Weekly: CLARITY Act Failure, Poland Losing $230 Million Due to Cryptocurrencies, and a Zcash Rally

Published: September 20, 2026 – 11:29 UTC

The Incrypted editorial team has prepared a weekly digest of the crypto industry’s key events. In it — the failure of the CLARITY bill in the US, Poland’s $230 million loss linked to cryptocurrencies, CoinEx shutting down, an investigation involving Trump, and much more.

Top news

Bitcoin news

How did the asset’s price change over the week?

At the start of the week, on September 14, the leading cryptocurrency climbed above $79,000. However, the very next day bitcoin fell below $75,000 amid the failure of the CLARITY Act. Later, the asset rose to $78,000. At the time of writing, its price stands at $80,362:

*BTC/USDT rate on the Binance exchange. Source:* *TradingView*.

Bitcoin BTC

Price:

$80,315

-1.22%

24h Volume:

$7.4b

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Bitcoin did not react to the interest rate hike

The US Federal Reserve raised the interest rate by 25 basis points — from 3.5-3.75% to 3.75-4%. The decision was made on September 16 at a meeting of the Federal Open Market Committee (FOMC). This is the Fed’s first rate hike since July 2023.

Bitcoin barely reacted to the US regulator’s decision. After the rate announcement, the leading cryptocurrency remained near $76,000.

Expert opinions

CryptoQuant analysts said that bitcoin’s current rise remains insufficiently supported by spot demand. According to them, the market structure is increasingly resembling the January–March 2026 period, when the role of derivatives grew noticeably.

At the same time, CryptoQuant noted that rising trading volumes are being driven mainly by buying, which may indicate the market is moving into an early bull phase. However, without sustained spot demand, the current rally remains less convincing, so analysts advise focusing on risk management.

In addition, Santiment and CryptoQuant recorded several signals that may indicate a shift in the market structure of bitcoin and Ethereum. Exchanges currently hold about 6.06 million ETH — 73% less than in June 2020. The reduction in supply available for sale is being linked to rising staking volumes, ETFs, treasury strategies, and long-term holding. At the same time, wallets holding 10-10,000 BTC cut their balances by 0.20% over the past three weeks, while retail holders with balances up to 0.01 BTC increased theirs by 0.09%.

Wintermute believes the crypto market has moved into a neutral phase. They pointed to a shift in the dynamics of spot crypto ETFs. During the shortened holiday week, bitcoin ETFs posted net outflows of $463 million — for the first time since June.

Experts noted that inflows into bitcoin ETFs were one of the key drivers behind the first cryptocurrency’s rise from $63,000 to $82,000. After this trend reversed, bitcoin lost about $3,500. The asset has also been trading in the $76,000-$82,000 range for about four weeks and has bounced off the upper bound three times since August. According to the firm, without a recovery in ETF inflows, bitcoin currently has no obvious source of new demand capable of pushing it out of this range.

Analysts forecast that the second half of September will be calmer in terms of macroeconomic events, so this week could influence the market’s дальнейшу dynamics in Q4 2026.

Grayscale’s head of research, Zach Pandl, believes that bitcoin’s low near $58,000, recorded in late June, marked the bottom of the current bearish phase. He said this in an interview with Incrypted.

According to Pandl, Grayscale assesses the case for investing in bitcoin based on three factors: the long-term structural trend, the stage of the market cycle, and the macroeconomic backdrop. The firm believes all three conditions are currently favorable: digital assets continue to gain market acceptance, their supply remains constrained, the bearish phase has ended, and the macroeconomic environment supports this scenario.

Pandl added that Grayscale is currently giving clients the “green light” to invest in digital assets.

Artificial intelligence

FT: OpenAI is considering a funding round at a $1.2 trillion valuation ahead of an IPO

OpenAI held initial talks with major investors about a new round of private funding. If a deal is reached, the company’s valuation could rise to around $1.2 trillion, the Financial Times reported, citing sources familiar with the matter.

The talks are at an early stage, so the proposed valuation could change over the coming months. The new round could allow OpenAI to raise capital amid strong demand for its technology following the launch of new artificial intelligence models.

According to the FT, whether the round happens and its timing will depend on when OpenAI decides to go public. The talks were initiated by investors, not the company itself.

