According to the source, several market-moving claims were posted this week, but we cannot cite or rely on competing crypto media. Please provide primary or official sources for each item so we can deliver a verified, trading-grade brief: (1) Morgan Stanley research or investor communication recommending up to a 4% allocation to BTC (source: Morgan Stanley Research/Wealth Management or Investor Relations); (2) Stripe’s federal charter application to issue a stablecoin (source: OCC/FDIC/FRB public dockets or Stripe newsroom/press release); (3) exchange BTC balance lows since 2019 (source: on-chain analytics providers such as Glassnode or CryptoQuant); (4) a BTC all-time high of $125,000 (source: trade print or consolidated price from major spot venues like Coinbase, Binance, Kraken, or CME futures data); and (5) an official U.S. government shutdown with SEC operations impact (source: U.S. OMB announcements and SEC.gov operational updates). With these citations, we will quantify price levels, flow dynamics, risk scenarios, and allocation implications for BTC and stablecoins.

According to @jchervinsky, there is no GENIUS-compliant stablecoin today because the Act is only a framework with details to be defined by regulators, and it becomes effective 120 days after rulemaking is finalized, with an expected effective date of November 15, 2026, so current rules remain in force until then, source: @jchervinsky. According to @jchervinsky, traders evaluating USDH should focus on compliance with current law now because GENIUS will not alter the regulatory regime until late 2026, source: @jchervinsky. According to @jchervinsky, state regulation offers little benefit if USDH aims to exceed 10 billion in total supply because the federal pathway becomes mandatory above that level and the issuer must be a bank or obtain an OCC charter, source: @jchervinsky. According to @jchervinsky, supporting or opposing USDH proposals based on GENIUS compliance today is premature and the key is whether the team can meet future rules and execute distribution effectively on Hyperliquid, source: @jchervinsky. According to @jchervinsky, the trading takeaway is to treat GENIUS as a 2026 catalyst while prioritizing team execution and distribution as the primary drivers of USDH adoption and liquidity in the interim, source: @jchervinsky.