Daily Summary, 24 September

25 Sep, 2026
| Salome K

NEWS DIGEST — SEPTEMBER 24, 2026

FOCUS: REGULATION, CRYPTOCURRENCIES, MACROECONOMICS, INFRASTRUCTURE

1. REGULATION AND GOVERNMENT

CFTC UPDATES GUIDANCE ON TOKENIZED ASSETS AND BLOCKCHAIN-BASED RECORDKEEPING

On Thursday, September 24, the CFTC updated its guidance on crypto assets, formally recognizing tokenized assets and blockchain-based recordkeeping.

CFTC Chairman Michael Selig stated: “It is time to act.”

The regulator sent two proposed rules to the White House:

“Regulation of Crypto-Asset Trading”;
“Regulation of Crypto-Asset Markets.”

The CFTC also plans to review its rules to adapt them to 24/7 on-chain markets operated by algorithms and agentic finance.

Special attention is being given to perpetual contracts.

ARCHITECTURAL CONCLUSION:
After the failure of the Clarity Act, the CFTC is taking the initiative. This is not a “crypto victory” — it is recognition that legislation has stalled while regulators are moving forward under a “Plan B.” Whoever creates a functioning framework first will shape the standards for the broader market.

SEC OPENS THE DOOR TO TOKENIZED STOCKS

The SEC approved a five-year “innovation exemption” allowing tokenized U.S. stocks to trade on public blockchains without exchange registration.

Coinbase has filed an application with the CFTC to list shares of selected companies.

ARCHITECTURAL CONCLUSION:
The SEC is recognizing blockchain as infrastructure for traditional equities — but through permitted platforms. This creates a hybrid model: blockchain is integrated into the traditional financial system while remaining under regulatory control.

EU: CRYPTO LENDING SHOULD BE INCLUDED IN MiCA

The European Banking Authority (EBA) stated that the EU should bring crypto lending within the MiCA framework.

The regulation should also cover cases where crypto providers help clients access DeFi lending protocols.

ARCHITECTURAL CONCLUSION:
Europe is building additional protective mechanisms. This is not a blanket “crypto ban” — it is an expansion of oversight over a sector that can compete with traditional banking credit. DeFi lending is becoming one of the next regulatory targets.

FED: PROPOSED RULES FOR STABLECOIN ISSUERS

The Federal Reserve published two proposed rules to implement the GENIUS Act.

The rules establish a regulatory framework for payment stablecoin issuers under Federal Reserve supervision.

ARCHITECTURAL CONCLUSION:
The United States is institutionalizing stablecoins. This is not simply “legalization” — it is the integration of issuers into the regulated financial system.

U.S. SEEKS TO PROMOTE DOLLAR STABLECOINS GLOBALLY

The Trump administration is considering joint ventures with private companies to promote dollar-backed stablecoins in foreign markets.

The objectives are:

strengthening the position of the U.S. dollar;
increasing demand for U.S. government bonds;
expanding international dollar-stablecoin infrastructure.

According to Bloomberg, federal agencies including the Treasury Department and State Department could form joint ventures with private firms to support stablecoin projects abroad.

ARCHITECTURAL CONCLUSION:
The United States is treating stablecoins as an instrument of international financial policy. Private companies could become channels for expanding U.S. financial infrastructure beyond American borders.

BANK OF RUSSIA SETS NEW RULES FOR CRYPTO EXCHANGERS AND DIGITAL DEPOSITARIES

The Bank of Russia has established procedures for admitting digital depositaries, crypto exchangers and information-system operators to the crypto market.

The regulatory acts have been registered by the Russian Ministry of Justice and will enter into force on October 5, 2026.

Market access will require:

registration in the regulator’s official registry;
compliance with capital requirements;
management requirements;
security requirements.

ARCHITECTURAL CONCLUSION:
Russia is building a controlled crypto-market perimeter. After establishing registries, licensing procedures and a package of subordinate regulations, the next stage is restricting activity outside the established infrastructure.

RUSSIAN STATE DUMA TO CREATE COMMITTEE ON DIGITAL DEVELOPMENT AND ARTIFICIAL INTELLIGENCE

The ninth State Duma is creating a new Committee on Digital Development and Artificial Intelligence.

The creation of the committee was announced by Dmitry Medvedev, head of United Russia.

The committee will focus on regulating:

artificial intelligence technologies;
digital platforms;
online marketplaces;
autonomous systems;
creative industries.

