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GM. This is The Crossover.
Two Fed officials gave different signals on Tuesday, the House has widened its prediction-market probe to Hyperliquid, and NEAR turned away money stolen from Bitget.
Macro

Fed vice chair Williams says the next rate hike can wait

A wooden metronome against a dark background, its pendulum caught mid-swing

On Tuesday two of the people who vote on US interest rates spoke in public and sent different signals. John Williams, president of the New York Fed, is also vice chair of the committee that sets rates. He said "there is no need for urgency, and we have time to gather more information."

The Wall Street Journal reports he suggested the Fed could wait until December before raising rates again. His words carry weight because the vice chair usually reflects the middle of the committee.

Michael Barr, a Fed governor, spoke in Detroit on Tuesday as well. The Fed raised rates at its September meeting with no one dissenting, and Barr said "further policy adjustments are likely to be needed" to bring inflation back to the Fed's 2% target.

Bond traders reacted the same day. The two-year Treasury yield, which follows where people expect the Fed's rate to go, fell. Traders on the prediction market Polymarket now give a hike at the October 28 meeting about 44%, down from 69% a day earlier.

Longer bonds went the other way. The 10-year yield ticked up to another 19-year high, and the 30-year rose to 5.594%, its highest since 2002. Those yields reflect years of expected inflation and government borrowing, which a delay of a few weeks doesn't touch.

Williams still expects one more hike, which he said "may be appropriate late this year."

Bitcoin is $83,432 this morning, up 0.6% in 24 hours. The Journal says it is on pace for its best quarter since the end of 2024, up more than 40% since July.

If you hold it, the rate risk has moved a couple of months down the calendar and hasn't gone away. Friday's jobs report is the next number that could change the date.

Regulation

House Oversight widens its prediction-market probe to Hyperliquid

House Oversight chair James Comer sent letters on Tuesday to Hyperliquid Labs, Crypto.com and Aristotle Exchange, the owner of PredictIt. He wants their records on how they check who their traders are and how they catch suspicious trades.

His investigation, opened in May, had covered only the prediction markets Kalshi and Polymarket. They have handed over nearly 1,000 documents.

Comer pointed to a large borrowed bet on falling prices, opened on Hyperliquid shortly before the October 2025 tariff announcement. He asked whether that trader acted on information the public didn't have. The letters follow cases like an Army soldier accused of using classified information to make about $400,000 on Polymarket.

He has said the pattern could lead Congress to consider new rules. If you trade on Hyperliquid, its answer on how it verifies traders is the one to follow.

On-chain

NEAR Intents refused $50 million of the Bitget hackers' money

After hackers took about $387.5 million from Bitget on September 24, they tried to move more than $50 million of it through NEAR Intents, a service that swaps coins between blockchains. The hackers had already swapped the stolen USDT and USDC into ether and BNB, which Tether and Circle can't freeze.

NEAR Intents says its screening layer, called SHIELD, refused nearly all of it. Only about $166,000 got through. SHIELD checks deposit addresses against shared lists of stolen funds.

Bitget's chief executive Gracy Chen asked another swap service, THORChain, to refuse service to the attackers' addresses. THORChain declined, likening its neutrality to that of Bitcoin and Ethereum.

Swap services choose for themselves whether to take stolen money, and these two chose differently. If you move coins between chains, it is worth knowing which kind you're using.

⚖️ The Odds
Live prices from prediction markets, where real money is staked on real outcomes.
Will Predict.fun launch a token by December 31, 2026? 44%
New. Traders on Polymarket give 44% odds that Predict.fun, a prediction-market app, launches its own token by December 31. The same question for September 30 sits close to zero, so the number is a bet on the last three months of the year. It is a small market, with about $80,000 traded in total.
🔭 What to Watch
Today's core PCE inflation report The government reports August's core PCE this morning, the price index the Fed watches most closely. Barr counts only two of the last 20 months at the 2% target, so a higher reading fits his argument and a lower one fits Williams'.
Brazil's self-custody rule starts Thursday Brazil's central bank begins requiring reports on transfers over $10,000 to and from self-custody wallets. It is one of the first countries to track money moving off exchanges into personal wallets.
Hester Peirce leaves the SEC on Friday Peirce, the SEC's best-known crypto advocate, ends nearly a decade at the agency. Her resignation letter names Chairman Paul Atkins and Commissioner Mark Uyeda as the leaders she trusts to carry on.
📈 The Tape
• BTC $83,432, ETH $2,669.56, SOL $119.52 Solana is up 2.43% in 24 hours and leads the three. Bitcoin is up 0.57% and ether is up 0.54%.
• Bitwise's NEAR fund is set to start trading today on NYSE Arca under the ticker NRR It charges 0.75% a year and holds its NEAR with Coinbase Custody. Bitwise plans to stake all of it, and about two-thirds of the staking rewards stay in the fund.
• The SEC charged Cryptoaiml and other entities over fraud schemes worth at least $15 million The agency says the schemes promised big returns, claimed to be regulated by the SEC and used WhatsApp and other platforms to find investors.
• Quant is up 38.6% in 24 hours, Grass 29.5% and Pump.fun 24.7% CoinGecko lists all three among its most-searched coins. Coin Metrics finds the median meme coin is still down 27% this year.
• Fear & Greed: 71, Greed, down 2 points from yesterday It has been in the Greed band since at least Monday.
🎯 The Call
Which is bigger: the $150 billion Nvidia added to its stock buyback program on Monday, or the value of every Solana token combined?
The Nvidia buyback
All of Solana
Both Fed officials still expect another hike, and Williams puts it late this year.
TC
We read two Fed speeches before breakfast and still can’t tell you where rates go next. What you do with your money is entirely your call.
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