24H Trending Coins and News | US SEC Introduces "Innovation Exemption," Allowing Limited On-Chain Trading of Tokenized Stocks; SEC Chair Says 24-Hour US Stock Trading Is Being Advanced (September 18)
- Key Takeaways: The US SEC has introduced a temporary "Innovation Exemption," allowing tokenized stocks to conduct limited trading on compliant on-chain venues, and is advancing 24-hour US stock trading, marking that US securities tokenization has entered a substantive regulatory pilot phase.
- Key Elements:
- The SEC approved the "Innovation Exemption," allowing eligible Tokenized Securities Venues (TSVs) to conduct on-chain trading, but with four conditions: US entities, licensed access, prohibition of synthetic tokenized stocks, and issuers retaining the right of objection.
- SEC Chair Atkins said 24-hour US stock trading is being advanced, DTCC has launched a "23×5" clearing system, and tokenization is expected to enable real-time inventory management, reducing settlement failures and naked short-selling risks.
- On the market side, ZEC briefly broke above $1,500 to hit an all-time high, rising over 10% in 24 hours; Hyperliquid HIP-3 market share rose from 2% at the beginning of the year to nearly 50%, and RWA perpetual contract monthly trading volume increased from $85 billion to $470 billion.
- Security incident: Nostra suffered an oracle attack, losing approximately $3.5 million, and the attacker has bridged some funds to Ethereum.
- Ethereum's Glamsterdam upgrade completed the Devnet-11 rehearsal, planning to raise the block gas limit from 60 million to 200 million, with Sepolia testnet deployment planned for October 6.
- Grayscale believes this round of Federal Reserve rate hikes is a "mid-cycle adjustment," unlikely to trigger major changes in the digital asset market, and stablecoin issuers may benefit from increased reserve interest income.
1. Trending Coins on CEX
Top 10 CEX Trading Volume and 24-Hour Price Change:
- BTC: +1.23%
- ETH: +1.53%
- SOL: +2.77%
- ZEC: +23.12%
- XRP: +2.08%
- NEAR: +14.44%
- BNB: +2.28%
- UNI: +8.91%
- DOGE: +1.78%
- ARB: +11.74%
24-Hour Top Gainers (Data Source: OKX):
- ONE: +63.89%
- NEAR: +23.04%
- ARB: +20.08%
- UNI: +18.10%
- G: +17.10%
- MMT: +14.97%
- AEON: +13.70%
- FET: +13.76%
- GALA: +13.53%
- DYDX: +13.13%
24-Hour Tokenized Stock Top Gainers (Data Source: msx.com):
- VICR: +18.97%
- AEHG: +14.88%
- TEM: +14.41%
- RDWU: +13.63%
- BNC: +13.45%
- FGNX: +12.87%
- SATL: +12.12%
- MUU: +11.99%
- SNXX: +11.96%
- KORU: +11.87%
2. Top 5 Trending On-Chain Meme Coins (Data Source: GMGN):
- CPU (Robinhood)
- ACT (Robinhood)
- GSTOCK (BSC)
- GCAT (BSC)
- PANCHU (Arc)
Headlines
SEC Introduces "Innovation Exemption," Allowing Limited On-Chain Trading of Tokenized Stocks
The U.S. Securities and Exchange Commission (SEC) stated that tokenization has the potential to reduce costs across market infrastructure segments including issuance, trading, transfer, settlement, and ownership records, while enhancing transparency and liquidity. The SEC today approved a temporary, conditional "Innovation Exemption" allowing tokenized stocks to be traded on a limited basis on certain on-chain venues—Tokenized Securities Trading Venues (TSVs).
It is reported that qualifying TSVs under the exemption may conduct approved trading through automated market makers and liquidity pools, subject to requirements including public disclosure, trading transparency, circuit breaker coordination, record-keeping, and technical safeguards, while being subject to caps on the number of ticker symbols and trading volume. The SEC stated that this initiative aims to observe the operations of on-chain trading venues and market participants, providing data basis for future long-term regulatory rulemaking.
