AI, crypto, and who controls the national security card next. --- Thank you to our sponsors: Fidelity: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: crypto.fidelitycareers.com. Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - https://podcasts.apple.com/us/podcast/bits-bips/id1827931786 🔥 YouTube - https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ 🔥 Spotify - https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0 🔥X - https://x.com/bitsandbips 🔥 Unchained - https://unchainedcrypto.com/bitsandbips/ ---- The US government issued a Friday-night export ban on Anthropic's Fable 5, citing a jailbreak that could expose the underlying Mythos model's cyber capabilities, with no disclosure of statutory authority and no comment period. Sam Enzer, Partner and CahillNXT Co-Chair at Cahill Gordon & Reindel, joins Austin Campbell, Ram Ahluwalia, and Chris Perkins to assess the directive's legal standing. Enzer draws a parallel to Gensler-era regulation by enforcement and warns that, absent a transparent framework, export controls could reach APIs, DeFi protocols, and blockchain front ends serving foreign nationals, raising First Amendment questions that echo the 1990s encryption wars. Austin frames SpaceX's $1.77 trillion debut as a classic low-float, high-FDV token: a squeeze at open, then a bleed. Ram cites the 135x price-to-sales ratio and the coming VC unlock wave as reasons to avoid it. The hosts close on the SEC's proposed Reg NMS rescission, which Chris calls a generational unlock for tokenized equities and DeFi, and which could rewrite two decades of equity market structure. Hosts: Austin Campbell, Host of Bits + Bips, Zero Knowledge Consulting Ram Ahluwalia, Co-Host, CEO of Lumida Chris Perkins, Co-Host, President of CoinFund Guest: Sam Enzer - Partner and CahillNXT Co-Chair at Cahill Gordon & Reindel Timestamps 🤖 02:48 What the Fable 5 export ban says, what Anthropic disputes, and why neither side has released the full directive ⚖️ 04:39 Sam Enzer on why restricting software is restricting speech 🌐 07:16 Sam Enzer on whether export controls can reach APIs and DeFi protocols 🏛️ 09:55 Austin on the Choke Point parallel and why the limiting principle matters 📜 15:09 Ram on the First Amendment: why restricting software is restricting speech 📣 26:12 Fidelity: Explore crypto careers that could change your future at https://crypto.fidelitycareers.com 🌐 26:54 Cape: Get 33% off your first six months at https://cape.co/unchained 🚀 29:00 SpaceX's $1.77T IPO: bull case, bear case, and what the onchain perps showed 📉 31:05 Why Ram calls SpaceX a bad investment: 135x revenue and VC unlocks incoming 💰 37:22 Austin on SpaceX as a low-float, high-FDV token: where this chart always goes 📋 49:48 Why Reg NMS rescission unlocks tokenized equities for onchain markets 💸 56:15 Ram on Robinhood and PFOF brokers as the biggest Reg NMS losers
