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Morning Minute: Crypto Gives Up on Congress and Goes After Senators

Morning Minute: Crypto Gives Up on Congress and Goes After Senators
Default Door Remote - 01 Oct 2026
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$84,864+1.07%24H7D1M1YYTDSep 25Sep 27Sep 29Oct 1Oct 2$86.8k$85.4k$84.0k$82.7k24h HighHigh$87,08624h LowLow$84,473VolVol$2.1BMarket projectionsOdds by MyriadThis week$84,000 to $86,000$84k–$86k64% chance→Buy Bitcoin with USDTPowered by Jupiter$50$100$500BuyPrice data by CoinGeckoCoinGeckoMore Bitcoin news and projections →🗳️ 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

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