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. And check out our daily news show 'FOMO HOUR' covering all of the top stories and market action.
GM!
Today’s top news:
- Crypto majors mostly even, Hype leads; BTC at $83.9k
- MetaMask exits Ethereum validators out of Lido after security incident
- Open Standard launched OUSD stablecoin with major payments partners
- Solana’s monthly app revenue leads all chains, hits 9-month high
- Decrypt becomes The Information Exchange, leans into markets tied to media
BitcoinBTC · USD
$83,913+0.37%
Sep 24Sep 26Sep 28Sep 29Oct 1
$85.3k$84.4k$83.5k$82.7k
24h HighHigh$85,518
24h LowLow$83,182
VolVol$1.7B
Market projectionsOdds by Myriad
TodayBelow $84,000Below $84k54% chanceThis weekBelow $84,000Below $84k51% chance
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🗳️ Crypto Gives Up on Congress and Goes After Senators
Two weeks after the Clarity Act died in the Senate, the crypto industry picked its targets. Stand With Crypto, the advocacy group Coinbase started in 2023, named its first Senate endorsements on Wednesday. Their new message: the fight has moved from the Capitol to the campaign trail.
The group is backing Republican Jon Husted against Sherrod Brown, who used to run the Senate Banking Committee and has spent years as one of crypto’s loudest critics. If Brown wins, he gets a powerful seat on the committee that writes the rules for this industry. That’s why Ohio matters more than the other two races combined.
It also endorsed Republican Ashley Hinson in Iowa and Democrat Chris Pappas in New Hampshire, who is running against former Republican senator John Sununu. On the House side, they’re backing Iowa Republican Mariannette Miller-Meeks and Alabama Democrat Shomari Figures, with more advertising planned in six races. The group says it picks candidates on their crypto positions regardless of party, and endorsed 32 House incumbents back in August.
The money behind all this is enormous, but Stand With Crypto doesn’t donate directly. It grades candidates and turns out voters, and its executive director says its three million supporters are now focused entirely on electing pro-crypto candidates. But candidates it rates well tend to attract money from crypto-aligned PACs, and the Fairshake PAC just launched a $30 million campaign against Brown. Total crypto political spending this cycle is approaching $200 million.
As a reminder, the Clarity Act failed 49 to 50 with every Democrat voting against it, over concerns about Trump’s own crypto businesses. And yet Stand With Crypto is backing two more Democrats in the midterms. It’s a slightly counter-intuitive bet, but maybe it will pay off. We will find out soon enough…
🌎 Macro Crypto and Markets
- Crypto majors are mostly flat, Hype leads; BTC even at $83.9k; ETH +1% at $2,705; SOL -2% at $118; HYPE +4% at $90; ZEC -2% at $1,410
- Top alt movers include STX (+18%), NIGHT (+16%) and FET (+6%)
- Oil +2% at $93; Gold -0.2% at $4,202
- Stock futures are slightly green; DOW +0.01%, Nasdaq +0.45%
- Citi Bank raised its end-of-year Bitcoin target to $113,000 and ETH to $3,028, citing ETF flows, DAT buybacks and SEC rule changes
- MetaMask Staking is pulling all its Ethereum validators out of Lido after someone broke into its infrastructure; exits finish by October 7, with the ETH taking up to 45 days to cycle back
- The CFTC sent the White House two rules that would redefine “swap” around event contracts, locking in its authority over prediction markets as states sue platforms for running illegal gambling
- The CFTC is investigating Adam Kinzinger over Kalshi trades on whether he’d get a presidential pardon, placed in late 2024 before Biden pardoned him
- Open Standard launched OUSD, a stablecoin that gives away most of its own equity to the partners who help it grow, backed by more than 100 companies including Visa, Stripe, Mastercard, and Coinbase; it went live on Tempo with over $400 million in liquidity
- Zcash holders approved $8.39 million in grants for work already done, funding 17 of 37 proposals, including $1.5 million to the researcher who found a bug that would have let someone counterfeit coins
- Lloyds settled $750,000 with Visa using USDC in a seven-day test, marking Visa's first stablecoin settlement trial with a major UK bank
Corporate Treasuries & ETFs
- The Bitcoin ETFs saw $149M in net outflows on Wednesday; the ETH ETFs saw $60M in outflows and Solana had $12.5M in outflows
Meme Coin Tracker
- Meme leaders were red; DOGE even, SHIB -1%, PEPE +1%, PENGU -6%, TRUMP +1%, SPX +3%, BONK -6%
- Robinhood chain leaders were mostly red with Orbio leading; Pons -4% to $370M; AI -11% at $160M; Cashcat -1% at $170M; Orbio +60% to $100M; Hookr +23%, Prism +20% and Priors +100% were top movers
- Solana top movers were led by SI +500%, e/acc +60%, Micro +24x, OCT +60% and Backpack 50x; Ansem -1% to $138M
💰 Token, Airdrop & Protocol Tracker
- Decrypt is becoming The Information Exchange, pairing its reporting with markets on Solana so readers can trade on a story without leaving it; the MYR token ties it together, with products rolling out over the coming weeks into Solana Breakpoint
- Solana’s monthly app revenue hit a 9-month high of $180M in September leading all chains
- Pump led onchain protocols in revenue again with $2.39M followed by Hyperliquid with $1.25M and Stonk with $1.17M
- Monad teased a privacy update coming as a new potential protocol offering
🚚 What is happening in NFTs?
- NFT leaders were mixed; Punks -1% at 33 ETH, BAYC +2% at 6.2 ETH, Pudgy -3% at 3.19 ETH
- OTC Desks (+88%) and Hypurr (+12%) led top movers
- A Zombie CryptoPunk sold for $875,000 overnight, the biggest Punk sale since August 2025