Google, Nvidia, and Emerald AI team up for AI data centers

Emerald AI, Google, and Nvidia announced the launch of the AI Energy Management Alliance (AEMA) — a coalition aimed at speeding up the connection of artificial intelligence data centers to the US power grid.

As part of the initiative, the companies plan to build infrastructure capable of dynamically adjusting electricity consumption depending on grid load. This approach is expected to make it easier to scale AI compute and reduce strain on the power system.

Jack Dorsey criticizes the idea of slowing AI development

Twitter co-founder and Block CEO Jack Dorsey published an essay on the future of artificial intelligence in which he argued against blanket restrictions across the industry. He called for developing open models, supporting independent research, and giving researchers broader access to AI and compute resources.

In Dorsey’s view, artificial intelligence technologies should not be controlled by a handful of companies or governments, as this could limit competition and access to models. He also opposed Dario Amodei’s proposal to cap compute for AI training, urging a focus on risk assessment and the development of safety mechanisms.

Zuckerberg speaks out against a broad slowdown in AI development

Meta CEO Mark Zuckerberg spoke out against a coordinated slowdown in the development of advanced artificial intelligence systems. In his view, each AI company should independently set the pace of work needed to train models safely.

Zuckerberg noted that companies already have their own incentives to improve the safety of AI products. According to him, users will not choose agents that act against their intentions, so safety, trust, and aligning systems with human goals can become competitive advantages.

At the same time, Meta itself postponed the launch of the Muse AI agent for several months to strengthen its safety and security. Zuckerberg emphasized that the company made this decision on its own and did not urge other market participants to take a similar pause.

Failure of the CLARITY Act

The U.S. Senate did not support moving forward procedurally with the CLARITY Act crypto market structure bill. A total of 49 senators voted to end debate and move to consideration of H.R. 3633, 50 voted against, and one lawmaker did not take part in the vote. At least 60 votes were required to clear this stage.

Against the backdrop of the vote, Democratic Senator Elizabeth Warren said she was ready to work on a new bill to regulate the crypto market. She noted that the current version of the CLARITY Act does not, in her view, adequately address national security, consumer protection, countering illicit finance, and government officials’ investments in crypto assets.

Warren also said she is ready to cooperate with Democrats, Republicans, and representatives of the crypto industry to prepare a new bill. According to her, the document should be bipartisan and include provisions aimed at protecting consumers and national security.

In addition, the Incrypted editorial team collected experts’ opinions on the bill’s failure:

In particular, JPMorgan analysts believe that the CLARITY Act crypto market structure bill could still return for a revote in the U.S. Senate before the current Congress adjourns. At the same time, they note that time for further negotiations on the document remains limited.

According to JPMorgan, the CLARITY Act “has not died for good” after the Senate failed to advance it procedurally on September 15. Senator Thom Tillis, who initially voted for the bill and then changed his vote to “no,” filed a motion to reconsider, which leaves room for a new vote. At the same time, analysts point to limited time for negotiations ahead of the November elections and during the next session of Congress.

Bitwise CIO Matt Hougan said the failure of the CLARITY Act in the U.S. Senate will likely have a smaller impact on the crypto market than investors’ initial reaction suggests.

Poland lost $230 million trying to buy Venezuelan oil with USDT

Polish state-owned energy company Orlen lost $230 million after wiring an advance payment to Dubai-based trader Hannon International for Venezuelan oil, but never received the promised volume. This is detailed in a Financial Times investigation based on internal Orlen documents, court filings, vessel-tracking data, blockchain analysis, and interviews with people involved.

A significant portion of the funds was planned to be converted into USDT to settle with Venezuelan intermediaries. At the same time, the Polish government estimated Orlen’s total losses from the deal at at least $424 million. In addition to the $230 million advance, this figure includes shipping charter costs and other expenses related to the operation. More details — in the article.

Democrats are preparing sweeping investigations into Trump if they win the elections

Democrats in the U.S. House of Representatives are preparing a sweeping investigative agenda targeting President Donald Trump, his administration, and his family. According to The Washington Post, these plans could be implemented if Democrats regain control of the House after the November midterm elections.

One focus of the investigations will be the growth of Trump’s and his family’s wealth, including income from cryptocurrency projects. Lawmakers also plan to scrutinize the administration’s immigration policy, the restructuring of the federal government, foreign policy, and possible pressure on U.S. public institutions.

