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BSCN Debrief: SEC Opens Onchain Stock Trading

The SEC built a crypto workaround after the CLARITY Act failed, Japan just hiked rates to a 31-year high, and Zcash printed $1,500. Here's the week.

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4 min read
BSCN Debrief: SEC Opens Onchain Stock Trading

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Breaking News

Japan's BOJ Pushes Rates to Their Highest Level in 31 Years

The Bank of Japan raised its benchmark policy rate by 25 basis points to 1.25% on September 18, bringing Japanese borrowing costs to their highest level since 1995.

NYSE Eyes 24/7 Trading on Avalanche

Intercontinental Exchange, the parent company of the New York Stock Exchange, is actively evaluating Avalanche as the blockchain infrastructure for a 24/7 on-chain trading platform.

Robinhood Chain Hits Record-Breaking Milestone in Transactions

Robinhood Crypto's blockchain network has crossed 750 million total transactions, marking a significant milestone for one of the fastest-growing Layer 2 networks in the Ethereum ecosystem.

Deutsche Bank is Building Banking Rails Around Bitcoin And Ether

Deutsche Bank, Germany's largest lender, has confirmed plans to launch a regulated digital asset custody service for institutional and corporate clients across Europe before the end of 2026.

What the Markets Think

Crypto Market Structure legislation becomes law in 2026? 28%. After this week's SEC Innovation Exemption and the Senate's 49-50 CLARITY Act defeat, traders are pricing legislation as slightly more likely to stay dead than pass by year-end.

Fed Decision in October? 51% for a 25 bps hike, 50% for no change. The October FOMC meeting is a coin flip after this week's September hike, with traders watching whether Japan's rate move forces the Fed's hand on dollar liquidity.

Fed rate hike in 2026? Already resolved yes. The September 16 hike brought the target range to 3.75-4.00%, and now the only question is whether October delivers a second increase before year-end.

The Big Story

SEC Advances Crypto Agenda After Clarity Act Failure

The U.S. Securities and Exchange Commission has launched its "Innovation Exemption," creating a formal regulatory pathway for so-called Tokenized Securities Venues (TSVs) to facilitate the trading of tokenized American stocks on public, permissionless blockchain networks.

The order grants temporary, conditional relief from broker-dealer registration and exchange rules, clearing the path for platforms to list tokenized equities without waiting for Congress.

One SEC decision dominated crypto price action on September 17, lifting decentralized exchange tokens and drawing fresh attention to the intersection of traditional finance and onchain infrastructure.

UNI surged alongside NEAR and other DeFi infrastructure tokens as traders repriced the regulatory risk around onchain stock trading.

Top Stories

Arc hits nine figures in TVL on day one!

Circle's Arc blockchain went live on Wednesday, September 16, 2026, putting block production in the hands of some of the biggest names in traditional finance. Total Value Locked across the network crossed $300 million on day one, according to DeFiLlama data, representing an increase of over 654,000%.

Arc's first day saw a massive memecoin trading surge, with roughly 82% of the $410.8 million in DEX volume driven by memecoins, not quite the institutional use case Circle had envisioned.

Zcash printed $1,500 today

ZEC hit an intraday high of $1,503.98 on Thursday, up 15% on the day and 194% over the past month, with a market cap of $25.26 billion and 24-hour trading volume of $2.86 billion.

A year ago, the token traded near $51. The move follows community approval of the NU7 network upgrade and growing speculation around a potential Grayscale ETF filing.

CLARITY Act Failed, But Bitwise Still Sees The Crypto Bull Market

The U.S. Senate dealt a significant blow to the crypto industry on September 15, when the Digital Asset Market Clarity Act failed to clear a key procedural hurdle. The bill received only 49 votes in favor, well short of the 60 needed to advance.

Bitwise's chief investment officer argues that the regulatory setback will not derail the ongoing Bitcoin bull market, pointing to institutional adoption and macro tailwinds as stronger forces than Washington gridlock.

Deep Dive of the Week

How Sei is Connecting Traditional Finance With Blockchain?

Wall Street-style financial products keep landing on Sei because the network offers fast, low-cost settlement while staying fully compatible with the Ethereum Virtual Machine. This deep dive explains how Sei's parallel execution model and optimistic parallelization architecture make it a natural fit for institutions building tokenized assets, and why the network's dual EVM/CosmWasm environment is attracting both DeFi builders and TradFi infrastructure providers.

By the Numbers

$746 million: Bitcoin ETF outflows following the Fed's September 16 rate hike to 4%, with BlackRock's IBIT leading the exodus.

756 million: Total transactions processed by Robinhood Chain since its July 1 mainnet launch, averaging close to 9.8 million daily.

159,600 APT: Amount burned by Aptos over the past 30 days, with cumulative burns since mainnet now reaching 1.8 million APT and an annualized burn rate of 1.9 million.

$30 million: Convertible note funding commitment secured by Evernorth from South Korean institutional investor NH Investment & Securities, designed to deepen the company's XRP acquisition capacity.

80%: Share of Robinhood stock token volume handled by Uniswap, with reported activity reaching roughly $10 billion.

1.25%: New Bank of Japan benchmark policy rate, the highest level since 1995 and the second hike of 2026.

On Our Radar

Cardano scam alert: Input Output Group urged users to stay away from its official YouTube channel after it was used to broadcast a fraudulent crypto giveaway featuring a suspected AI-manipulated video of Charles Hoskinson on September 18.

Binance's EU expansion collapsed: ECB President Christine Lagarde reportedly intervened to block Binance's regulatory application in Greece, according to a Wall Street Journal report, ending the exchange's attempt to secure a foothold in the European Union under MiCA.

Revolut faces $3M Monero ransom: A hacker group calling itself "iamnotavillain" has issued a $3 million ransom demand against Revolut, threatening to sell stolen customer data to criminal networks if the British fintech does not comply within 24 hours.

Russia's MOEX expands crypto futures: Moscow Exchange is set to launch perpetual futures linked to Bitcoin, Ethereum, XRP, Litecoin, and Bitcoin Cash on September 22, marking a significant expansion of crypto derivatives offerings from Russia's largest stock exchange.

Until Monday.

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