“Morning Minute” is a daily newsletter written by Tyler Warner. The analysis and opinions contained within represent solely the author's views and do not necessarily reflect the stance of Decrypt. You may also follow their daily news program “FOMO HOUR”, which covers the most important news and market trends.

GM!

Today's Top News:

• After the mid-term elections, major crypto assets rose before giving back some of their gains; Bitcoin reached $79,600.
• House Democrats discuss the amendment to the CLARITY bill
• Bitcoin and Ethereum ETF have turned back to net inflows, ending a period of continuous net outflows.
• STRC Hits $100 Face Value for the First Time Since May
• Coinbase indicates that 99% of customers' assets are stored in cold wallets.

🗳️ Democrats sweep the board to boost the crypto market; Market Structure Act emerges once again

On Tuesday evening, Bitcoin fell below $76,000 for the first time, hitting a seven-week low, as traders prepared for the possible implications of Democrats taking control of Congress for crypto policies. By Wednesday afternoon, Bitcoin had rebounded to above $80,800, with a gain of 4% for the day.

The easiest way to put it is that after the uncertainty subsided, the crypto market heaved a sigh of relief. To some extent, that might indeed be the case. But oil prices also played a role in this. As Iran's parliament speaker stated that voters "said no to war," WTI crude oil prices fell by 9% to $88 per barrel, with a weekly decline of nearly 17%. The Dow Jones index rose by 3% on that day, and the Nasdaq rose by 1.6%, with the overall market closing higher.

The James Butterfill of CoinShares states bluntly: "For Bitcoin, real interest rates, US dollar liquidity, and ETP capital flows are still more important than elections."

But the policy announcement that came out on Wednesday afternoon is even more important.

Eleanor Terrett reports that Democrats in the House of Representatives are discussing expanding the Maxine Waters Cryptocurrency Investors and Consumers Rights Act ( Crypto Investor and Consumer Bill of Rights ), which was originally an amendment to the 2025 CLARITY bill, and turning it into a complete market structure bill for the next Congress. Three industry insiders described the relevant discussions to her.

This is indeed surprising. Just 24 hours ago, there was a general consensus in the market that legislative changes to the market structure were not expected in the next two years. Waters is very likely to become the next chairperson of the House Financial Services Committee, and she clearly intends to draft a bill, rather than just holding hearings. However, there will be some changes to this bill.

The new proposal under discussion will grant SEC a greater role in regulating the crypto market, while reducing the role of CFTC. The draft is also expected to include ethical provisions that would limit Trump and other federal officials from participating in crypto activities. These provisions are exactly what the Democrats have been hoping to include, but they are also seen by many as the reason that could prevent the bill from passing.

Therefore, one of the initial actions taken by the Democratic-controlled Congress might be to make some reasonable amendments to the CLARITY legislation, with the aim of pushing it through in 2027. This seems like a very promising first step.

Let the crypto market of the post-Trump era begin…

🌎 Macroeconomics, Cryptography, and Markets

• The rebound after the mid-term elections led to an increase in major crypto assets; Bitcoin rose 2% to $79,900; Ethereum rose 3% to $2,390; SOL rose 2% to $95; HYPE fell 5% to $81.80; ZEC remained flat at $1,298.
• Among the altcoins with the highest increases are INJ up 8%, ATOM up 7%, and RAY up 6%.
• Crude oil falls 8% to $88; gold rises 1.5% to $4,135
• After rising yesterday, stock index futures showed mixed movements; Dow Jones futures rose by 0.5%, while Nasdaq futures fell by 0.7%.
• In a blog post responding to the hack incident of Binance, Coinbase stated that over 99% of its customers' assets were held in cold wallets. The company also provided detailed information about the mechanism of kill and switch, which involves separate cold wallet keys that are never fully recombined, there are rate limitations for transfers from cold wallets to hot wallets, and it is possible to completely take signature keys offline.
• ZachXBT identified the French banking group Cr as dit. Mutuel Ark is suspected to be a victim in an encryption theft case, with the amount involved exceeding 133 million US dollars, which is higher than the 106 million US dollars mentioned by him on Monday.
• Morgan Stanley converted U.S. stocks and Treasurys into tokenized form through DTCC Tokenization Service. This service was launched on the private Besu chains at Canton Network and DTCC on October 28th.
• Binance and Deribit have revoked all API keys related to the third-party trading platform SignalPlus. Previously, SignalPlus had indicated potential security issues.

Enterprise Treasury and ETF

• Bitcoin ETF recorded a net inflow of $74 million on Wednesday; Ethereum ETF had a net inflow of $53 million.
• The STRC of Saylor touched the $100 face value for the first time since May yesterday, allowing Strategy to buy 191 bitcoins.

Meme Coin Tracking

• Meme coin leaders show divergent performances; DOGE rises by 1%, SHIB rises by 1%, PEPE falls by 2%, PENGU falls by 2%, TRUMP falls by 15%, SPX falls by 2%, BONK falls by 2%.
• Robinhood Most leading cryptocurrencies on the chain closed lower; Pons fell 1%, with a market value of $145 million; Cashcat fell 3%, reporting a market value of $102 million; AI fell 12%, reporting a market value of $52 million; Standard rose 12%; Ubik rose 40%, leading the gains.
• The main coins with significant increases include HIGH which has risen 12 times, GTA which has risen 76 times, and Rambo which has risen 600%; Cards has increased by 20% since its listing on Upbit.

💰 Tokens, Airdrops, and Protocol Tracking

• Hyperliquid led the on-chain protocols with daily revenue of $3.67 million, followed by Pump.fun with $1.71 million and Uniswap with $364,000.
• The Attorney General of Arkansas, Tim Griffin, has filed a lawsuit against Kalshi, accusing him of using sports event contracts to operate an unlicensed gambling platform and of circumventing state licensing requirements and tax obligations.
• Polygon Labs A member of the validator support team proposed a hard fork of Polygon PoS. Approximately 70.49 million POL tokens that were stolen in the hacker attacks on Polymarket and Binance will be transferred to the recovery addresses designated by two companies. According to the estimates in the text, these tokens are worth about 6.5 million US dollars.

🚚 What's the latest on NFT?

• NFT Leading stocks show divergence; Punks Held flat at 30.4; ETH, BAYC Rose 1% to 5.64; ETH, Pudgy Fell 4% to 2.25; ETH
• Wired rises by 30%, Milady rises by 5%, leading the gains.

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