Briefs · Morning brief
Morning brief: Circle's quarterly call today; SEC staff relief for Canton
Circle hosts its third-quarter earnings call at 8:00 a.m. ET, and SEC staff said they won't recommend enforcement over Canton Coin's minting. Bitcoin traded at $78,536 at 6:24 a.m. ET, up 1.93% over 24 hours.
Morning brief: Circle's quarterly call today; SEC staff relief for Canton
What matters today
- Circle reports its quarter. Circle said in a post on X that it hosts its third-quarter 2026 earnings call at 8:00 a.m. ET today, live on X and YouTube. [1]
- SEC staff relief for Canton Coin. The SEC's Division of Corporation Finance said it views Canton Coin as a "digital commodity," based on the developer's representations. [3]
- AP projects Democrats win Congress. Every House seat and the Senate's Class II seats were on the Nov. 3 ballot. The Associated Press projects Democrats won control of both the House and the Senate. These are AP race calls, not official results; results become official only when state authorities certify them. [7][8][23]
- Treasury's quarterly refunding. The Treasury is scheduled to announce its quarterly refunding of 3-, 10- and 30-year securities today, per its tentative auction schedule. [9]
- Bitcoin up, wider market down. Bitcoin rose 1.93% over 24 hours even as total crypto market value slipped 0.74%. [17]
Overnight crypto
| Asset | Now (6:24 a.m. ET) | 24h change |
|---|---|---|
| Bitcoin (BTC) | $78,536 | +1.93% |
| Ether (ETH) | $2,330.78 | +2.89% |
| Solana (SOL) | $93.67 | +1.42% |
| BNB | $700.87 | +0.47% |
| XRP | $1.29 | +2.75% |
All five majors rose over the 24 hours, while total crypto market value was $2.63 trillion at 6:22 a.m. ET, down 0.74%, according to CoinGecko. [17]
Bitcoin's share of total crypto market cap stood at 59.98% at 5:18 a.m. ET, and CoinMarketCap's Fear and Greed Index read 37 (Fear) at 5:08 a.m. ET, its highest reading since Oct. 29 in CoinMarketCap's daily history. Data: CoinMarketCap. [18]
Figure 1. Movers, top 50 by market cap, excluding stablecoins, wrapped and staked tokens, tokenized gold, cash-like funds and meme coins, 24 hours to 6:24 a.m. ET. Only two names in the screen fell:
| Gainers | 24h change | Decliners | 24h change |
|---|---|---|---|
| Zcash (ZEC) | +11.90% | TRON (TRX) | −0.77% |
| Ethena (ENA) | +8.10% | Rain (RAIN) | −0.55% |
| NEAR Protocol (NEAR) | +6.75% | ||
| Ondo (ONDO) | +5.15% |
Liquidations
Forced closures of leveraged crypto positions were close to evenly split. Crypto short liquidations totaled $166.4 million and long liquidations $182.4 million over the 24 hours to 6:24 a.m. ET. Non-crypto perpetual futures, which have no expiry date, on stocks, indices and metals added at least $33.3 million in shorts and $72.4 million in longs; that figure is a floor, from CoinMarketCap's top-250 list only. Data: CoinMarketCap. [19]
Figure 2. Largest crypto liquidations, 24 hours to 6:24 a.m. ET (24h price change in parentheses):
| Coin | Shorts | Longs |
|---|---|---|
| Bitcoin (+1.9%) | $84.3M | $81.6M |
| Ether (+2.9%) | $42.0M | $34.1M |
| Zcash (+11.9%) | $11.7M | $2.7M |
| Solana (+1.4%) | $3.7M | $11.7M |
| Hyperliquid (+3.2%) | $1.9M | $8.3M |
Data: CoinMarketCap. Price changes are CoinMarketCap quotes and differ slightly from the CoinGecko figures above.
