🏛️SEC Appears to Ease on SAB 121: On Sep. 9, SEC Chief Accountant Paul Munter disclosed a path for banks to gain relief from SAB 121, a rule requiring digital assets held by publicly traded companies to be on balance sheets. This could open the door for banks to enter the crypto custody market. 🏛️Background on SAB 121: Introduced in 2022, SAB 121 mandates that publicly traded companies account for digital assets on their balance sheets, posing risks to custody clients, who may become unsecured creditors in case of bankruptcy.

1/ Bitcoin Mining an Industry in Limbo?
 
Thread 👇 2/ All the data in this thread comes from our new mid-year mining report written by @bitcoinbeezy @guerillav2 @simritdhinsa and @samellkay from the Galaxy Mining team with the help of @glxyresearch is now live – read the full report here galaxy.com/research/white…

1/ Galaxy is proud to announce a strategic alliance with @DWS_Group, one of the world’s premier asset managers, to create and distribute digital asset exchange-traded products and other asset management solutions. A 🧵on this exciting collaboration. galaxy.com/newsroom/galax… 2/ Galaxy and DWS recognize that Europe is fast becoming a more robust, mature market for digital assets. Together, we’re committed to developing a truly unique and innovative suite of digital asset products, starting with ETPs.

This report (and this 🧵) explores dollar-pegged #stablecoins, providing a comprehensive overview of their evolution over time.

We’ll discuss the major stablecoins around today, their designs, their dynamics, and their usage. To start, #stablecoins are digital representations of other assets for use on #blockchains.

Although able to track the price of other underlying assets, stablecoins are most commonly linked to USD. That’s what our report focused on.