October 3, 2025
Welcome to the Meridian Update, your daily on-chain report. The government is still shut down. We still aren’t. That’s stablecoin dependability. Let’s dive in.
Double news for DoubleZero
Longtime readers know that DoubleZero is building a global private fiber network to enhance blockchain data transmission efficiency. On Monday, a no-action letter from the Securities and Exchange Commission (SEC) Division of Corporation Finance caught Crypto Twitter’s attention. 2Z, the native token of DoubleZero Networks, is not going to be subject to security registration requirements.
The 2Z token started trading on the Solana network yesterday. Its market cap quickly settled in the billions according to our friends at Meridian Research. Crypto Twitter took notice.
The idea of DoubleZero is that blockchain networks like Solana are designed to be extremely fast, reliable infrastructure for financial markets. Something that can decrease the speed and reliability of infrastructure for financial markets is the infrastructure that the infrastructure is built on. So you can think of DoubleZero as an approach to infrastructure for the infrastructure. Infrastructure. Infrastructure. Infrastructure. Infrastructure. Infrastructure. Did you say it fast? If so, you said infrastructure five times fast.
Anyway, DoubleZero says it is building a network that will allow data to move in a more direct path than public Internet transmission paths allow. They say it will help the Solana network be more efficient. Seems like something to keep an eye on. But it will be moving really fast, and directly, so you’ll need to stay focused to catch it zooming by!
Time to CFTC what’s happening in regulatory
We did not talk at all about regulation yesterday. If you read a daily on-chain report that doesn’t talk about regulatory news for more than 3 days in a row, you know you aren’t reading the best daily on-chain report. We intend to be the best. Not because it is easy, but because it is hard.
So some regulatory news. On Wednesday, a Politico reporter quietly dropped that there is a lead contender for nomination to be Chair of the Commodity Futures Trading Commission (CFTC).
Let’s take a step back. The Trump Administration pulled the nomination of its original pick, Brian Quintenz, a couple days ago. We’ll spare the history for now. Maybe we’ll revive it if, just maybe if, there is some news about a CFTC Chair nomination, or even confirmation, in the future. There were some tweets.
Let’s take another step back. The CFTC is currently led by Acting Chair Caroline Pham. The “Acting” part means Caroline Pham isn’t really the Chair of the CFTC, at least not exactly. It’s a position that requires the President’s nomination and the Senate’s confirmation. So the point is the appointed-and-confirmed CFTC Chair position has been unfilled since the Biden Administration’s confirmed pick left the role because, you know, well, it wasn’t the Biden Administration anymore.
Ok, two steps forward. Why exactly does it matter who gets picked for CFTC Chair? Look, it just does, people care. Why would you ask that?
No, no we’re kidding. Remember the whole “Z2 is not going to be subject to security registration requirements” thing? Scroll up if not. Securities, and the US’s securities regulator the Securities and Exchange Commission, aren’t the only game in town. There are also commodities and currencies. And the CFTC regulates them. If you don’t think you are a security, you might think you are a commodity. And if you think you are a commodity, you want to know who is calling the shots at the CFTC.
Maybe it will be Mike Selig! And Crypto Twitter was talking about it yesterday. Something to keep an eye on, just like a regulator keeps an eye on the things it regulates.
That’s a wrap
From regulation to token launch and back again. Not by Bilbo Baggins. Happy Friday. We might write this over the weekend, we might not. We’ll see you when we see you.
Think we missed something today? Email ideas@meridianupdate.com.