Chris Campbell:

The Case for Avoiding Crypto in 2026

Should we sit out on crypto in 2026? Not long ago, the underlying mood in crypto was that nothing mattered. Everything was a meme. Value itself was a joke. Today, we're encountering a different mood: Financial cynicism.

The new spirit goes like this: Maybe some of this stuff has value, but it’s overpriced. It defaults to a single test – value them like businesses, see what survives.

The financial cynics in crypto still believe in growth, just not in transformation. They believe in products, not platforms. Revenue streams, not financial rewiring. Linear models, not exponential systems.

But truly believing in crypto means believing its incentives and openness keep expanding the systems beyond what most expect. It means believing the most important phase hasn’t arrived yet. That belief used to be normal in crypto. If crypto’s exponential continues, today’s prices for certain assets will look tiny in hindsight.

In the end, of course, it’s up to you to pick the red or green bean…

1. Sitting out 2026 is rational if you believe the ceiling is low.
2. Staying exposed is rational if you believe the ceiling remains unknown.

I think you know which bean I’m eating.

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Enrique Abeyta:

U.S. Bans New Foreign Drone Models in a Blow to Chinese Giant DJI

Chinese-made drones have dominated the skies in the United States for years, with private owners, police departments, and firefighters deploying them nationwide. But a new rule by the Federal Communications Commission on Tuesday will make it impossible for US consumers to buy the next generation of these drones.

The FCC banned the import and sale of all new drone models and critical equipment made by foreign manufacturers, including the world’s largest drone maker DJI, by adding them into a so-called “Covered List” of entities deemed to “pose an unacceptable risk to the national security of the United States.”

The FCC decision, while excluding models already approved for sale and those currently in use, marks a culmination of years-long efforts to clamp down on Chinese drones, such as those produced by DJI and another major drone maker Autel Robotics.

DJI has expressed disappointment over the decision, which could also irk many drone users in the country. DJI alone commands about 70% of the global market, according to data from market research firm Research and Markets.

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Ray Blanco:

Intelligence Agencies Suspect Russia Is Developing Anti-Satellite Weapon To Target Starlink Service

Two NATO-nation intelligence services suspect Russia is developing a new anti-satellite weapon to target Elon Musk's Starlink constellation with destructive orbiting clouds of shrapnel, with the aim of reining in Western space superiority that has helped Ukraine on the battlefield.

Intelligence findings seen by The Associated Press say the so-called "zone-effect" weapon would seek to flood Starlink orbits with hundreds of thousands of high-density pellets, potentially disabling multiple satellites at once but also risking catastrophic collateral damage to other orbiting systems.

Analysts who haven't seen the findings say they doubt such a weapon could work without causing uncontrollable chaos in space for companies and countries, including Russia and its ally China, that rely on thousands of orbiting satellites for communications, defense and other vital needs.

The system is in active development and information about the timing of an expected deployment is too sensitive to share, according to an official familiar with the findings and other related intelligence that the AP did not see. The official spoke on condition of anonymity to discuss the nonpublic findings.

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