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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:

Guest:

    • Sam Enzer – Partner and CahillNXT Co-Chair at Cahill Gordon & Reindel