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Bitcoin's Fourth Halving: A Deep Dive — Block Rewards Cut in Half, How Digital Scarcity Bolsters the 'Digital Gold' Narrative
BTCstock-to-flowBitcoin halvingblock reward
Hester Peirce's Departure Leaves the SEC's Crypto Agenda in Two Hands
SEC Commissioner Hester Peirce is set to leave on October 2, but the public comment period for her signature crypto asset regulation proposal runs until October 20—18 days after her departure. That leaves only Chair Paul Atkins and Commissioner Mark Uyeda. Under SEC Rule 200.41, two commissioners can form a quorum, a setup a federal appeals court upheld in 1996. The key questions now: can the two agree on a final rule once comments close, and who will carry the crypto task force forward?
8 hours ago
Backpack CEO Aims to Bring 10,000 Tokenized Stocks to Solana
Backpack CEO Armani Ferrante plans to expand tokenized stocks on Solana from roughly 200 to 10,000, using a single API to enable two-way transfers of real shares between traditional brokerage accounts and DeFi. Backpack launched its securities platform in June, letting users convert compliantly held US stocks and ETFs into tokenized securities, with support for dividends, corporate actions, and traditional infrastructure like ACATS/DTCC. Ferrante calls it "the next leap," but no launch date or initial list has been announced. The article also notes the SEC's new tokenized-stock trading exemption applies only to qualifying venues.
SOLtokenized stocksSEC exemptionBrokerage2026-09-26
Kalshi Loses Another Appeals Case: Can States Regulate Prediction Markets as Gambling?
On September 25, the U.S. Sixth Circuit Court of Appeals ruled against Kalshi in its sports event contract cases in Ohio and Tennessee, finding that Kalshi failed to prove its sports contracts qualify as swaps under the Commodity Exchange Act and that federal law does not preempt the two states' gambling regulations. This follows a Third Circuit ruling favoring Nevada and a conflicting New Jersey decision, leaving three federal appellate courts split. The case only concerns a preliminary injunction, and while Kalshi remains a CFTC-registered exchange, whether states can regulate prediction markets under gambling laws poses a real legal challenge for a nationwide market.
2026-09-26
Jumper Sets Sept. 29 for JUMP Token Sale on Legion
Jumper will launch its JUMP token sale on Legion on Sept. 29, running for three days through Oct. 2. Eligible participants can submit indications of interest, but subscriptions don't guarantee allocations, which depend on eligibility, terms, demand, and Legion's allocation process. The sale excludes users from the U.S., U.K., UAE, Russia, Iran, and other jurisdictions, with fewer than 150 qualified participants allowed per EU member state. Jumper says this is its first standalone fundraise and does not involve company equity.
2026-09-25
The Fed Has Drafted Stablecoin Rules. Who Qualifies to Issue One?
On September 24, 2026, the Federal Reserve released two stablecoin regulatory proposals. One, Docket R-1900, requires state member banks to obtain Fed approval to form stablecoin subsidiaries, with decisions due within 120 days and a $5 million initial capital floor for the first three years. The other, a 392-page notice under the GENIUS Act, sets reserve, capital, redemption, and custody requirements, including a 2% capital charge on uninsured reserve deposits and a 360-day transition or halt on net new issuance for state issuers exceeding $10 billion in circulation. Both are open for a 60-day comment period.
USDCcapital requirementsFederal ReserveStablecoin2026-09-25
SEC Pushes Stock Tokenization, Bringing Wall Street On-Chain
This article examines the SEC's latest moves toward stock tokenization. In March 2026, the SEC approved Nasdaq's rule change allowing eligible securities to trade in tokenized form; by September, it introduced an innovation exemption permitting compliant venues to trade tokenized US equities using blockchain, automated market makers, and liquidity pools. The article argues that tokenizing stocks isn't simply converting shares into tokens—it's migrating the securities market's underlying infrastructure from traditional databases to blockchain while preserving securities law, shareholder rights, and the regulatory framework. It also compares the legal structures of stock token products from Nasdaq, Binance, Robinhood, and Ondo, stressing that tokenized securities remain securities, and the future likely points to permissioned DeFi rather than fully anonymous trading.
USDTstock tokenizationsecurities tokenizationtokenized securities2026-09-25
Fed Proposes GENIUS Act Rules on Stablecoin Reserves and Bank Issuers
On September 24, the Federal Reserve released two proposed rules under the GENIUS Act for public comment. The first would require Fed-supervised payment stablecoin issuers to hold high-quality liquid assets such as short-term U.S. Treasuries, ensuring full reserve backing, and would set capital and risk management standards. The second would require insured state member banks to obtain Fed approval before issuing payment stablecoins through a subsidiary. Both proposals will open a 60-day public comment period once published in the Federal Register, and the rules may still be revised.
2026-09-24
US Aims to Turn Stablecoins Into a Weapon for Dollar Dominance
The Trump administration is reportedly considering a joint venture with private companies to push dollar-backed stablecoins into overseas markets, aiming to reinforce the dollar's status as the global reserve currency and boost demand for US Treasuries. The plan could involve the Treasury Department, the State Department, and the US International Development Finance Corporation. Stablecoin issuers already hold nearly $200 billion in Treasuries, and the government wants that figure to keep growing. The article also notes that the GENIUS Act signed last year requires issuers to back their tokens with cash and short-term Treasuries.
USDTTrump administrationdollar dominancereserve currency2026-09-24
NYSE's Tokenized Stocks Plan Raises Questions Over Who Controls Onchain Trading
The New York Stock Exchange and Blockchain.com signed a memorandum of understanding on September 23 to give Blockchain.com's more than 44 million verified accounts access to tokenized US stocks and ETFs through an NYSE-run digital alternative trading system, pending regulatory approval. Key questions remain unresolved, including who owns the tokenized shares, investor rights such as voting and dividends, eligible-customer standards, and how tokens convert back into traditional holdings. The SEC's September 17 exemption caps Tier 1 and Tier 2 ticker symbols, requires 30 days' notice to issuers for third-party stocks, and lets issuers object. DTCC completed production trading of tokenized securities on July 15.
2026-09-24
US Weighs Backing Overseas Stablecoins to Boost Treasury Demand
US officials are considering supporting dollar-backed stablecoin projects abroad to expand global use of the dollar and create fresh demand for US Treasuries. Bloomberg reports that the Treasury, State Department, and the International Development Finance Corporation could take part in public-private stablecoin initiatives, though specific countries, companies, funding amounts, and timelines remain undisclosed. A Treasury deputy secretary noted that stablecoin issuers already hold nearly $200 billion in short-term government debt. The GENIUS Act requires compliant stablecoins to be backed by reserves such as cash and Treasuries, directly linking stablecoin growth to demand for government bonds.
USDTPublic-Private PartnershipDollar HegemonyUS Treasury2026-09-24