Welcome back 👋. Each edition we cut through the noise and explain what’s driving crypto. This edition, Wall Street isn't waiting for Congress: the NYSE's owner filed to trade stocks on a blockchain. Plus, one year after bitcoin's peak, our Chart of the Week looks at what has always come next.

- Validator Digital

Bitcoin spent the last two weeks stuck between $83,000 and $87,000. Investors kept buying, putting $1.5 billion into bitcoin funds, which kept the price from falling further. But US government bonds now pay their highest rates since 2007, which pulled money away from riskier investments like crypto and kept a lid on the price.

👀 What to Watch Next

The Fed decides on rates October 27 and 28, the next big test for a market that has held its ground since the CLARITY vote. Today also marks one year since bitcoin's record high. See the Chart of the Week for what has followed in past cycles.

What Happened
On October 4, OKXICE, a joint venture between OKX and NYSE parent Intercontinental Exchange, filed with the SEC to trade tokenized versions of 63 US stocks, including Nvidia, Apple, and Tesla. Each token is a blockchain version of a real share with the same rights, including dividends and votes. Trading could run 24/7 using digital dollars (stablecoins). Separately, the NYSE agreed to explore offering tokenized stocks and ETFs to Blockchain.com's 44 million users.

Why It Matters
Last issue, we covered the SEC's five-year pass letting platforms trade tokenized stocks without registering as an exchange. Two weeks later, the company that owns the world's largest stock exchange has filed to use it. Stocks that trade around the clock and settle in minutes, instead of waiting through market hours and settlement delays, are moving from crypto experiment to Wall Street product.

The Bottom Line
The CLARITY Act died in the Senate three weeks ago, but tokenized stocks are moving ahead anyway on rules the SEC wrote itself.

UK Banks Move Real Customer Money on a Blockchain
Barclays, HSBC, Lloyds and four other UK banks completed the first live customer payments in tokenized deposits, which are ordinary bank balances recorded on a blockchain. Bank money can now move at blockchain speed without giving up deposit protection, and the firm behind it is building the US version for JPMorgan, Bank of America and 23 other banks.

America's Biggest Banks Pick Quant to Put Deposits on a Blockchain
The Clearing House, a payments network backed by 25 major banks including JPMorgan, Bank of America and Citi, chose Quant to build its US network for tokenized deposits, launching in the first half of 2027. Ordinary dollars in US bank accounts could then settle between banks in real time, linked to the payment systems banks already use.

Coinbase Gets Approval to Settle Its Own Trades, Even on Weekends
Regulators approved Coinbase to settle its own crypto futures and options, the step where the buyer gets the contract and the seller gets paid, which it used to hand to an outside firm. America's largest crypto exchange now runs every step of a trade, like CME, Wall Street's biggest futures market, except Coinbase settles in digital dollars around the clock instead of waiting for banks to open.

Citi Lets Its Business Clients Get Paid in Stablecoins
Citi, which moves about $5 trillion a day for clients including 85% of the Fortune 500, is teaming with Coinbase so its business clients can accept stablecoins that convert to dollars automatically. One of the world's biggest payment banks is now connecting the largest US companies to blockchain payments through the accounts they already use.

One Year After the Peak, the Bottom Has Always Been In
Today marks one year since bitcoin's $126,198 all time high on October 6, 2025. In each of the last three cycles, bitcoin had already hit its low by about a year after the peak, then climbed 344% to 651% from that low to a new high. This cycle likely bottomed at $57,855 on June 30, and bitcoin is up 47% since. If that low holds, the climb is already three months in.

If the blockchain is the record book, your [crypto] wallet is your keychain. It does not hold your valuables; it holds the keys that unlock those valuables.

Your wallet does not store your coins, those live on the blockchain. What it holds are your keys, the codes that prove what is yours.

Your public key is like your home address — you share it so others know where to send things. Your private key is like the key to your front door — it proves you are the owner and lets you move what is inside.

When you send a transaction, your wallet uses your private key to "turn the lock," creating a digital signature that everyone can check using your public key. They can verify it fits perfectly — but without your private key, they can't copy or forge it.

Lose your keys, and the house still exists on the blockchain, but you cannot get inside. There is no landlord, no help desk, no locksmith. That is the tradeoff of true ownership (so back up your keys).

Next Week: A Quick Recap
Last Week: What is in a Transaction?

What story from this week are you watching most closely? Hit reply and let us know.

See you next week,

Don’t speculate, validate.
- Validator Digital

Disclaimer: Individuals have unique circumstances, goals, and risk tolerances, so you should consult a certified investment professional and/or do your own diligence before making investment decisions. The author is not an investment advisor and may hold positions in the assets covered. Certified professionals can provide individualized investment advice tailored to your unique situation. This newsletter is for general educational purposes only, is not individualized, and as such should not be construed as investment advice.