Dragonfly Partner Haseeb Says Crypto is Cool Again
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
ABAB AI Insight
Haseeb uses "cool again" as a conversation starter, truly paralleling two new tracks: the SEC providing exemptions for token issuances and Stripe integrating model calls into the payment company. The ICO issues from 2017 are being addressed with Reg CA in 2026; this time gap is what guests refer to as "eight years late." The small $5 million four-year window resembles a miniature crowdfunding, while the $75 million tier approaches a scale suitable for serious market making. The safe harbor allows projects the opportunity to extract tokens from investment contracts, which is what issuers most desire.
Capital pathways are diverging. On the crypto side, there are policy options: Clarity is still stuck in the Senate, while Reg CA first addresses fundraising terms; on the AI side, the $7.5 billion acquisition of routing turns "changing models into changing market makers" into payment infrastructure. OpenRouter functions like an order router, and MEV metaphorically refers to price differences and front-running, not already deployed on-chain auctions. If inference tokens are to become the next narrative, there must first be measurable inference settlements, not just stopping at the 31st minute of the podcast timeline.
Analogies can be drawn to Reg A+ and Reg CF following the 2017 crowdfunding boom, as well as Visa's acquisition of crypto-related channels. The industry is in a period overlapping the end of enforcement cycles, incomplete statutory frameworks, and the entry of payment giants into the inference layer. The atmosphere in Bhutan and Asia serves as an emotional indicator, while the compliant version of U.S. perpetual contracts serves as a regulatory indicator; the two are not synchronized.
Structural changes belong to the overlap of regulatory changes and technological substitutions. The pricing power of token issuances shifts from "fear of being treated as securities" to "which exemption tier to choose"; the pricing power of model calls shifts from a single lab to switchable routing. The mechanism is: the exemption cap determines how much can be legally raised; the safe harbor determines when tokens are no longer treated as investment contracts; and the payment company's acquisition determines who clears the inference bills. Coolness is merely an emotion; the drawers and routing are the structure.
ABAB News · Cognitive Laws
The fundraising drawer added eight years later contains the money that couldn't be legally accommodated back then.
The routing being acquired by a payment company means model calls will start settling by bill.
The market becoming cool and rules being implemented rarely happen in the same week.