A day of regulatory maneuvering and network developments: lawmakers circulated a revised CLARITY Act ahead of a key procedural vote, while industry figures argued rules will arrive regardless of that outcome. At the same time, technical recoveries and token projects moved forward, Blockstream restarted Liquid’s block production after an exploit, Solana saw an unprecedented surge in new tokens, and an Indian firm began a wheat tokenisation pilot on Avalanche.
Revised CLARITY Act lands before procedural vote
Republican senators released a revised 630‑page text of the CLARITY Act prior to a September 15 procedural vote. The update includes 114 amendments requested by Democrats and adds new Commodity Futures Trading Commission (CFTC) registration requirements for non‑decentralized protocols. Ethics provisions in the draft remain unchanged, while Democrats are pushing for stricter restrictions related to former President Trump’s crypto interests. Political odds on Polymarket placed the chance of enactment at roughly 17-19%.
Industry reaction: Coinbase CEO on regulation and price expectations
Coinbase CEO Brian Armstrong told CNBC that the industry will obtain regulatory clarity regardless of the CLARITY Act vote, saying the SEC and the CFTC are prepared to issue their own rules if the bill fails. Armstrong also reiterated his long‑term Bitcoin price target of $400,000 by 2030 and stated that the cycle bottom has already been established.
Macro data: US wholesale inflation ticks up
The US Producer Price Index (PPI) for August rose 0.4% month‑over‑month, bringing the annual rate to 5.4%, the highest annual PPI figure so far this year. Energy costs were a key driver, with diesel up 24.1%. Core PPI, which strips out food and energy, rose 0.2% and came in below estimates. The report arrives one week before the Federal Reserve’s meeting, adding a data point for policymakers to consider.
Liquid sidechain resumes block production after exploit
Blockstream’s Liquid sidechain resumed block production on Thursday, four days after an exploit drained about 4,000 Bitcoin (approximately $320 million). The network has returned to producing blocks but is temporarily not processing transactions and has suspended peg functions. Hackers returned 3,400 BTC to date, while roughly 598 BTC remained in the attackers’ control according to the report.
Fund closures and exchange‑traded products
Bitwise announced it will liquidate its spot Dogecoin ETF (ticker BWOW) on the NYSE, roughly 10 months after launching the product. The fund held about $721,820 in assets and had lost approximately 45% of its value; its final trading day will be October 14. Competing spot Dogecoin ETFs continue to operate.
Solana sets daily SPL token record
Solana recorded 263,000 new SPL tokens created in a single day, eclipsing the earlier daily peaks of roughly 40,000-50,000 seen during the 2024 meme coin surge. The majority of the new tokens were generated by Pump.fun, which reportedly produced $1.8 million in daily revenue from that activity.
Tokenised wheat pilot launches on Avalanche
India’s Arya.ag began a pilot to tokenise wheat warehouse receipts on a dedicated Avalanche‑based Layer 1 network called ‘Finternet’, intended to help banks verify collateral. Arya.ag manages commodities worth about $2 billion and is using the pilot to test how tokenisation can support lending and verification workflows.
Day in brief
Today’s headlines illustrated parallel tracks in crypto: an intensifying legislative process over CLARITY and attendant industry comments on regulation, U.S. wholesale inflation data that may influence the Fed, and several technical and market developments from sidechain recoveries to token‑creation records and commodity tokenisation pilots.
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