What printed
01 · Circle's earnings call is today. "Tomorrow, Nov 4, Circle will host its third quarter 2026 earnings call at 8:00 AM ET, live on X and YouTube," Circle said in a post on X at 5:00 p.m. ET Tuesday, adding that Jeremy Allaire and Jeremy Fox-Geen "will discuss Q3 results and recent business updates." Circle filed its third-quarter results with the SEC at 6:26 a.m. ET in an 8-K, a company's report of a major event. [1][2]
02 · SEC staff call Canton Coin a "digital commodity." In a Nov. 3 no-action letter, the Division of Corporation Finance said that "in reliance on the representations provided in your letter, the Division is of the view that Canton Coin is a 'digital commodity,'" and that it won't recommend enforcement over the token's minting if the facts are as represented. The relief rests on developer Digital Asset's representations, is not a Commission rule and "does not express any legal conclusion on the issues presented." [3] Le Coin: SEC staff call Canton Coin a digital commodity and won't recommend enforcement
03 · Court challenge to no-expiry stock futures is pending. Capital Markets Alliance Association, whose members include Cboe, Citadel Securities and Healthy Markets Association according to Cboe, sued the CFTC and Chairman Michael S. Selig on Nov. 3 in the Southern District of New York (No. 1:26-cv-09608), asking the court to set aside approvals of applications by KalshiEX, Coinbase Derivatives and Bitnomial Exchange. As of the docket read at 3:29 p.m. ET Nov. 3, no hearing date was set and the court had not ruled. [4][5][6]Le Coin: Cboe-backed group sues CFTC over stock futures that never expire. Background: No-expiry single-stock futures can now trade on some U.S. exchanges
04 · Base plans its "Denim" upgrade. Base's documentation lists its Denim mainnet upgrade as planned for Nov. 5, with status "Planning," bringing a new block every 200 milliseconds; it went live on the Sepolia test network on Oct. 21. [14]
On the calendar
| Time (ET) | Event |
|---|---|
| Wed 8:20 a.m. | ECB chief economist Philip Lane speaks in Berlin; no ECB rate decision until Dec. 16–17 |
| Wed 8:30 a.m. | U.S. international trade in goods and services, September |
| Wed, time not stated | Treasury 17-week bill auction |
| Wed 6:50 p.m. | Bank of Japan minutes, Sept. 17–18 meeting |
| Wed 11:59 p.m. | Comments close on FinCEN's A7 special measure, whose text names the "A7A5 Stablecoin," Garantex and Grinex |
| Wed–Fri | Devcon, Ethereum's developer conference, Mumbai (Nov. 3–6) |
| Thu, time not stated | Bank of England MPC decision and Monetary Policy Report |
| Thu 2:30–11:00 a.m. | ECB speakers: Cipollone, Schnabel, Tuominen, Lagarde |
| Thu 8:30 a.m. | BLS productivity and costs |
| Fri 8:00 a.m. | TeraWulf (WULF) third-quarter call |
| Fri 8:30 a.m. | BLS jobs report |
| Fri 12:15 p.m. | Fed Vice Chair for Supervision Michelle W. Bowman; no FOMC meeting until Dec. 8–9 |
| Mon 5:00 a.m. | Coinbase opens BMNR, WDC, RKLB and AAOI perpetual futures "on or after 10:00 AM UTC" |
| Mon, time not stated | Treasury 3-year note auction |
| Mon 5:00 p.m. | MARA Holdings third-quarter call |
| Mon 6:50 p.m. | Bank of Japan Summary of Opinions, Oct. 29–30 meeting |
| Tue 8:30 a.m. | BLS Consumer Price Index |
| Tue, time not stated | Treasury 10-year note auction |
| Wed Nov. 11 | Veterans Day; Federal Reserve holiday |
| Date unconfirmed | Zcash NU7 network upgrade activates at block height 3,543,405 |
Sources: [9]–[16], [20]–[22]; per-row sources in Le Coin's calendar file.
The tell (Le Coin's view)
In Le Coin's view, the morning's firmest facts are on paper. Circle filed its third-quarter results with the SEC at 6:26 a.m. ET, ahead of its 8:00 a.m. call, so the filing, not the call, is the record to read. The Canton Coin relief is staff relief that rests on the developer's own representations; it is not a Commission rule.
Sources (23)
- Circle (@circle), post, Nov. 3, 2026, 5:00 p.m. ET, https://x.com/circle/status/2117738590704947505 , accessed Nov. 4, 2026, 6:24 a.m. ET.
- SEC EDGAR, Circle Internet Group, Inc. (CIK 0001876042), Form 8-K, accession 0001876042-26-000309, accepted Nov. 4, 2026, 6:26 a.m. ET, https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001876042&type=8-K , and Exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1876042/000187604226000309/finalq3epr-110326.htm , accessed Nov. 4, 2026, 6:38 a.m. ET.
- SEC Division of Corporation Finance, no-action response, "Canton Coin," Nov. 3, 2026, https://www.sec.gov/rules-regulations/no-action-interpretive-exemptive-letters/division-corporation-finance-no-action/canton-coin-110326 , accessed Nov. 3, 2026, 4:27 p.m. ET.
- Complaint, ECF No. 1, Capital Markets Alliance Association v. CFTC, No. 1:26-cv-09608 (S.D.N.Y.), https://storage.courtlistener.com/recap/gov.uscourts.nysd.676387/gov.uscourts.nysd.676387.1.0.pdf , accessed Nov. 3, 2026, 3:29 p.m. ET.
