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Morning Minute is a day by day e-newsletter written by Tyler Warner. The evaluation and opinions expressed are his personal and don’t essentially replicate these of Decrypt. Subscribe to the Morning Minute on Substack.
GM!
At this time’s high information:
- Crypto majors slide as risk-off sentiment hits; BTC falls to 2026 low at $85,200
- Trump nominates Kevin Warsh as subsequent Fed Chair to combined reactions
- Senate Ag Committee advances market construction invoice 12-11 regardless of Dem objections
- CFTC Chair Selig outlines plan to onshore perps and develop prediction markets
- Binance says it’s going to convert $1B SAFU fund to Bitcoin
🏛️ Washington Simply Gave Crypto the Inexperienced Mild
Regardless of some nasty worth motion—yesterday was a giant day for crypto coverage within the US.
📌 What Occurred
Two main developments hit Washington yesterday.
First, the regulators.
SEC Chairman Paul Atkins and CFTC Chairman Mike Selig held a joint “harmonization” occasion at CFTC headquarters, formally launching “Mission Crypto” – essentially the most bold inter-agency coordination effort on digital property in a era.
Atkins stated “the time is true” for retirement plans together with 401(ok)s to incorporate crypto.
CFTC Chair Selig then laid out an aggressive agenda: guidelines for tokenized collateral, onshoring perpetuals, protected harbors for builders, a brand new registration class for retail leveraged crypto buying and selling, and new prediction markets rulemaking.
Then, Congress moved.
Hours later, the Senate Agriculture Committee voted 12-11 to advance the crypto market construction invoice, marking the furthest this laws has ever progressed within the Senate.
The invoice would set up the primary complete federal framework defining regulatory jurisdiction between the SEC and CFTC.
It nonetheless must clear the Senate Banking Committee and collect Democratic assist, however that is main progress after years of lobbying.
🗣️ What They’re Saying
“For too lengthy, market members have been pressured to navigate regulatory boundaries which are unclear in software and misaligned in design, based mostly solely on legacy jurisdictional silos.” – Joint assertion from SEC Chair Atkins and CFTC Chair Selig
🧠 Why It Issues
Let’s zoom out.
In a single day:
- The SEC and CFTC publicly dedicated to cease combating and begin coordinating
- The SEC Chair endorsed crypto in 401(ok) plans
- The CFTC Chair outlined plans to deliver perps onshore
- The Senate superior market construction laws additional than ever earlier than
That is what a regulatory inexperienced mild appears like.
Now, let’s be clear concerning the implications.
- The 401(ok) sign is very large. There’s roughly $10T sitting in 401(ok) plans. If even 1-2% flows into crypto over the following few years, that’s $100-200 billion in new demand – dwarfing ETF inflows.
- The laws nonetheless has hurdles. The 12-11 party-line vote reveals this stays partisan. Democrats are demanding ethics provisions round Trump household crypto holdings. The White Home is pushing again. Senator Booker referred to as negotiations “infinitely more durable” due to these conflicts.
- The perps piece is underrated. Selig’s feedback about onshoring leveraged crypto merchandise might deliver billions in offshore buying and selling quantity again to U.S. venues. Proper now, American merchants use offshore perp DEXes. That might change.
The regulatory headwinds that outlined the final 4 years are formally turning into tailwinds.
The irony? All of that is taking place whereas Bitcoin sits close to its 2026 lows.
The infrastructure is being constructed. The rails are being laid. The inexperienced mild is on.
Now we await the market to catch up…
🌎 Macro Crypto and Memes
A number of Crypto and Web3 headlines that caught my eye:
- Crypto majors are very pink after one of many worst days in latest historical past; BTC -6% at $82,700; ETH -6% at $2,740; BNB -6% at $837; SOL -5% at $116
- CC (+3%) led high movers
- Gold and Silver fell 7% and 10% respectively, because the selloff hit metals as properly
- Trump nominated Kevin Warsh to exchange Jerome Powell as Fed Chair
- The SEC and CFTC’s “Mission Crypto” initiative signaled incoming guidelines for tokenized collateral and onshore perpetuals
- The Senate Ag Committee superior the crypto invoice 12-11, however zero Democrats voted sure; Sen. Booker blamed the White Home for tanking negotiations over ethics provisions
- CFTC Chair Selig withdrew the proposed ban on sports activities/politics prediction contracts and directed employees to draft new occasion contracts rulemaking – a serious win for Kalshi and Polymarket
- Ethereum OGs launched a $220M safety fund utilizing 75,000 ETH left over from the 2016 DAO hack
- Vitalik introduced he’ll make investments $45M into Ethereum initiatives geared toward open-sourced safety and privateness
- Senator Cory Booker criticized the White Home, saying Trump household crypto conflicts have made negotiations “infinitely more durable”
- Benchmark stated Bitcoin’s quantum risk is “actual however distant”, arguing the community has ample time to evolve
In Company Treasuries / ETFs
- The BTC ETFs noticed $818M in web outflows on Thursday with ETH seeing $155M
- Technique and BitMine shares each dove practically 10% Thursday amid authorities shutdown fears; MSTR hit its lowest worth since September 2024
- Coinbase inventory fell for an eighth straight session to its weakest degree since Could
- Metaplanet closed a $137 million elevate by way of shares and warrants to purchase extra Bitcoin; the Japanese agency now holds practically $3B in BTC
- Securitize reported 841% income progress forward of its SPAC merger
In Memes / Onchain Movers
- Memecoin leaders are pink alongside majors; DOGE -5%, SHIB -3%, PEPE -4%, PENGU -7%, BONK -4%
- ELON coin led quantity, leaping 110x to $5.5M ($15M at peak)
- OpenClaw jumped 60x to $2.8M, Buttcoin (+33%) and WAR (+32%) have been different notable movers
💰 Token, Airdrop & Protocol Tracker
Right here’s a rundown of main token, protocol and airdrop information from the day:
- Hyperliquid’s HIP-3 day by day quantity hit a brand new ATH at $3.3B on Thursday amidst the selloff
- Binance introduced it’s going to progressively convert its $1B SAFU fund from stablecoins to Bitcoin throughout the following 30 days
- MegaETH shared its KPIs that may govern how the MEGA token provide is launched
- Andre Cronje’s Flying Tulip raised $75M at a $1B valuation, marking crypto’s newest unicorn
- Infinex TGE is about to launch right now at 2 pm ET
🚚 What is going on in NFTs?
Right here is the record of different notable headlines from the day in NFTs:
- NFT leaders have been pink once more on the day; Punks even at 28.4 ETH, Pudgy -3% at 4.05 ETH, BAYC -6% at 5.2 ETH; Hypurr’s -2% at 494 HYPE
- No notable movers
