Morning Minute is a daily newsletter authored by Tyler Warner. The views and analyses expressed are his own and do not necessarily represent those of Decrypt. Additionally, check out our daily news show 'FOMO HOUR' for coverage of major stories and market developments.

Good morning!

Here’s the latest news:

  • Major cryptocurrencies are mostly stable, with Bitcoin priced at $83.9k.
  • MetaMask has withdrawn its Ethereum validators from Lido following a security breach.
  • Open Standard has introduced the OUSD stablecoin in collaboration with prominent payment partners.
  • Solana has reported a surge in monthly app revenue, reaching a nine-month peak.
  • Decrypt is rebranding as The Information Exchange, focusing on market-related media.
Bitcoin is currently valued at $83,742, reflecting a slight decline of 0.61%. The 24-hour high was $85,518, while the low was $83,182, and trading volume reached $1.3 billion. Projections for Bitcoin indicate a potential price range of $82,000 to $84,000 today, with a 62% probability. For the week, the likelihood of Bitcoin trading below $84,000 stands at 54%.

🗳️ Crypto Industry Shifts Focus from Congress to Senate Campaigns

After the Clarity Act's failure in the Senate two weeks ago, the crypto sector has identified new targets. Stand With Crypto, an advocacy group initiated by Coinbase in 2023, announced its first Senate endorsements on Wednesday. Their updated strategy indicates a shift from Capitol Hill to the campaign trail.

The group is supporting Republican Jon Husted against Sherrod Brown, a former head of the Senate Banking Committee and a known critic of the crypto industry. Brown's victory could give him significant influence over the committee responsible for crafting regulations affecting the sector, making Ohio a pivotal battleground.

Additionally, endorsements have been extended to Republican Ashley Hinson in Iowa and Democrat Chris Pappas in New Hampshire, who is challenging former Republican senator John Sununu. In the House races, endorsements include Iowa Republican Mariannette Miller-Meeks and Alabama Democrat Shomari Figures, with plans for increased advertising in six races. The group selects candidates based on their pro-crypto stances, regardless of political affiliation, having previously endorsed 32 House incumbents in August.

Financial backing for these efforts is substantial, although Stand With Crypto does not make direct donations. Instead, it evaluates candidates and mobilizes voters, with its executive director stating that its three million supporters are now dedicated to electing pro-crypto politicians. Candidates who receive favorable ratings often attract funding from crypto-aligned political action committees (PACs), and the Fairshake PAC has initiated a $30 million campaign targeting Brown. Overall, crypto political expenditures this election cycle are nearing $200 million.

It’s worth noting that the Clarity Act was defeated by a 49 to 50 vote, with all Democrats opposing it due to concerns regarding Trump’s involvement in the crypto space. Nevertheless, Stand With Crypto is backing two additional Democrats in the midterms, which may appear contradictory but could yield positive outcomes. We will soon see the results of this strategy...

🌎 Macro Crypto and Markets

  • Crypto prices are mostly stable, with BTC at $83.9k; ETH rose 1% to $2,705; SOL fell 2% to $118; HYPE increased 4% to $90; ZEC decreased 2% to $1,410.
  • Notable altcoin movements include STX (+18%), NIGHT (+16%), and FET (+6%).
  • Oil prices rose 2% to $93, while gold dropped 0.2% to $4,202.
  • Stock futures are slightly positive; DOW is up 0.01%, Nasdaq is up 0.45%.
  • Citi Bank has raised its Bitcoin price target for the end of the year to $113,000 and Ethereum to $3,028, attributing this to ETF inflows, DAT buybacks, and changes in SEC regulations.
  • MetaMask Staking has decided to withdraw all its Ethereum validators from Lido following a breach in its infrastructure; the exits will be completed by October 7, with Ethereum taking up to 45 days to be fully cycled back.
  • The CFTC has submitted two new rules to the White House that would redefine "swap" in relation to event contracts, solidifying its authority over prediction markets amid lawsuits against platforms for illegal gambling.
  • The CFTC is investigating Adam Kinzinger regarding trades on Kalshi related to whether he would receive a presidential pardon, which were placed before Biden granted him clemency in late 2024.
  • Open Standard has launched OUSD, a stablecoin that allocates most of its equity to partners helping to drive its growth, supported by over 100 companies, including Visa, Stripe, Mastercard, and Coinbase; it went live on Tempo with more than $400 million in liquidity.
  • Zcash holders approved $8.39 million in grants for completed projects, funding 17 of 37 proposals, including $1.5 million for the researcher who identified a bug that could have led to coin counterfeiting.
  • Lloyds has settled $750,000 with Visa using USDC in a week-long trial, marking Visa's inaugural stablecoin settlement trial with a major UK bank.

Corporate Treasuries & ETFs

Meme Coin Tracker

  • Meme coin leaders were mixed; DOGE remained unchanged, SHIB fell 1%, PEPE rose 1%, PENGU declined 6%, TRUMP rose 1%, SPX increased 3%, and BONK fell 6%.
  • Robinhood chain leaders were predominantly negative, with Orbio leading; Pons fell 4% to $370 million; AI decreased 11% to $160 million; Cashcat dipped 1% to $170 million; Orbio surged 60% to $100 million; Hookr increased by 23%, and Prism and Priors rose by 20% and 100%, respectively.
  • Solana's top movers saw SI increase by 500%, e/acc rise by 60%, Micro experience a 24x increase, and OCT grow by 60%, while Ansem decreased by 1% to $138 million.

💰 Token, Airdrop & Protocol Tracker

🚚 What is happening in NFTs?

  • NFT leaders exhibited mixed results; Punks decreased by 1% to 33 ETH, BAYC rose by 2% to 6.2 ETH, and Pudgy fell by 3% to 3.19 ETH.
  • OTC Desks (+88%) and Hypurr (+12%) were among the top movers.
  • A Zombie CryptoPunk was sold for $875,000 overnight, marking the largest Punk sale since August 2025.

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