Ari Redbord Sits Down With the Hosts of DEX in the City

**Vy Le** (0:00)
The reason I think we are still optimistic about the future of DeFi, despite all of the stuff that's been happening, is that smart contract security has actually gotten really, really good over the years, to the point where if you look at a lot of the recent hacks, they weren't actually exploits of smart contracts. When we were at the EVE Wealth Summit, I was talking to another wonderful GC in crypto, and she was saying, that's the good news, is that this was actually just a stupid people problem. It was about people not taking governance and operational security seriously, right? It's just very simple, basic things.
If you're a signer on a multi-sig, have a dedicated device for that. Don't use the computer that you do work and personal stuff on and that you download random files on. Don't use that to sign your keys, right? Just basic operational security stuff.

**Katherine Kirkpatrick Bos** (0:51)
Hi everyone, KK here. This week is a different episode of DEX in the City. I relinquished my moderating duties and Jessi and Vy and I were recently on TRM Talks with Ari Redbord. We covered everything from why the CFTC is so hot right now, to why hacks and crypto are a national security issue, to the origin story of DEX in the City. It was a fabulous conversation and I hope you enjoy learning more about our backgrounds, what drives our passion for all things crypto lawyering, and why we wanted to do our own podcast. Enjoy.

**Ari Redbord** (1:25)
I'm Ari Redbord and this is TRM Talks.
I am Global Head of Policy at TRM Labs. At TRM, we provide blockchain intelligence software to support law enforcement investigations and to help financial institutions and cryptocurrency businesses mitigate financial crime risk within the emerging digital asset economy. Prior to joining TRM, I spent 15 years in the US federal government, first as a prosecutor at the Department of Justice, and then as a Treasury Department official, where I worked to safeguard the financial system against terrorist financiers, weapons of mass destruction proliferators, drug kingpins, and other rogue actors. On TRM Talks, I sit down with business leaders, policymakers, investigators, and friends from across the crypto ecosystem who are working to build a safer financial system. On today's TRM Talks, I sit down with the DEX in the City team, Katherine Kirkpatrick Bos, Vy Le, and Jessi Brooks.
But first, Inside the Lab, where I share data-driven insights from our blockchain intelligence team.
On today's Inside the Lab, we're focusing on a structural shift in sanctions enforcement. OFAC sanctioned Zedcex and Zedxion, marking the first designation of a digital asset exchange linked to Iran's IRGC. This matters, because in 2025, sanctions-related cryptoactivity was not diffuse. It was concentrated in structured networks, leveraging digital infrastructure to maintain cross-border liquidity. Sanctioning an exchange is different from sanctioning a wallet. Exchanges are liquidity gateways. They're infrastructure. They connect users to counterparties, fiat rails, and broader financial systems. When an exchange is designated, it affects counterparties, corresponding relationships, and compliance exposure across jurisdictions. According to TRM, in 2024, IRGC activity accounted for 87 percent of all Zedcex and Zedxion transaction volume. That is not the use of an exchange. That is the creation of a shell company. Infrastructure-based sanctions raise costs across the network. They reduce accessible liquidity, increase friction, and force rerouting. Rerouting creates new patterns that can be analyzed. The data tells us that state-aligned digital asset usage is no longer experimental. When tens of billions move through structured corridors, enforcement adapts accordingly. In this case, it did. Now, Jessi, Vy, and Katherine.
Today, I have the most special guests, the cast of DEX in the City, and three of my very favorite people in our space, Vy Le, Jessi Brooks, and Katherine Kirkpatrick Bos. Thank you so much for being on TRM Talks.

**Jessi Brooks** (4:13)
Yay. Thanks for having us.

**Katherine Kirkpatrick Bos** (4:14)
For having us. I'm so excited that I don't have to host this podcast.

**Ari Redbord** (4:18)
Well, I am excited to host this podcast, and your journeys are all super interesting, and I want to start there.

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**Ari Redbord** (4:45)
But Vy, I have a really, really important question to kind of kick things off with you. You are a lifelong Knicks fan, and are so excited about what's going on right now in New York. Just give me a feel for the excitement that's shaping your life at the moment.