ARCHITECTURAL CONCLUSION:
AI and digital technologies are receiving a dedicated institutional framework at the legislative level. The new committee will become one of the key platforms for shaping rules governing the emerging digital economy.

BANK OF RUSSIA WANTS CREDIT TO BE BASED ON “WHITE” SALARIES

Central Bank Governor Elvira Nabiullina stated that the regulator plans to make officially verified income the main criterion for assessing borrowers.

ARCHITECTURAL CONCLUSION:
Official income is becoming increasingly important for access to the credit system. This strengthens the role of formalized income data in borrower assessments.

2. CRYPTOCURRENCIES AND BLOCKCHAIN

BITCOIN FALLS BELOW $84,000 AS TREASURY YIELDS RISE

On September 24, Bitcoin fell more than 2%, reaching an intraday low of $83,273.

Ethereum declined to $2,637.

The move came as the yield on 10-year U.S. Treasury bonds rose above 5%.

The Fear & Greed Index stood at 71, in the “Greed” zone.

Total crypto-market capitalization was approximately $2.81 trillion.

ARCHITECTURAL CONCLUSION:
Macroeconomic conditions continue to influence the crypto market. Rising yields and rate expectations create pressure on risk assets. Bitcoin remains part of the global liquidity system.

SPOT ETFs ATTRACT $190.7 MILLION IN A SINGLE DAY

U.S. spot Bitcoin ETFs recorded net inflows of $190.7 million, while Ethereum ETFs attracted $66.1 million on September 24.

Between September 17 and 24, BlackRock acquired more than $1.5 billion in Bitcoin and Ethereum through three spot ETFs.

ARCHITECTURAL CONCLUSION:
Institutional demand remains an important source of capital flows into BTC. ETFs are becoming one of the key mechanisms through which traditional investors gain exposure to crypto assets.

BITCOIN HOLDERS REALIZE $5.1 BILLION IN NET PROFIT OVER ONE WEEK

Bitcoin holders realized approximately $5.1 billion in net profit over the previous seven days.

According to Glassnode, the scale of selling remains closer to late-2023 levels than to the extreme peaks of previous market cycles.

ARCHITECTURAL CONCLUSION:
Profit-taking is occurring without the scale of selling typically associated with extreme market phases. The market remains in a period of elevated activity and position redistribution.

BINANCE LISTS HYPERLIQUID (HYPE)

Binance announced the listing of Hyperliquid (HYPE) effective September 24.

Trading pairs include:

HYPE/USDT;
HYPE/USDC;
HYPE/TRY.

The token received a Seed Tag, indicating a newer asset with elevated risk.

Trading began at 11:00 UTC.

ARCHITECTURAL CONCLUSION:
Major exchanges continue expanding their exposure to infrastructure-oriented DeFi assets. The Binance listing increases access to liquidity and intensifies competition between trading and DeFi platforms.

ONDO PARTNERS WITH BLACKROCK ON ASSET TOKENIZATION

Ondo Finance launched Ondo Intelligent Portfolios, a new blockchain-based product built around portfolio strategies developed by BlackRock.

Three tokenized portfolios:

BLKHIon;
BLKDIGon;
BLKGRWon

became available to non-U.S. non-accredited investors through a single token on Ethereum and BNB Chain.

ARCHITECTURAL CONCLUSION:
BlackRock is expanding its presence in tokenization through partnership-based infrastructure. Tokenized portfolios are becoming a practical mechanism for accessing traditional investment strategies through blockchain.

DUELBITS HOT WALLETS REPORTEDLY HACKED FOR $4.2 MILLION

Crypto platform Duelbits lost more than $4.2 million following a hot-wallet breach across Ethereum, BSC and Tron.

The attacker transferred:

836 ETH;
1.62 million USDT;
97,000 USDC;
209 BNB;
192,000 TRX.

According to PeckShieldAlert, a private-key leak may have been responsible.

ARCHITECTURAL CONCLUSION:
Security remains one of the key risks in crypto infrastructure. Hot-wallet incidents demonstrate that platform scale does not eliminate technical and operational vulnerabilities.

CRYPTO SCAMMERS HAVE ALLEGEDLY STOLEN AROUND RUB 25 BILLION FROM RUSSIANS SINCE THE START OF THE YEAR

According to Pavel Yakovlev, co-founder of mining pool k8x, crypto scammers stole approximately RUB 25 billion from Russian users during 2026.

The focus is not only on major market participants but also on ordinary users and the exploitation of trust.

