Ndax Weekly TL;DR Aug 24

SEC opens new fundraising path for crypto projects

• The U.S. Securities and Exchange Commission proposed a new regulatory framework. The SEC would give certain crypto projects exemptions from traditional securities-registration requirements when raising capital through token offerings. One proposed exemption would permit startups to raise up to $5 million over four years, while another exemption could allow qualifying issuers to raise up to $75 million within a 12-month period. (Decrypt)
• Why it matters: The SEC’s proposal would create more specific pathways for projects to raise capital while still maintaining necessary investor-protection requirements and disclosures. If approved, the proposal could give greater regulatory certainty to U.S. crypto startups. However, the proposal’s fate may still depend on the U.S. Congress eventually passing broader digital-asset legislation.

Stablecoins could move closer to corporate cash

• The Financial Accounting Standards Board (FASB) proposed new guidance clarifying how the existing definition of “cash equivalents” may apply to stablecoins and certain other digital assets. The proposal would not automatically classify stablecoins as cash equivalents. Instead, it would provide examples to help companies determine whether specific digital assets meet the existing requirements to be presented as cash equivalents under U.S. accounting standards.  (Deloitte)
• Why it matters: The proposals could remove an important accounting hurdle for companies considering using stablecoins in treasury operations, payments, and settlements. According to accounting giant Deloitte, certain stablecoins may qualify as cash equivalents when companies have direct redemption rights with the issuer and those rights meet the relevant accounting criteria.

Hyperliquid could be coming to the U.S. market

• U.S. President Donald Trump said that Commodity Futures Trading Commission Chair Michael Selig is working to bring Hyperliquid into the United States in a “fully compliant and legal fashion.” The decentralized trading platform does not currently officially serve U.S. traders and is a major player in the perpetual futures market. (The Block)
• Why it matters: A legal and planned path into the U.S. market would signal that policymakers are welcoming onchain derivatives markets to play a role from the inside rather than keeping them offshore.Hyperliquid has become one of the clearest examples of crypto trading infrastructure developing outside the traditional financial system. A move into the U.S. market may also force Hyperliquid to adapt or expand its business model to comply with domestic market rules.
   

Canadian spotlight: SOL Strategies diversifies beyond staking revenue

• Toronto-based SOL Strategies reported fiscal third-quarter results showing staking and validation revenue falling from C$3 million a year ago to C$622,299. The company attributed the decline mostly to a lower average Solana price and reduced staking and block rewards. However, the company stated that newly acquired HoudiniSwap contributed C$1.2 million in swap aggregator fees and C$768,000 in EBITDA from one month of operations. (TipRanks)
• Why it matters: SOL Strategies’ staking income fell sharply as token prices and network rewards changed. However, the addition of Houdini gives the company a revenue stream tied to transaction activity rather than SOL appreciation or staking rewards alone. If that business succeeds in scaling, SOL Strategies could become less dependent on the economics of simply holding and validating Solana.
   

• BTC Weekly Range: $88K-$109K
• ETH Weekly Range: $2.5K-$2.6K

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August 26: US PCE Index
August 26: US Weekly Jobless Claims
August 28: Canada GDP Growth Rate

Bitcoin and the broader crypto market staged a major rebound this week, putting them on pace for the strongest weekly performance in more than three years. The move coincided with a weaker U.S. dollar, lower long-term Treasury yields following expanded government bond buybacks, and a series of positive regulatory developments in Washington.

However, there remains broader uncertainty surrounding U.S. crypto regulation, with the Clarity Act still stalled in Congress. Still, federal agencies are moving ahead using their existing authority.

Federal Reserve minutes released this week showed that several policymakers were prepared to raise rates in July, and many believed tighter policy could eventually be necessary if inflation remains above the target range. A softer PCE inflation reading next week could reinforce the recent improvement in risk sentiment, but another inflation surprise could bring interest-rate concerns back to the forefront.

Attention will shift to Wednesday’s U.S. PCE inflation reading and the Jackson Hole Symposium beginning Thursday. This year’s theme is “Financial Innovation: Implications for Payments and Policy.”

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