The SEC is reportedly advancing a plan to allow blockchain-based stock trading, which could benefit platforms like Coinbase and Robinhood while raising concerns among traditional financial firms about potential market disruptions and compliance issues. Tokenized stocks would enable investors to purchase shares in the form of tokens, streamlining trade settlements but also introducing new risks. However, legacy financial players may challenge the SEC, delaying the implementation of this initiative.

Galaxy Digital has launched GalaxyOne, a unified platform allowing U.S. users to trade cryptocurrencies and stocks. The platform offers a high-yield savings account with an APY of 4%, and accredited investors can earn up to 8% APY on specific notes. Initially, users can trade bitcoin, ether, Solana, and Paxos Gold, with plans to expand the token offerings.

Galaxy Digital is nearing a listing on NASDAQ as the cryptocurrency market sees a rebound in stock prices. The firm, which focuses on digital assets, is positioned to benefit from increased investor interest in crypto-related stocks. Analysts suggest this could signal a broader recovery in the crypto market.

Crypto-related stocks, particularly bitcoin miners pivoting to AI, experienced significant losses on Wall Street, with Galaxy Digital dropping 15% and miners like Bitfarms and Cipher Mining suffering steep declines. Bitcoin remains steady around $108,000 but has fallen from $114,000, reflecting a broader risk-off sentiment in the market as investor optimism wanes. The market capitalization of AI-related companies has also decreased from over $95 billion to about $82 billion.

Coinbase is set to introduce its Mag7 + Crypto Equity Index Futures, combining major tech stocks like Nvidia and Google with BlackRock's Bitcoin and Ethereum ETFs. This new product aims to diversify Coinbase's derivatives platform and engage traditional investors through tokenized equities, starting trading on September 22.

Coinbase's stock reached a closing price of $394.01 per share, resulting in a market capitalization exceeding $100 billion for the first time. This milestone comes on the heels of Bitcoin hitting new all-time highs and a significant surge in Coinbase shares over the past month.