ARCHITECTURAL CONCLUSION:
Fraud remains a significant risk for mass crypto adoption. This reinforces the importance of KYC/AML procedures, verification and transaction-monitoring infrastructure.

MOSCOW EXCHANGE PREPARES TO LAUNCH BTC/RUB TRADING

The Moscow Exchange is preparing to launch trading in the BTC/RUB pair.

A BTC/USDx pair is also expected, with USDx described as a “synthetic dollar.”

This is presented as a first step toward legal crypto trading through Russian exchange infrastructure.

ARCHITECTURAL CONCLUSION:
Russia is developing a regulated framework for BTC trading through traditional exchange infrastructure rather than creating a standalone crypto exchange. In this model, Bitcoin functions primarily as a financial asset.

BITMEX OFFICIALLY CLOSES AFTER 11 YEARS

BitMEX has closed after 11 years of operation.

Users can still access their accounts and withdraw funds.

The exchange was one of the earliest major crypto-derivatives platforms.

ARCHITECTURAL CONCLUSION:
The closure of BitMEX demonstrates how rapidly the competitive and regulatory environment for crypto derivatives is changing. The market continues to redistribute liquidity and infrastructure roles among participants.

3. MACROECONOMICS

10-YEAR JGB YIELD REACHES HIGHEST LEVEL SINCE 1996

On September 24, the yield on 10-year Japanese government bonds rose to 3.075%, the highest level since August 1996.

The move followed higher U.S. Treasury yields.

ARCHITECTURAL CONCLUSION:
Rising Japanese bond yields reflect a broader change in the global cost-of-capital structure. This matters for global markets because of Japan’s long-standing role in international capital flows and carry-trade financing.

BANK OF JAPAN: 1.25% RATE IS HIGHEST SINCE 1995

The Bank of Japan raised its policy rate by 25 basis points to 1.25% last week, the highest level since 1995.

Governor Kazuo Ueda described financial conditions as “still accommodative.”

ARCHITECTURAL CONCLUSION:
Japan continues moving away from decades of ultra-loose monetary policy. The gap with the Federal Reserve’s 3.75–4.00% range remains significant at approximately 275 basis points.

GLOBAL CENTRAL BANKS ENTER A COORDINATED TIGHTENING CYCLE

Emirates NBD notes that the Federal Reserve raised rates for the first time since 2023, the Bank of Japan tightened policy, and the ECB, RBA, RBNZ and Norges Bank joined the broader shift.

The 10-year U.S. Treasury yield exceeded 5% for the first time since 2023.

The Fed’s median forecast calls for:

another rate hike by year-end;
unchanged rates in 2027;
a 25-basis-point cut in 2028;
another 25-basis-point cut in 2029.

ARCHITECTURAL CONCLUSION:
The global cost of capital remains elevated. A 10-year Treasury yield above 5% changes the competitive environment between traditional assets and risk assets. For crypto, this creates pressure from higher capital costs while maintaining interest in alternative financial instruments.

MIDDLE EAST: U.S.-IRAN TALKS

On Tuesday in New York, during the UN General Assembly, U.S. and Iranian officials held approximately three hours of talks.

President Trump described the discussions as “very good” and “very productive”, saying the sides planned to meet again soon.

ARCHITECTURAL CONCLUSION:
Talks alone do not constitute an agreement. However, renewed dialogue is itself a geopolitical signal and can influence market expectations surrounding the Middle East.

4. INFRASTRUCTURE

CIRCLE: ARC CHAIN ATTRACTS $700 MILLION IN ITS FIRST WEEK

Circle reported that during the first week after the launch of Arc Chain, on-chain assets including USDC and cirCTC reached $700 million.

USDC trading volume exceeded $7 billion.

Circle also expanded CCTP to Arc to support native transfers of EURC and cirBTC.

ARCHITECTURAL CONCLUSION:
Circle is expanding its role from a stablecoin issuer into an infrastructure operator. Arc is positioned as blockchain infrastructure for regulated financial operations.

BINANCE INVESTS $100 MILLION IN CIRCLE AND EXTENDS PARTNERSHIP FOR FIVE YEARS

Binance invested $100 million in Circle Internet Group and entered into a five-year agreement to expand the use of USDC, particularly in emerging markets.

ARCHITECTURAL CONCLUSION:
The Binance-Circle partnership strengthens the infrastructure surrounding USDC and expands its potential geographic reach. Emerging markets are becoming a key arena for competition between global stablecoins.

