Crypto Mom Exits the SEC as Brazil Overtakes the US in Crypto Adoption 🪙
The thing about bear markets is that the loud money panics, but the smart money moves quietly. And there were lots of quiet movements last week. For starters, Hester Peirce, the woman who spent years being the lone reasonable voice in an SEC that treated crypto like a crime scene, just handed in her resignation as the market has lost $2.1 trillion and Bitcoin's chart looks like it fell down a flight of stairs. And yet Binance just dropped $100 million into Circle stock and locked in a five-year deal to push USDC. That's not a small gamble, guys. It's a statement.
Meanwhile, Brazil just topped everyone on Chainalysis' global crypto adoption index. Turns out they were quietly building a $252 billion on-chain economy while American regulators were busy writing laws about presidential meme coins. Speaking of meme coins, California just made it illegal for public officials to launch them. We won't call out the names, but let's just say this law has some very specific energy behind it
- Brazil Outranks US in Crypto Adoption During Worst Bear Market Since 2022
- Binance invests $100 million in Circle, signs 5-year USDC deal
- California Bans Public Officials From Issuing Meme Coins Under New Newsom Law
- SEC Commissioner Hester Peirce to leave post on Oct. 2
Binance invests $100 million in Circle, signs 5-year USDC deal
Circle Internet Group disclosed in a regulatory filing Tuesday that Binance purchased $100 million worth of Circle stock and entered into a new five-year agreement to promote USDC, the dollar-pegged stablecoin Circle issues. The stock sale and commercial agreement both closed on September 17, the filing said. Binance paid $80.84 per share for 1,237,011 shares of Circle's Class A common stock, a price the filing characterized as below the market rate at the time of closing. According to Unchained Crypto, that price was roughly 5% below Circle's September 17 closing price of $85.09.
Brazil Outranks US in Crypto Adoption During Worst Bear Market Since 2022
Brazil ranked as the world’s top country for grassroots crypto adoption in Chainalysis’ 2026 index. It beat the US as crypto’s market value roughly halved. The country’s crypto economy reached $252.5 billion over the 12 months ending June 30. Worldwide, on-chain activity slipped just 1.6% while the market shed $2.1 trillion. Brazil ranked fourth or higher in every category the index measures. It came second in cross-border flows, third in service flows and domestic peer-to-peer (P2P) activity, and fourth in balances.
California Bans Public Officials From Issuing Meme Coins Under New Newsom Law
California Governor Gavin Newsom has signed a bill barring public officials in the state from issuing meme coins, adding new restrictions on political figures' involvement in the crypto market. Assembly Bill 2409, authored by Assemblymember Avelino Valencia (D-Anaheim), prohibits California public officers and employees from issuing meme coins. It also bars digital asset service providers from listing certain meme coins issued after January 1, 2027, if they are offered by or in partnership with a federal, state or local public official.
SEC Commissioner Hester Peirce to leave post on Oct. 2
SEC Commissioner Hester Peirce has submitted her formal resignation from the US Securities and Exchange Commission, effective Oct. 2. Peirce, also known as “Crypto Mom” amid her advocacy of clear, rules-based regulation of the crypto industry, posted a copy of her resignation letter on her X account Friday. In the letter, she thanked the president for the “honor of her professional lifetime” serving as a commissioner and said she was leaving the SEC under the excellent leadership of Chairman Paul Atkins and Commissioner Mark Uyeda, the two remaining members, who are both Republicans.
Other Highlights Worth Mentioning
Scammers Launch Fake ETH L2 to Steal $2M From Crypto Traders – Bitcoin.com
Man sentenced to 12 years for $16M Coinbase customer support scam – Cryptoslate
Crypto exchange Bitget pauses withdrawals after $350 million stolen in hack – Reuters
Bitcoin dips below $83,000 to start the week as Asia markets sell, extending last week’s retreat – Cryptorank
COINIGY FACT OF THE DAY
On this day in 2020, Bitcoin crossed the 18.5 million mark after more than 18.5 million BTC had been mined, representing over 88% of Bitcoin's fixed 21 million supply.
On September 28, 2020, the 18.5 millionth Bitcoin had been mined, meaning more than 88% of Bitcoin's eventual 21 million supply had already been created. Despite having already created the vast majority of its eventual supply, Bitcoin still had more than 120 years of scheduled issuance ahead because its block rewards are periodically halved. The milestone highlighted one of Bitcoin's defining characteristics: a monetary supply that is governed by code rather than a central authority.
COINIGY MEME OF THE WEEK
