The crew sizes up Bitcoin's rebound, the fight to bring Hyperliquid onshore, the SEC's new token fundraising framework, and why Stripe's OpenRouter deal could make AI inference markets look a lot like DeFi.
Welcome to The Chopping Block, where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto.
Tom and Tarun check in from Bhutan after lunch with the king, then the crew tackles Bitcoin's rebound, the path to a compliant U.S. Hyperliquid, the SEC's proposed Regulation Crypto Assets, and the growing overlap between AI inference markets and DeFi market structure.
Listen to the episode on <a href="https://bit.ly/3w9HQ7J">Apple Podcasts</a>, <a href="https://bit.ly/3wiIOyy">Spotify</a>, <a href="https://pods.media/the-chopping-block">Pods</a>, <a href="https://fountain.fm/">Fountain</a>, <a href="https://podcastaddict.com/">Podcast Addict</a>, <a href="https://pocketcasts.com/">Pocket Casts</a>, <a href="https://music.amazon.com/">Amazon Music</a>, or on your favorite podcast platform.

Show highlights
🔹 Tom and Tarun report from Bhutan after discussing Bitcoin mining, AI, and tokenization with the king.
🔹 Bitcoin pushes back toward $80,000 as ETF inflows and the debasement trade revive crypto sentiment.
🔹 The panel explains why a U.S. Hyperliquid would probably require KYC, surveillance, and separate liquidity.
🔹 Robert argues the SEC's $5 million startup exemption could reopen token crowdfunding for smaller projects.
🔹 Tom asks whether Regulation Crypto Assets solves an ICO-era problem that today's builders no longer have.
🔹 Tarun predicts financial engineers will try to scale the small-offering exemption through many token launches.
🔹 AI could overwhelm government processes by removing the bureaucratic proof-of-work that quietly rationed access.
🔹 Stripe's OpenRouter acquisition turns model routing, inference providers, and cached tokens into a DeFi-style market.
🔹 The hosts debate whether data rebates and inference tokens could finally revive crypto's 2017 data-ownership dreams.
Hosts
⭐️<a href="https://twitter.com/hosseeb">Haseeb Qureshi</a>, Managing Partner at Dragonfly
⭐️<a href="https://twitter.com/tomhschmidt">Tom Schmidt</a>, General Partner at Dragonfly
⭐️<a href="https://twitter.com/tarunchitra">Tarun Chitra</a>, Managing Partner at Robot Ventures
⭐️<a href="https://twitter.com/rleshner">Robert Leshner</a>, Founder & CEO of Superstate
<a href="http://choppingblock.xyz">Disclosures</a>

Links
SEC Regulation Crypto Assets: https://www.sec.gov/rules-regulations/2026/08/s7-2026-27
OpenRouter is joining Stripe: https://openrouter.ai/blog/announcements/openrouter-is-joining-stripe/
Timestamps
00:00 Intro
01:22 Tom & Tarun meet the King of Bhutan
04:13 Bitcoin rebounds and crypto gets hot again
08:10 What a compliant U.S. Hyperliquid could look like
13:14 The SEC's proposed Regulation Crypto Assets
23:53 Are the new token rules eight years too late?
28:23 AI removes the government's bureaucratic speed bumps
31:12 Why AI inference tokens could power the next cycle
34:13 Stripe buys OpenRouter and AI starts looking like DeFi
43:28 Router economics, data markets, and new security risks
51:01 Bull-market vibes from Bhutan and Asia Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

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