On Wednesday evening Senator Cynthia Lummis put out new text for the CLARITY Act, five days before the Senate votes on whether to debate it. The new text would make trading protocols that are not genuinely decentralized register with the Commodity Futures Trading Commission, the agency that already oversees futures and commodities.

That requirement is new, and it applies to the firms that have spent a year lobbying for this bill. CLARITY is the law that would split US crypto between two regulators, the SEC for securities and the CFTC for everything else. A front end that takes a fee and routes an order would now need a registration it does not have.

Tuesday's vote only decides whether the Senate is willing to start debating the bill. The Senate has not managed that once this year.

Republicans hold 53 seats and need 60, so at least seven Democrats have to cross.

Both sides have taken the fight to senators' home states. The advocacy group Stand With Crypto counted close to 50,000 calls and emails to Congress from its members in August. Its Georgia chapter has been leaning on Senator Raphael Warnock, who voted against advancing the bill in committee.

Community banks are buying television ads in the same states. What they are fighting about is stablecoin rewards.

If a dollar token can legally pay a yield, savers move money out of an account paying almost nothing and into a token paying more. The banks lose the cheapest funding they have. That fight, plus unresolved arguments over ethics rules and money laundering, is what has kept 60 votes out of reach.

So Tuesday tells you whether a US rulebook is two years away or five. And the text the Senate would be debating asks more of DeFi than the one the industry spent the year asking for.

Pump.fun turned on a feature called Custom Pairs. Until now a new token on the biggest memecoin launchpad traded against Solana or a dollar token. A creator can now choose from 93 quote assets through xStocks and Sunrise, and launch something priced against tokenized Nvidia instead.

Pump.fun and Sunrise put 20 more tokenized stocks on Solana the same day, issued by Backpack Securities. Boeing, Alibaba, Costco, Dell, Trump Media and Hims are among them.

Creator fees run from 0.05% to 1% and arrive in the paired asset, so a token launched against tokenized Nvidia pays its creator in tokenized Nvidia. Tokenized stocks have spent two years inside brokerages. They are now on the venue retail already uses, and nobody yet knows whether they trade deeply enough to hold up the other side of a pair.

Bitwise is shutting BWOW, its Dogecoin ETF, less than a year after it opened. Trading ends on 14 October. Anyone still holding is paid in cash on 22 October at the fund's value the day before, and has to do nothing to get it.

About $722,000 was left in the fund. That does not cover the cost of staying listed, so Bitwise is not waiting to find out whether the money turns up late. It is the first US altcoin ETF to wind down.

For two years the working assumption in crypto has been that a fund listed in New York is what brings the money in. Dogecoin got one and the money never came.

Keep that in mind the next time someone writes up a filing for a smaller coin as a reason to buy.