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.

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Heads up!

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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:

⁠⁠⁠⁠⁠⁠⁠⁠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

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🌐 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