Welcome to Galaxy Research’s Weekly Top Stories. Subscribe to get this newsletter delivered to your inbox every Friday morning.

In this week’s edition, Alex Thorn breaks down the SEC’s long-awaited Regulation Crypto proposal; Lucas Tcheyan explains the broader significance of Stripe’s deal to acquire OpenRouter; and Zack Pokorny unpacks Centrifuge’s plan to convert tokens to equity.

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SEC Proposes Long-Awaited Regulation for Primary Token Issuance

The Securities and Exchange Commission on Aug. 18 proposed Regulation Crypto Assets (“Reg Crypto”), the first set of U.S. securities rules designed specifically around the offer and sale of…