The market this morning

SEC's tokenized-stock push draws named winners as the CLARITY Act falls short

By Crypto Info News

Good morning. The clearest throughline on Sunday was tokenized equities. CoinDesk reported that Goldman Sachs and Citizens analysts see Coinbase, Robinhood and Circle as early winners of the SEC's tokenized-stock push, pointing to new opportunities in custody, tokenization infrastructure and stablecoin settlement, and to room for brokers to expand onchain products. Cointelegraph's weekly digest separately noted that tokenized stocks were legalized. Alongside that, Cointelegraph reported that Kalshi has filed for US stock perpetual futures, joining Coinbase and Bitnomial in pursuing similar products.

On policy, the picture was mixed. Cointelegraph reported that crypto missed out on CLARITY, and Decrypt described the "failed Clarity Act" in which banks lost their push for tighter stablecoin rules. Decrypt reported that JP Morgan scored a narrower win as Visa moves to stop meme coin purchases from being coded as ordinary "digital media" that earns card rewards. The Block, citing the Wall Street Journal, reported that Polymarket faced a $10 million fraud attempt as its CEO pushed growth over compliance concerns, and that a separate attack compromised nearly 500 users' accounts using stolen personal information.

In markets, the snapshot showed Bitcoin at about $81,169, down 0.08% over 24 hours, and Ether at about $2,644.73, up 0.48%. CoinDesk reported that traders had braced for a total wipeout this week but Bitcoin held, with market experts citing global liquidity and adoption cycles as the primary drivers. The Block reported that Bitcoin ETFs eked out a positive week with a $433 million Friday inflow — Fidelity's FBTC accounting for $310.7 million of it — while ether funds snapped a four-week inflow streak.

Corporate and product news filled out the day. CoinDesk reported that Gemini's stock is down 80% from its IPO, with a market value around $753 million reviving takeover speculation. The Block reported that ZetaChain voted to shut down its Layer 1 network and move ZETA to Solana, pending one more vote, to focus on its Anuma AI app. Cointelegraph reported Grayscale's Zcash ETF filed for a 3-for-1 forward share split effective at the close on Sept. 28, REX's launch of a 2x leveraged ETF tied to Strive, and Standard Chartered's view that Arbitrum's price could rise 70 times by 2030.

In adjacent AI news, Cointelegraph reported that Trump said the US will form an "AI Force" and appoint an AI czar, and that Anthropic tabbed Accenture as an embedded evaluator, a non-exclusive arrangement.

What to watch: ZetaChain's remaining migration vote, the Grayscale split's Sept. 28 effective date, and whether ETF flows into Bitcoin funds hold.