Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt.
Good morning!
Here are the main highlights from today:
- Major cryptocurrencies have surged by 5-10%, with Bitcoin (BTC) leading the charge at $77.4k.
- Bitcoin ETFs attracted $606 million in inflows, while Ethereum (ETH) saw $219 million, both reaching new local highs.
- In the last 24 hours, over $1.2 billion in crypto shorts were liquidated, totaling nearly $5 billion in just two days.
- CFTC Chair Michael Selig announced he will draft crypto regulations if Congress does not take action.
- Pump Fun experienced its two highest revenue days since January, with a 25% increase in PUMP token value.
🏛️ CFTC Chair Michael Selig to Draft Crypto Regulations If Congress Fails
The Clarity Act, aimed at providing regulatory clarity for cryptocurrencies, has stalled in the Senate since lawmakers departed for their August break, lacking the necessary Democratic votes to proceed. During a meeting with crypto industry leaders, CFTC Chair Selig stated that if the bill remains inactive, his agency will take the initiative to establish a regulatory framework on its own.
“If Clarity continues to face delays due to Democratic obstruction, the CFTC will leverage its existing authority to create a regulatory environment for crypto asset markets,” Selig informed attendees at the agency’s Innovation Advisory Committee meeting. He has already instructed his team to develop rules that would define a CFTC market structure for digital assets and indicated he would formally propose these regulations if Congress does not act. “You can count on me to direct CFTC staff to act promptly,” he added.
Myriad: Will the Clarity Act be signed into law in 2026? Click to make your prediction.This new regulatory framework could bring both registered CFTC entities and unregistered crypto exchanges under the agency's supervision. It is expected that leveraged and margined crypto trading will be allowed under regulations specifically designed for digital assets. Additionally, Selig has directed staff to collaborate with developers of on-chain finance protocols to ensure they can operate legally in the United States.
While he prefers legislative action, Selig acknowledged the risk of future administrations reversing agency-written rules, emphasizing that passing the bill is the most effective way to safeguard against potential regulatory shifts. However, he is prepared to proceed independently if Congress remains inactive.
To recap the week: The SEC introduced its first formal crypto regulations on Tuesday. On Wednesday, Trump urged the Senate to advance the Clarity Act and announced that Hyperliquid is entering the U.S. market. By Thursday, Selig confirmed he would pursue establishing a crypto framework if the Clarity Act stalls in September.
Washington is actively engaging with crypto regulations—let's see how this unfolds.
🌎 Macro Crypto and Markets
- Major cryptocurrencies are performing well, with BTC up 8% to $77.5k; ETH gaining 4% to $2,380; SOL rising 4% to $91; and HYPE increasing 4% to $74.60.
- Significant altcoin movements include ENA (+40%), PUMP (+23%), FET (+20%), and XRP (+20%), with ZEC climbing 15% to $650.
- Oil prices fell by 2% to $87.20, while Gold rose by 2% to $4,650.
- Stock futures are trending upward; DOW up 0.4%, Nasdaq up 0.5%.
- Another $1.2 billion in shorts were liquidated in the past 24 hours as crypto prices surged, bringing the total to nearly $5 billion over two days.
- Solana's daily transactions set a new all-time high on Thursday.
- XRP enjoyed its best week since the 2024 election surge, rising approximately 40% from last weekend’s close below $1, fueled by Bitcoin’s short squeeze.
- X (Twitter) is in discussions to compensate creators in stablecoins like USDC, as it transitions away from Revenue Sharing to a new Original Content Rewards Program.
- An Optimism-funded development team cast a crucial vote with 17 minutes remaining, reallocating 546.9 million OP tokens valued at approximately $49.7 million from user airdrop distribution to a Foundation-controlled fund.
- Binance introduced Agent OS, allowing AI agents like ChatGPT and Claude to trade spot, margin, convert, and futures through a dedicated sub-account without withdrawal capabilities.
Corporate Treasuries & ETFs
- Bitcoin ETFs experienced $606 million in net inflows on Thursday, marking the largest influx since May 1; Ethereum ETFs saw $219 million in inflows, the highest since September 2025.
Meme Coin Tracker
- Meme coins are performing well with gains over 10%; DOGE +9%, SHIB +7%, PEPE +17%, PENGU +17%, TRUMP +6%, BONK +11%, Fartcoin +15%.
- Robinhood tokens showed mixed results with Cashcat +11%, and AI soaring +135% while Robbie increased by 40%.
- Solana's leaders included Cate (+145%), Toad (+70%), and Jimothy (+40%); Ansem rose 15% to $290 million.
💰 Token, Airdrop & Protocol Tracker
- Pump Fun achieved $2.3 million in revenue on Wednesday and $2 million on Thursday, its highest consecutive revenue days since January; over $2 million in buybacks contributed to PUMP reaching a fully diluted valuation of $4.1 billion and a new local peak.
- Hyperliquid recorded its two largest revenue days since June, generating $3-4 million in the past two days.
🚚 Updates on NFTs
- NFT market leaders showed mixed performance; Punks remained stable at 32.4 ETH, BAYC rose 7% to 8.1 ETH, while Pudgy fell 1% to 3.74 ETH; Stonkbrokers decreased by 2% to 5.5 ETH.
- Top movers included Gribbits (+100%), Stackers (+75%), and Hypurrs (+17%).