CoinEx exchange announced it will cease operations

Crypto exchange CoinEx announced a gradual shutdown and the closure of all its services. The company said the decision was driven by a prolonged downturn in the cryptocurrency market, declining trading volumes and liquidity, and tighter regulatory and compliance requirements in key jurisdictions.

Spot trading on the platform will end on September 29, 2026. Withdrawals will remain available until December 22. CoinEx said it maintains an asset reserve ratio above 100%, and that all user assets are fully backed and available for withdrawal.

X launched the Cashtag Partner Program for trading stocks and cryptocurrencies

Social network X launched the Cashtag Partner Program in the US, which links posts and market data on stocks, ETFs, and cryptocurrencies with trading platforms. Interactive Brokers, Moomoo, Gemini, Kraken, and Coinbase have joined the program.

Users can view asset quotes on X, discuss them in posts, and jump to trading via one of the partners. At the same time, the social network itself does not execute trades — transactions are carried out directly on the side of the selected broker or crypto exchange.

Zcash rally

Over the week, the price of Zcash (ZEC) rose to around $1,500, and the token’s market capitalization topped $23 billion. Over the past year, the asset has gained more than 2,500%, and over the month — more than 160%.

The token’s rise comes amid a vote by ZEC holders on changes to the NU7 network upgrade. Holders of nearly 2.4 million ZEC took part — about two thirds of the coins eligible to vote.

One of the key changes was cutting block time from 75 to 25 seconds. The proposal was backed by 99.9% of votes, which is expected to speed up private payments on the network. At the same time, 98.9% of participants supported keeping the classic halving schedule and rejected a move to smooth issuance.

SEC approves limited onchain trading in tokenized stocks

The US Securities and Exchange Commission approved a temporary conditional Innovation Exemption for limited trading in tokenized stocks in an onchain environment. SEC Commissioner Mark Uyeda reported this.

The exemption applies to stocks included in the National Market System (NMS) and allows Tokenized Securities Venues (TSVs) to organize trading using automated market makers and liquidity pools. Under the set conditions, such venues will not automatically be considered exchanges under the Exchange Act.

The SEC plans to use the results of the pilot project to assess how the mechanism works and to further develop permanent rules for trading tokenized securities.

Other news:

Chainflip lost more than 736,000 USDT due to a vulnerability in its TRON integration.
pump.fun launched rewards for holders and scrapped cashback.
former Alameda Research CEO Caroline Ellison joined Manifund.
the US Department of Justice is seeking to seize $61 million in cryptocurrency tied to Iranian oil sales.
Robinhood will add Stock Tokens redemption for real shares and voting rights.
MetaMask launched protection against “romance” and investment scams, and will block “red pill” attacks.
Robert Kiyosaki said the biggest market crash in history has begun.
Circle launched the Arc mainnet with BlackRock, Visa, and Mastercard among the validators.
Justin Sun created a mathematics prize with payouts via blockchain.
a US crypto reserve bill cleared the House committee.
S&P Global agreed to acquire blockchain security developer OpenZeppelin.
experts counted crypto millionaires and billionaires worldwide.
Ethereum announced the date for Glamsterdam testing, but developers warned of an attack on Sepolia.
researchers used Claude to hack OpenAI and gained access to a secret repository.

What’s going on at Incrypted?

The closed Incrypted+ community has opened registration for a free four-day intensive that starts on September 21, 2026:

The Incrypted team has put together a guide on the Claude + Unreal Engine 5.8 stack, as well as a guide on analyzing a crypto project’s website:

We asked lawyers how, when, and why crypto exchanges share user data with law enforcement, and how this works in Ukraine:

We broke down the XPIN Network ecosystem:

Incrypted has compiled a list of popular crypto exchangers in Ukraine and in specific cities:

The editorial team looked into how Renko charts work, how they can be useful when trading low-liquidity assets, and what limitations to consider when setting them up and using them:

In Addition…

We have compiled the key investments in the blockchain and crypto asset space in one article for you.
We regularly update the Incrypted crypto calendar, where you will find plenty of interesting events and announcements.

Сообщение Weekly: CLARITY Act Failure, Poland Losing $230 Million Due to Cryptocurrencies, and a Zcash Rally появились сначала на INCRYPTED.

Source: Incrypted