BITGET: SUSPECTED $352 MILLION HACK

At 18:31 UTC on September 24, Bitget’s security systems detected unauthorized transfers from the exchange’s hot wallets.

According to Bitcoin Magazine, the incident involved nearly $352 million.

ARCHITECTURAL CONCLUSION:
The incident highlights the systemic security risks associated with hot wallets on centralized crypto platforms. Access controls, asset segregation, redundancy and custody architecture remain critical.

BITCOIN MINERS ARE SHIFTING TOWARD AI INFRASTRUCTURE

Luxor Technology announced the launch of Luxor AI, a new business division focused on artificial intelligence and high-performance computing.

Mining companies are increasingly shifting toward AI infrastructure:

AI cloud services can generate up to $941 per MWh;
HPC hosting generates approximately $175 per MWh.

ARCHITECTURAL CONCLUSION:
Bitcoin miners are gradually becoming operators of AI computing infrastructure.

The underlying principle remains:

ENERGY → COMPUTING → VALUE

But instead of cryptographic hashing, neural-network workloads are becoming increasingly important.

5. KEY INDICATORS TO WATCH

INDICATOR	WHAT TO WATCH
CFTC / SEC	Next regulatory steps and first TSV platforms
ECB / MiCA	Outcome of the consultation on crypto lending
Federal Reserve	Probability of a second hike in October (~50%)
Bank of Japan	Carry-trade dynamics and JGB yields
BTC / ETH	BTC holding above $83,000; ETH above $2,600
Circle / Arc	Arc TVL and fee dynamics
Binance / Bitget	Hack-related consequences and HYPE listing
ONDO / BlackRock	Performance and adoption of tokenized portfolios
Bank of Russia	New crypto-exchanger rules effective October 5
State Duma / AI	Formation of the digital-development committee
Miners / AI	Pace of the transition toward AI infrastructure

6. THE SITUATION AS OF SEPTEMBER 24

The day was dominated by macroeconomic pressure on the crypto market.

Bitcoin fell below $84,000, while Ethereum declined to $2,637.

The 10-year U.S. Treasury yield moved above 5%, while the JGB yield reached its highest level since 1996.

Despite this, spot ETFs attracted $190.7 million in a single day, while BlackRock acquired approximately $1.5 billion in BTC and ETH over five days.

REGULATORS ARE ACCELERATING

The CFTC updated its guidance on tokenized assets.

The SEC opened the door to tokenized equities.

The Federal Reserve proposed rules for stablecoin issuers.

The EU is working to bring crypto lending within MiCA.

The United States is considering promoting dollar-backed stablecoins abroad through joint ventures with private companies.

RUSSIA IS INSTITUTIONALIZING CRYPTO

The Bank of Russia established new rules for crypto exchangers and digital depositaries, effective October 5, 2026.

The State Duma is creating a committee for digital development and AI.

The Central Bank plans to increase the role of officially verified income in borrower assessments.

INFRASTRUCTURE IS BEING BUILT AT THE INSTITUTIONAL LEVEL

Circle launched Arc, with on-chain assets reaching $700 million during its first week.

Binance invested $100 million in Circle.

ONDO partnered with BlackRock on asset tokenization.

Mining companies are increasingly transitioning into AI infrastructure operators.

SECURITY REMAINS THE KEY RISK

Bitget is suspected of losing nearly $352 million through unauthorized transfers from hot wallets.

Duelbits lost more than $4.2 million.

According to the cited estimate, crypto scammers have taken approximately RUB 25 billion from Russian users since the beginning of the year.

THE CRYPTO MARKET CONTINUES TO RESTRUCTURE

BitMEX closed after 11 years of operation.

Infrastructure projects reducing activity or shutting down, including Switchboard and Linera, also remain part of the broader market restructuring.

Capital, liquidity and computing resources continue to be redistributed among competing crypto and blockchain infrastructure models.

MAIN ARCHITECTURAL CONCLUSION

Legislation is failing to keep pace with market development. Regulators are taking the initiative. Europe is expanding oversight of crypto lending. The United States is institutionalizing stablecoins and tokenized assets. Russia is building its own regulatory framework. Major financial institutions are expanding into tokenization. Bitcoin miners are shifting from pure hashing toward AI computing.

The next stage is no longer simply about the development of the crypto market.

It is about the restructuring of financial, computing and energy infrastructure around tokenization, stablecoins, artificial intelligence and access to low-cost energy.