The Block

Quick Take This resurgence in NFT trading volume on Magic Eden could carry significant implications for the broader crypto ecosystem. The following is an excerpt from The Block’s Data and Insights newsletter.

Quick Take New York court grants Coinbase access to some SEC documents. SEC must search beyond initial staff list, but commissioners excluded. Judge Failla ordered “huge discovery into internal memorandum and other documents reflecting the SEC’s Howey analysis,” Coinbase’s chief legal officer said.

Quick Take U.S. publicly traded bitcoin miners have finished releasing their monthly mining updates for August. Several miners also released their most recent quarterly earnings reports during the month.

The Ethereum Foundation plans to release a financial report “relatively soon” to address community concerns surrounding its spending, according to researcher Justin Drake.Japan’s three major banks, MUFG, SMBC and Mizuho, are set to test a cross-border stablecoin transfer platform dubbed “Project Pax.”U.S. spot Bitcoin ETFs saw $211.1 million in net outflows on Thursday, marking the seventh consecutive day of negative flows totaling over $1 billion.The following article is adapted from The Block’s newslette

Quick Take EFUT shareholders have until market close on Sept. 16 to sell their shares, with the fund’s liquidation date is set for Sept. 23. EFUT held $21.24 million in total net assets and maintained a NAV of $20.23 as of Sept. 5 The decision to close the fund was related to the approval of VanEck’s spot Ethereum ETF ETHV.

The bitcoin market is experiencing heightened volatility ahead of Friday’s U.S. non-farm payroll data release.The data may be a determinant as to the size of a potential rate cut by the U.S. Federal Reserve at its September meeting.

Quick Take According to a Chainalysis report, Russia is developing financial infrastructure to use cryptocurrencies for international trade, aiming to circumvent Western sanctions.

Quick Take MUFG, SMBC and Mizuho banks will trial a stablecoins platform to facilitate cross-border transfers. The initiative, dubbed “Project Pax,” will be run by blockchain firms, including Progmat, Datachain and TOKI, with expected participation from more banks worldwide.

Quick Take Bernstein analyst Gautam Chhugani argues that AI will require crypto micropayments to avoid the financial bottlenecks automated agents face in the traditional system. While the convergence between crypto and AI is already underway, stablecoins present the greatest opportunity, Chhugani said.

Quick Take Former SEC Chair Jay Clayton explains how the crypto industry has evolved over the years since his time at the SEC.