Good Morning. Two days after Congress killed its crypto bill, the SEC opened the door to round-the-clock stock trading. Plus, Paramount leaving Los Angeles, Kelci's money troubles, and Logan Paul's $1M man cave (first time here? Join 523,000 Betterists).
Yesterday’s most clicked link: Halloween decor from $1 pool noodles
TOP STORY TODAY
Tokenized Stocks Approved
The SEC cleared a path yesterday for tokenized versions of U.S. stocks to trade on blockchain platforms, two days after the Senate rejected a crypto market bill. The five-year order took effect immediately.
Tokenized shares must carry the same rights as regular stock, including dividends and voting, so platforms cannot sell products that merely track a price. Companies get formal notice before their shares are tokenized, and volume limits apply.
The change could eventually mean 24/7 stock trading, though thin overnight activity can mean bigger price swings. Coinbase, Robinhood and Kraken already offer tokenized stocks overseas, where U.S. customers are barred. The SEC is taking public comment.
The move: check whether a tokenized stock carries real ownership rights before buying | The SEC's order and request for comment
Is Hollywood Leaving Hollywood?
Paramount executives have told LA officials the studio is preparing to leave California after more than a century, escalating a fight over its $110 billion purchase of Warner Bros. Discovery. Twelve states sued to block the deal.
The state's attorney general says the threat won't change his enforcement, and settlement talks are set for Oct. 14. A report Paramount commissioned estimates a move could cost California 58,000 jobs and $21 billion a year.
The company's CEO has floated Texas, Tennessee and Georgia. Starting Oct. 1, Warner Bros. Discovery shareholders collect a fee of 25 cents a share each quarter, roughly $7 million a day, until the deal closes.
The move: WBD holders start collecting 25 cents a share quarterly on Oct. 1 | The merger filing with the fee terms
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Kelce's Ponzi Loss
A Texas investment manager was sentenced Tuesday to 11 years in prison for a Ponzi scheme that prosecutors say defrauded 64 victims, including Chiefs tight end Travis Kelce. He must repay $31.35 million.
He raised over $35 million from 2016 to 2023 but invested only about $10 million. At one point 99% of client money sat in a single overseas company. The rest funded private jets and luxury apartments.
Prosecutors haven't said how much Kelce lost. Unregistered and unlicensed people commit much of the investment fraud in the U.S., and federal regulators keep a free database showing any adviser's license status and disciplinary history.
The move: look up any adviser's license and disciplinary record before investing | The free federal adviser background check
GET 1% BETTER
The 20-Minute Fix for a Terrible Night's Sleep
Bad night? Skip the third coffee. A new study in the Proceedings of the National Academy of Sciences found that 20 minutes of exercise does about as much for your brain as a 90-minute nap.
Researchers kept 54 adults awake for 30 hours, then split them into three groups: 20 minutes of cycling, a 90-minute nap, or 20 minutes sitting on a stationary bike doing nothing. On a memory test three days later, the nappers and the cyclists scored nearly the same. The sitters did noticeably worse.
Interestingly, the exercisers didn't feel less tired. The workout sends more oxygen to your brain and restores serotonin levels that lack of sleep throws off. Doctors add: cut caffeine off around noon, and don't lose sleep over losing sleep.
What it Means to “Have Enough”
Capitalism tells you to do more so you can own more. Self-improvement culture tells you to be more so you can do more. Either way, the answer is always more.
Wendell Berry, a farmer and poet now in his nineties, spent 34 years writing poems on Sunday mornings. Not in church, though. When the weather was decent, he walked the woods and creeks near his Kentucky farm instead.
He went with no goal. No word count, no expectations, his own included. Sometimes a poem came. Sometimes nothing did, and he called being quiet in a good place a better gift than poetry.
His point: you can't force the thing you most want to make. The woods already know this. Everything out there takes up exactly as much room as it needs.
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Fun Links
1,400 new words in dictionary [Blog]
Cary Grant’s secret hotel trend [Blog]
Inside Logan Paul’s $1M Man Cave [Video]
The dinner party handbook [Guide]
Nicholas Cage as John Madden [Trailer]
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4 questions: unlock your best skills [Video]
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