SEC Chairman Paul S. Atkins stated that the SEC today adopted an "Innovation Exemption" providing temporary, conditional regulatory relief for on-chain trading of certain tokenized NMS stocks. Qualifying Tokenized Securities Trading Venues (TSVs) may be exempt from the "exchange" definition under the Securities Exchange Act, and qualifying liquidity providers may be exempt from the "dealer" definition. Atkins stated that the exemption includes four key conditions:
First, TSVs must be U.S. entities and comply with U.S. Office of Foreign Assets Control (OFAC) economic and trade sanctions;
Second, a permissioned access system is required, allowing only qualifying participants to trade tokenized NMS stocks;
Third, trading of synthetic tokenized stocks is prohibited; relevant tokenized stocks must be tokenized by the underlying stock issuer or an unaffiliated third party, and holders must enjoy the same rights as traditional securities, including dividends and voting rights;
Fourth, issuers have the right to object to and prevent their securities from being traded on TSVs, and anti-fraud and anti-manipulation provisions under federal securities laws continue to fully apply to relevant securities activities.
SEC Chairman Paul S. Atkins released his remarks from a roundtable discussion, commenting that the SEC is advancing preparations to expand 24-hour trading in U.S. equity markets. Extended trading hours are expected to allow investors to respond more promptly to market events, expand global market participation, and enhance liquidity. Paul S. Atkins noted that DTCC has already launched a "23x5" trade capture system to support clearing and settlement, the industry has established overnight price ranges and risk control requirements for relevant trading centers, and the Securities Information Processor (SIP) is preparing for overnight price information dissemination. Tokenization could help the securities industry achieve real-time inventory management, improve efficiency, reduce settlement failures, and lower naked short-selling risks.
Robinhood CEO: U.S. Entering the Tokenization Era, SEC Driving Financial Innovation
Robinhood CEO Vlad Tenev stated that the U.S. is entering the tokenization era, and tokenization is coming to America. Thanks to the push from the U.S. Securities and Exchange Commission (SEC), Americans can begin to enjoy the benefits of tokenization, including instant settlement, 7x24 trading, and default support for fractional trading. He called this an important moment for American innovation.
Industry News
Grayscale: This Fed Rate Hike Differs from the 2022 Tightening Cycle
Digital asset management firm Grayscale stated in an analysis published on September 17 that the latest Federal Reserve rate hike is more akin to a "mid-cycle adjustment" rather than a major monetary policy shift.
The Federal Open Market Committee raised the target rate range by 25 basis points to 3.75%-4% on September 16, stating the hike aims to bring inflation back to the 2% target in a more timely manner. Grayscale believes this rate hike and a possible second hike this year are unlikely to cause major changes in digital asset markets.
Grayscale noted that from March 2022 to July 2023, the Fed raised rates by a cumulative 525 basis points, with sustained tightening increasing returns on cash and interest-bearing assets and raising the opportunity cost of holding Bitcoin; the current environment represents a single hike after years of rate hikes, cuts, and holding steady.
Grayscale stated that the impact of rate hikes will vary by crypto business model—stablecoin issuers may benefit from increased interest income on reserve assets, and higher yields on tokenized bonds and money market funds could attract capital inflows into on-chain financial products. On September 17, Bitcoin briefly broke above $77,000, with short position liquidations in the crypto market approaching $260 million during the rebound.
Hyperliquid's HIP-3-based markets accounted for nearly 50% of the platform's perpetual contract trading volume in summer 2026, up from about 2% at the start of the year, with TradeXYZ's equity markets dominating, including Nasdaq 100 index and individual stock contracts. During the same period, overall RWA perpetual contract trading volume rose from approximately $85 billion/month in January to approximately $470 billion/month in June, with Binance, Hyperliquid, and OKX together accounting for over 80% of the category's share. Dragonfly Managing Partner Haseeb Qureshi stated that the industry needs multiple dedicated blockchains serving institutional compliance needs, rather than a winner-takes-all approach.
Project News
Block Gas Limit Proposed to Rise to 200 Million, Ethereum Glamsterdam Completes Devnet-11 Trial
The Ethereum Glamsterdam upgrade completed a trial on Devnet-11 this week and successfully confirmed blocks under new block construction rules. The upgrade proposes to raise the block gas limit from 60 million to 200 million and introduce block-level access lists, enabling nodes to fetch data in parallel and validate unrelated transactions; block data propagation time will extend from about 2 seconds to 9 seconds to accommodate larger blocks. In testing, the Nethermind execution client passed all 2,302 performance tests and processed 570.7 billion gas in 3 minutes and 15 seconds. Developers plan to deploy on the Sepolia testnet on October 6, though the exact timing remains to be confirmed; the 200 million gas limit is still experimental and has not undergone adversarial stress testing.
