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● The week in review

Weekly Recap — 22 Sep–28 Sep 2026

The week's defining thread was legislative collapse: the CLARITY Act failed its Senate vote, Hester Peirce announced her SEC departure, and the Blockchain Association lost its chief executive in quick succession. That trio of setbacks landed against a backdrop of genuine institutional momentum — Bitcoin ETF annual flows turned positive, tokenised-deposit infrastructure went live at major banks, and stablecoin deployment reached consumer payment rails at scale. The mood was not a crash but a split screen: structural progress in markets running alongside a regulatory vacuum that left the industry more dependent on agency guidance than anyone had planned.

  1. The CLARITY Act fails its Senate vote; crypto PAC spending in 2026 midterms now likely to escalate.Market-structure legislation failed, leaving asset classification unresolved and crypto PAC escalation certain.23 Sep
  2. Bitget breach full summary.A $352 million exchange breach is the largest single security incident of the year so far.25 Sep
  3. Hester Peirce leaves the SEC next week.Peirce's exit removes the SEC's most durable internal advocate for rule-based clarity.26 Sep
  4. Federal Reserve opens two proposals to implement the GENIUS Act for stablecoin issuers.The Fed's first GENIUS Act implementation proposals set binding reserve and redemption standards for supervised issuers.25 Sep
  5. UK's largest banks settle the first interbank tokenised-deposit transactions.Live interbank tokenised-deposit settlement at major UK lenders marks the shift from pilot to operational infrastructure.25 Sep
  6. Binance acquires a $100 million Circle stake and signs a five-year USDC promotion deal — on the same day US prosecutors reportedly probe its Iran sanctions compliance.Binance's Circle stake and simultaneous DOJ Iran-sanctions probe create compounding legal and commercial risk for the exchange.23 Sep
  7. SoFi goes live with stablecoin settlement on Mastercard's network, targeting $25 billion in annualised card volume.SoFi's Mastercard stablecoin settlement targets $25 billion in card volume, a consumer-scale first for the rails.23 Sep
  8. ARK Invest tokenises its $1.3 billion venture fund via Securitize on Ethereum.ARK tokenising a $1.3 billion fund on Ethereum is a meaningful feasibility proof for illiquid private assets going onchain.25 Sep