- CourtListener docket, https://www.courtlistener.com/docket/75062269/capital-markets-alliance-association-v-commodity-futures-trading/ , accessed Nov. 3, 2026, 3:29 p.m. ET.
- Cboe Global Markets, "Cboe Joins Capital Markets Alliance Challenge to CFTC Approval of Single-Stock Perpetual Derivatives," Nov. 3, 2026, https://ir.cboe.com/news/news-details/2026/Cboe-Joins-Capital-Markets-Alliance-Challenge-to-CFTC-Approval-of-Single-Stock-Perpetual-Derivatives/default.aspx , accessed Nov. 3, 2026, 3:28 p.m. ET.
- USA.gov, election results, https://www.usa.gov/election-results , accessed Nov. 3, 2026, 3:41 p.m. ET.
- U.S. Senate, Class II senators, https://www.senate.gov/senators/Class_II.htm , accessed Nov. 3, 2026, 9:53 a.m. ET.
- U.S. Treasury, tentative auction schedule, https://home.treasury.gov/system/files/221/Tentative-Auction-Schedule.pdf , accessed Nov. 3, 2026, 9:58 a.m. ET.
- BEA release schedule, https://www.bea.gov/news/schedule , accessed Nov. 3, 2026, 9:55 a.m. ET.
- Federal Register, FinCEN proposed special measure (A7), https://www.federalregister.gov/documents/2026/10/05/2026-20371/proposal-of-special-measure-prohibiting-the-transmittal-of-funds-regarding-transactions-involving , accessed Nov. 3, 2026, 9:58 a.m. ET.
- Bank of England, upcoming MPC dates, https://www.bankofengland.co.uk/monetary-policy/upcoming-mpc-dates , accessed Nov. 3, 2026, 3:41 p.m. ET.
- BLS release schedule, https://www.bls.gov/schedule/news_release/bls.ics , accessed Nov. 3, 2026, 9:58 a.m. ET.
- Base, "Denim" upgrade overview, https://docs.base.org/upgrades/denim/overview , accessed Nov. 3, 2026, 5:44 p.m. ET.
- ECB weekly schedule, https://www.ecb.europa.eu/press/calendars/weekly/html/index.en.html , and meeting calendar, https://www.ecb.europa.eu/press/calendars/mgcgc/html/index.en.html , accessed Nov. 3, 2026, 5:44 p.m. ET.
- Federal Reserve calendar, https://www.federalreserve.gov/json/calendar.json , accessed Nov. 3, 2026, 3:41 p.m. ET.
- Prices: Powered by CoinGecko API (https://www.coingecko.com/en/api). Endpoints /simple/price, /coins/markets and /global (updated 6:22:58 a.m. ET), accessed Nov. 4, 2026, 6:24:39 a.m. ET.
- Prices and market data: CoinMarketCap, https://coinmarketcap.com , bitcoin dominance 5:18 a.m. ET and Fear and Greed Index 5:08 a.m. ET Nov. 4, 2026, accessed Nov. 4, 2026, 5:21 a.m. ET.
- CoinMarketCap liquidations, 24 hours to 6:24 a.m. ET Nov. 4, 2026, https://coinmarketcap.com , accessed Nov. 4, 2026, 6:24:39 a.m. ET.
- Bank of Japan, minutes schedule, https://www.boj.or.jp/en/mopo/mpmsche_minu/index.htm , accessed Nov. 3, 2026, 9:55 a.m. ET; Devcon, https://devcon.org/en/ , accessed Nov. 3, 2026, 5:44 p.m. ET.
- TeraWulf, conference call notice, https://investors.terawulf.com/news-events/press-releases/detail/147/terawulf-schedules-conference-call-for-third-quarter-2026-financial-results ; MARA Holdings, conference call notice, https://ir.mara.com/news-events/press-releases/detail/1428/mara-schedules-conference-call-for-third-quarter-2026-financial-results ; both accessed Nov. 3, 2026, 9:58 a.m. ET.
- Coinbase Assets (@CoinbaseAssets), post, https://x.com/CoinbaseAssets/status/2117618587602968948 , accessed Nov. 3, 2026, 2:31 p.m. ET; Zcash Foundation, Zebra v7.0.0 release, https://github.com/ZcashFoundation/zebra/releases/tag/v7.0.0 , accessed Nov. 3, 2026, 12:27 p.m. ET.
- Associated Press, "Democrats win the US House and Senate as voters deliver a strong rebuke to Trump and Republicans," updated Nov. 4, 2026, 2:57 a.m. ET, https://apnews.com/article/midterm-election-house-senate-democrats-republicans-trump-f126e12e05b579a327b98481c0ae2226 , accessed Nov. 4, 2026, 7:25 a.m. ET.
Holding the Corner.
Not financial advice.