Losses of Approximately $3.5 Million: Nostra Suffers Oracle Attack
Nostra suffered an oracle attack. The manipulated NSTR oracle price allowed a single account to borrow approximately $3.5 million in ETH, STRK, USDC, USDT, WBTC, and DAI using NSTR as collateral on Nostra's Starknet money market. The attacker subsequently bridged approximately $1.92 million in stolen funds—234.57 ETH and 1.3 million DAI—to Ethereum.
ZEC Briefly Breaks Above $1,500 This Morning, Continuing to Set All-Time Highs
According to OKX market data, ZEC briefly broke above $1,500 this morning, reaching a high of $1,513.13, currently trading at $1,469.59, with a 24-hour gain exceeding 10%.
MoonPay Adds $1.2 Billion WTGXX Tokenized Fund to Stablecoin Reserves
Fintech company MoonPay will partner with asset management firm WisdomTree to expand U.S. investor access to the WisdomTree Treasury Money Market Digital Fund (WTGXX). WisdomTree will leverage MoonPay's technology to develop access to the fund, covering MoonPay's over 35 million accounts.
MoonPay plans to incorporate the approximately $1.2 billion tokenized money market fund WTGXX into its stablecoin reserve management system. WTGXX aims to maintain a $1 net asset value per share. MoonPay launched its enterprise-facing stablecoin business in November 2025.
Data: Robinhood Chain Transactions Surpass 750 Million
Robinhood Crypto officially announced data showing that Robinhood Chain's cumulative transaction volume has surpassed 750 million, stating that more developers are launching projects on the chain and user numbers continue to grow, though it remains in an early stage.
Funding & Investment
Tenka Completes $2 Million Pre-Seed Round, Led by Maven 11
Tenka is an institutional-facing asset-backed finance trading platform connecting asset originators, investors, and liquidity providers, offering structured bookbuilding, secondary market trading, on-chain settlement, independent valuation, and unified reporting services. The platform aims to alleviate liquidity constraints in private credit markets, enabling asset-backed financial instruments to be transferred in secondary markets without requiring borrowers to prepay or redeem at the fund level. It plans to launch later this year. The company's CEO is Emile Dubié.
Regulatory Developments
FDIC Proposes New Rule on State Bank Parity, Covering Digital Asset Business
The U.S. Federal Deposit Insurance Corporation (FDIC) Board of Directors approved a proposed rule to establish parity treatment for out-of-state state-chartered banks and federal banks regarding applicable state law. The rule would clarify which state laws apply when state-chartered banks operate across state lines, covering innovative financial activities including digital asset-related business. U.S. Senator Cynthia Lummis of Wyoming stated that the proposal could inject new momentum into the state-level banking system and responsible innovation, including digital assets.
A Fox Business crypto reporter posted that CFTC staff are clearing obstacles for software developers, enabling them to develop tools connecting users with registered futures commission merchants and exchanges without needing to register as brokers.
Voices
U.S. Securities and Exchange Commission (SEC) Commissioner Hester M. Peirce published a statement noting that extended U.S. stock trading hours are gradually forming a "23 hours, 5 days a week" trading model, with overnight trading currently accounting for less than 1% of total NMS stock trading volume and highly concentrated in a few stocks. Peirce raised six key questions at the SEC's overnight trading roundtable:
How should U.S. equity markets draw on the experience of forex, cryptocurrency, and futures markets that have long operated extended hours;
When overnight liquidity is fragmented and spreads widen, how should broker-dealers fulfill best execution obligations and strengthen retail investor protection;
When overnight liquidity is insufficient and execution costs are high, is it still a reasonable fiduciary decision for asset managers to choose not to trade overnight;
Will extended trading hours change how listed companies release earnings and material information;
Given that EDGAR filings submitted after 5:30 PM ET are typically not processed until the next business day, does the SEC need to adjust the EDGAR system to ensure timely disclosure of material information during overnight trading sessions;
Should the SEC provide relevant guidance or regulatory exemptions for listed companies, especially smaller ones.
"Fed Whisperer" Nick Timiraos posted that Trump has consistently criticized the Fed for keeping interest rates too high, but after the Fed's rate hike this week, he claimed he had expressed approval of the decision during a phone call with Fed Chairman Warsh days before the decision.
According to people familiar with the matter, Trump's call with Warsh came as a surprise to many of the president's close advisors. This "truce" posture clearly indicates that Warsh has temporarily reversed the previous tense relationship in which the White House viewed the Fed as an adversary. The risk is that this situation may only last until the Fed hikes rates again.
