From Decrypt · By Tyler Warner
Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. And check out our daily news show 'FOMO HOUR' covering all of the top stories and market action.
GM!
Today’s top news:
Crypto majors slightly red and continue downturn; BTC at $80.3k
BTC ETFs see $110M in net inflows; ETH $88M in outflows
Strategy buys no BTC, adds $205M of STRC; STRC at $99.11
Galaxy Research declares the bear market over, stating June low marked bottom
Hyperliquid shares that Kraken parent Payward will be first CFTC regulated hip-3 deployer
BitcoinBTC · USD$80,111−2.48%Oct 20Oct 22Oct 24Oct 25Oct 27$84.8k$83.1k$81.3k$79.6k24h HighHigh$80,68024h LowLow$79,416VolVol$1.1B→Buy Bitcoin with USDTPowered by JupiterPrice data by CoinGeckoCoinGeckoMore Bitcoin news and projections →Tokenized Stock Battle Looms Over Robinhood’s Earnings Call
Somebody bought a full-page ad in the Wall Street Journal this weekend to tell public company CEOs that crypto is coming for their shares.
“YOUR STOCK. THEIR TOKENS. YOUR PROBLEM,” it read, paid for by the Common Sense Leadership Fund, a conservative nonprofit. They listed eight risks - pricing disparities, obscured ownership, impaired capital raising, cybertheft, market manipulation, AML and KYC loopholes, absent investor protections, legal liability. And the call to action was blunt: the SEC has given you the right to opt out, you have 30 days, this is your only chance.
The war against tokenized stocks is brewing.
Nine companies objected to having their shares tokenized on the OKX-ICE venue on October 15. By October 19 it was 16. By October 23, the list hit 22, including Wells Fargo, Cisco, Marvell, Arm, Moderna and Intuit joining Microsoft, Alphabet, Goldman Sachs, Verizon, Broadcom and UnitedHealth. That’s a two-and-a-half-fold increase in eight days, and 35% of the 63 companies the venue planned to list.
OKXICE even amended its rules on October 19 to let issuers tokenize their own shares, which would hand them control. Not one objector has taken it. They don’t want a better version of the product. They don’t want it.
Which brings us to today.
Robinhood reports third-quarter results after the bell, and no company has more riding on how this fight resolves.
Robinhood Chain launched its public mainnet on July 1. In its debut quarter it generated roughly $51 million in revenue. That’s more than Ethereum’s $41 million, while Ethereum’s own network revenue fell 35%. It processed about $65 billion in DEX volume, fourth among all networks.
Of that, $13.7 billion was tokenized equities. One fifth of everything trading on the chain, in a single quarter, from a zero start.