Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed in the article represent only the author's own views and may not necessarily reflect the stance of Decrypt. You may also follow their daily news program “FOMO HOUR”, which covers all headlines and market trends.

GM!

Today's Headlines:

• Most mainstream cryptocurrencies remain stable, with HYPE leading the gains; Bitcoin trades at $83,900.
• MetaMask removed its Ethereum validators from Lido after a security incident.
• Open Standard Collaborates with Major Payment Partners to Launch OUSD Stablecoin
• The monthly application revenue of Solana leads all public chains, reaching a 9-month high.
• Decrypt transforms into The Information Exchange, shifting towards media-related market business

🗳️ The crypto industry abandons Congress and turns its attention to senators

Two weeks after the failure of "Clarity Act" in the Senate, the crypto industry began to set its sights on new targets. The initiative "Stand With Crypto" launched in 2023 by "Coinbase" announced its first list of Senate backers on Wednesday. The new message it conveys is that this battle has shifted from the Capitol Building to the electoral campaign grounds.

The organization supports the Republican Jon Husted against Sherrod Brown. Brown has served as the chairman of the Senate Banking Committee and has been one of the strongest critics of the crypto industry for many years. If Brown is elected, he will gain an important seat on that committee, which is responsible for setting rules for the industry. This is also why the Ohio election is more crucial than the other two combined.

The organization also endorsed the Republican candidate from Iowa, Ashley Hinson, as well as the Democratic candidate from New Hampshire, Chris Pappas, who is running against the former Republican senator, John Sununu. On the House of Representatives side, the organization supports the Republican candidates from Iowa, Mariannette Miller to Meeks, and the Democratic candidate from Alabama, Shomari Figures, and plans to run more advertisements in six other races. The organization stated that it selects its supporters based on the candidates' stances on cryptocurrencies, regardless of party affiliation, and in August, it endorsed 32 current members of the House of Representatives.

The scale of funding supporting all this is enormous, but Stand With Crypto does not donate directly. It scores candidates and mobilizes voters; its executive director stated that the organization's 3 million supporters are now fully focused on electing candidates who support cryptocurrencies. However, candidates with high scores tend to attract funds from PAC related to the crypto industry, while Fairshake PAC has just launched a $30 million campaign targeting Brown. During this electoral cycle, the total political spending in the crypto industry has approached $200 million.

A reminder: The proposal Clarity Act failed by a margin of 49 to 50, with all Democrats voting against it, due to concerns from the outside world regarding Trump's own cryptocurrency business. Nevertheless, Stand With Crypto still supports two other Democrats in the mid-term elections. This is a somewhat counterintuitive bet, but it might work out. We'll find out soon enough...

🌎 Macroeconomics, Cryptography, and Markets

• Most mainstream cryptocurrencies remain stable, with HYPE leading the gains; BTC holding at $83,900, ETH rising 1% to $2,705, SOL falling 2% to $118, HYPE rising 4% to $90, and ZEC falling 2% to $1,410.
• The top-performing altcoins in terms of increase include STX (+18%), NIGHT (+16%), and FET (+6%).
• Crude oil rises 2% to $93, gold falls 0.2% to $4,202
• Stock index futures rose slightly, with the Dow Jones up 0.01% and the Nasdaq up 0.45%.
• Citi has raised its target price for Bitcoin to $113,000 by the end of the year and its target price for Ethereum to $3,028, citing ETF capital inflows, DAT buybacks, and SEC regulatory changes.
• After someone invaded its infrastructure, MetaMask Staking is withdrawing all Ethereum validators from Lido; the withdrawal will be completed before October 7th, and it will take up to 45 days for the relevant ETH to be able to cycle back in again.
• CFTC has submitted two proposals to the White House, aiming to redefine “swap” in relation to event contracts. At a time when states are prosecuting platforms for illegal gambling, these proposals seek to assert jurisdiction over the prediction market.
• CFTC is investigating the transactions conducted by Adam Kinzinger through Kalshi, which bet on whether he would receive presidential pardon; these transactions were placed at the end of 2024, prior to Biden's pardon of him.
• Open Standard has launched OUSD, which is a stablecoin that will cede a large portion of its equity to partners that help it grow; it has received support from over 100 companies, including Visa, Stripe, Mastercard, and Coinbase, and has been launched on Tempo with a liquidity of over 400 million US dollars.
• The owner of Zcash approved an allocation of $8.39 million to fund completed work. Out of 37 proposals, 17 were funded, including a grant of $1.5 million to researchers who discovered a vulnerability that could have potentially been used to forge tokens.
• Lloyd's Bank completed $750,000 in settlements using USDC and Visa during a seven-day test, marking the first time Visa has conducted a stablecoin settlement trial with a major British bank.

Enterprise funds and ETF

• On Wednesday, Bitcoin ETF saw a net outflow of $149 million; Ethereum ETF had a net outflow of $60 million, and Solana also experienced a net outflow of $12.5 million.

Meme Coin Tracking

• Most meme coin leaders are falling; DOGE remains flat, SHIB falls by 1%, PEPE rises by 1%, PENGU falls by 6%, TRUMP rises by 1%, SPX rises by 3%, BONK falls by 6%.
• Robinhood Most leading names on the chain are falling, with Orbio leading the decline; Pons falls by 4% to $370 million, AI falls by 11% to $160 million, Cashcat falls by 1% to $170 million, Orbio rises by 60% to $100 million, Hookr rises by 23%, Prism rises by 20%, and Priors rises by 100% to lead the gains.
• Solana The top gainers were led by SI with a 500% increase, followed by e/ acc with a 60% increase, Micro with a 24-fold increase, OCT with a 60% increase, and Backpack with a 50-fold increase; Ansem fell by 1% to $138 million.

💰 Tokens, Airdrops, and Protocol Tracking

• Decrypt is being transformed into The Information Exchange, integrating its coverage with the market on Solana to allow readers to trade related to the news without leaving the page; the MYR token will connect all these elements together, and related products will be launched over the next few weeks, with the aim of going live before Solana Breakpoint.
• The monthly application revenue of Solana rose to 180 million US dollars in September, reaching a new high in 9 months and leading all public chains.
• Pump once again leads in revenue for on-chain protocols with $2.39 million, followed by Hyperliquid with $1.25 million and Stonk with $1.17 million.
• Monad Implications suggest that a new privacy update will be introduced, which may become a new protocol feature.

🚚 What's the latest on NFT?

• NFT Leading stocks show divergence in performance; Punks Down 1% to 33; ETH, BAYC Up 2% to 6.2; ETH, Pudgy Down 3% to 3.19; ETH
• OTC Desks (+88%) and Hypurr (+12%) lead the gains
• A Zombie CryptoPunk was traded throughout the night for $875,000, setting a new record for the largest Punk transaction since August 2025.