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- SEC Opens Onchain Stock Trading
SEC Opens Onchain Stock Trading
PLUS: Rate Hikes Hit. Crypto Still Climbed
Welcome back to The Warmup.
Washington said no. Two central banks said tighter. Bitcoin said $80,000 anyway.
Also, you can now put actual stocks onchain.
Here’s what we’re watching:
Market Snapshot
SEC Opens Onchain Stock Trading
Rate Hikes Hit. Crypto Still Climbed
Market: Crypto is leading higher, with SOL outperforming as BTC and ETH also push higher.
SEC Opens Onchain Stock Trading
What’s going on:
The SEC just gave U.S. venues a five-year pass to trade tokenized versions of real listed stocks onchain.
These venues can use permissioned automated market makers, the same style of pool Uniswap uses, instead of a traditional exchange matching engine.
The tokens have to carry the same rights as the real share: dividends, votes, the works. Synthetics that only track the price do not qualify. Issuers can opt out.
Chair Paul Atkins framed it as the backup plan after the Senate blocked the Clarity Act this week. Congress stalled. The agency moved.
What it means:
Wall Street names can now live on public blockchains inside a guarded, U.S.-person sandbox.
That is why Uniswap and Arbitrum ripped Friday. Traders are betting those rails get used first. The catch is the window is temporary, volume is capped, and a future Commission can yank the relief.
If you are new, the simple read is this: stocks and crypto are starting to share the same plumbing.
Rate Hikes Hit. Crypto Still Climbed.
What’s going on:
The Fed raised rates 25 basis points on Wednesday, its first hike since 2023. The Bank of Japan followed Friday, lifting its rate to 1.25%, the highest in about 31 years.
Bitcoin still recovered toward $80,000. ETH tagged $2,500.
The whole market added tens of billions in a few hours. DeFi led. Hyperliquid, Zcash, Solana, Uniswap, and Arbitrum did the heavy lifting.
What it means:
Higher rates usually make cash and bonds more attractive than assets that pay nothing. This week the hike was already in the price.
That is the beginner lesson. Markets move on surprises, not on the headline you already expected.
 | HYPE: |
 | ZEC: |
 | UNI: |
Would you buy a real Apple share if it lived onchain? |
The tape this week taught a cleaner lesson than any bill in Congress. The Senate blocked market-structure legislation. Two major central banks tightened. Spot bitcoin ETFs still leaked money on some sessions.
Price went up anyway.
The hike was priced. The SEC and CFTC started writing the rules Congress would not pass. Tokenized stocks, custody at Deutsche Bank, and S&P buying the firm behind the most-used smart contract libraries are the slow work.
Own less than you can stand to watch go quiet for months, and stay close enough to notice when the plumbing actually changes.
— The Warmup Team
Always do your own research. This newsletter is supplemental material to help educate readers as they make their own decisions. Projects mentioned here are provided to give a potential early-mover advantage.