MiM Weekly Report 9/14 – 9/20, 2026

The Clarity Act has not been passed, comrades still need to work hard.

The SEC is working hard. The SEC accepts "stocks on-chain," not "stock prices on-chain."

The SEC has not loosened the securities law but has first dismantled the two most critical barriers to on-chain. The five-year Innovation Exemption allows qualifying tokenized securities trading platforms to gain exchange registration exemptions, and also grants certain AMM liquidity providers dealer registration exemptions.

The boundary is equally clear: what goes on-chain must be real stocks and their shareholder rights, not just synthetic tokens that track prices; issuers retain the right to dispute; market participants need permission, but the underlying ledger can remain public and permissionless.

Cross-Border Payments｜After CLARITY collapsed, the OCC became the sole provider of stablecoin regulations: Auditor General Gould promised the final draft of GENIUS in November, with issuer license applications opening in early 2027. Outside the U.S., about 40 banks in Japan are piloting tokenized deposit remittances, aiming to bypass the full banking system for 24/365 settlements; Hong Kong has opened stablecoin distribution for institutions, and Canada’s Tetra has launched a Canadian dollar stablecoin. The legislative door may be closed, but the license window remains open.

On-chain Finance｜The Arc mainnet launched the same week, with BlackRock, DTCC, Visa, and Mastercard as validators, yet 82% of the first-day traffic came from a meme launchpad. S&P Global acquired OpenZeppelin, and the DTC’s tokenization services are counting down to October.

Agentic Economy｜TRM Labs calculated that only 0.6% to 7.5% of payments on x402 were truly initiated by agents; the volume of agentic payments fell by 93% this year, but $3.67 billion was invested in 950 startups over 13 months. Results also emerged in the same week: Ant International reported that 89.5% of merchants had deployed agents and launched AgentSafePay, with Claude Commerce Agents achieving a checkout completion rate of +60% among the first ten companies. Moisture and substance, reconciling accounts in the same week.

Investment and Financing｜This week, fintech financing totaled $858 million across 21 deals, with deal counts rising and amounts decreasing. Investors offered $12 trillion to OpenAI, while Anthropic's public S-1 was delayed for the third time, and computing company NSCALE has submitted applications first.

Next Month's Lottery｜DTC tokenization services will launch in October, and the consensus on Anthropic's listing in October remains unchanged, with the OCC GENIUS final draft scheduled for November.

What Congress did not provide, the SEC has given for five years.

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