Dragonfly Managing Partner Haseeb Qureshi stated in the latest episode of The Chopping Block that crypto is "finally cool again," discussing with guests the market rebound, what Hyperliquid would look like if it entered the U.S., whether token crowdfunding has found a legal path, and how OpenRouter's acquisition has led to inference routing resembling decentralized finance and maximum extractable value.

At the same time, verifiable policies and transactions include: the U.S. Securities and Exchange Commission proposed Regulation Crypto Assets on August 18, aiming to establish a maximum of $5 million for a four-year startup exemption and two fundraising exemptions of up to $75 million within 12 months, along with a disconnection of investment contracts from the safe harbor; the proposal has not yet taken effect. Payment company Stripe acquired the model routing startup OpenRouter for approximately $7.5 billion, with a valuation of about $1.3 billion in May. In the podcast, Haseeb mentioned that artificial intelligence removes bureaucratic speed bumps; some guests noted paths for small token financing; others believe the SEC will catch up on lessons from 2017 by 2026; and some view AI inference tokens as fuel for the next cycle. The episode also touched on the bullish sentiment in Bhutan and Asia, as well as what a compliant U.S. Hyperliquid might look like—this remains a concept, not a licensed operation. Bitcoin's rebound was highlighted at the beginning, without attributing a single-day cause.

The roundtable discussed four unresolved issues in one episode: market sentiment, the Americanization of perpetual contract platforms, fundraising exemptions, and the financialization of inference layers. A proposal does not equal crowdfunding being legal; an acquisition does not mean routing has transformed into on-chain MEV.

Mechanically, this is narrative packaging, not a single asset announcement. Buyers are traders seeking emotional and policy options and early token issuers, while sellers are risk budgets still pricing according to old enforcement inertia. If Reg CA takes effect, funding will shift from gray issuances to capped exemption forms; Stripe's acquisition of routing integrates model calls into payment tracks. Beneficiaries will be projects capable of operating within the $5 million to $75 million range and derivative platforms that have already designed for U.S. compliance, while those under pressure will be the old paths without registered public offerings. If Hyperliquid's Americanization becomes a reality, order books and custody must be rewritten according to local rules, not just a domain name change.

In supplementary remarks, Commissioner Hester Peirce framed the proposal as a dedicated outlet for investment contracts in crypto assets, with anti-fraud provisions still applicable.

Source: Public Information