Strategy's Impact on Bitcoin Risk and dYdX's Rebrand to Arcus as Robinhood Goes Onchain

Today's livestream goes into how Judge Torres, the same judge from the Ripple case, just dealt Kalshi a blow, denying its bid for a preliminary injunction and ruling that New York's gambling laws aren't preempted by federal commodities law. Kalshi is already appealing to the Second Circuit, and Governor Hochul and AG James aren't backing down either. Meanwhile, the SEC drops its 2026 agenda with a real timeline for "Regulation Crypto," Better Markets goes on the attack against a potential SEC nominee, and Paradigm closes a $1.2 billion fund with its eyes on AI and robotics. Plus we bring on Grayscale's Zach Pandl to discuss Strategy and Bitcoin's tail risk, Arcus CEO Eddie Zhang on the dYdX-to-Robinhood evolution, and Offchain Labs' Steven Goldfeder on Robinhood's blockchain and its positive implications for Ethereum.