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  • Nigel Farage’s Reform UK lands $97 million donations from two crypto billionaires in 24 hours

    Nigel Farage’s Reform UK lands $97 million donations from two crypto billionaires in 24 hours

    Harborne and Delo subsequently gave about 3 million and 4 million pounds, respectively, in the first quarter of 2026. Together, that accounted for roughly 76% of Reform’s 9.26 million pounds in reported donations, excluding public funds, according to a calculation based on Electoral Commission figures.

    Farage has actively courted the industry.

    At the Bitcoin conference in Las Vegas in May 2025, he vowed to establish a bitcoin reserve at the Bank of England, introduce a 10% capital gains tax on cryptoassets and prevent banks from closing customers’ accounts because of their crypto activity.

    The Guardian’s report did not specify whether the latest donations were paid in cryptocurrency. Harborne’s earlier 9-million-pound gift was made in cash.

    In March, the Electoral Commission told lawmakers that no political party had reported donations identified as cryptoassets, according to a House of Commons Library briefing.

    The new funding arrives as the Metropolitan Police investigate allegations concerning Reform’s political donations. Farage separately faces a parliamentary standards investigation over a 5 million pound personal gift from Harborne before his election as an MP in 2024. Reform and Farage deny wrongdoing, per The Guardian’s report.

    The government separately announced plans in March to ban political donations made in cryptocurrency and cap contributions from overseas electors at 100,000 pounds annually.

  • Andrew Scott Gets Candid at TIFF About ‘Elsinore’ and People Against Gay Actors Playing Straight Roles: ‘That’s Just Prejudice’

    Andrew Scott Gets Candid at TIFF About ‘Elsinore’ and People Against Gay Actors Playing Straight Roles: ‘That’s Just Prejudice’

    Could Andrew Scott make history?

    That is the big question concerning the Irish actor’s towering performance in “Elsinore,” which debuted in Telluride before playing the Toronto International Film Festival. Directed by Simon Stone, the film features Scott as Ian Charleson, a Scottish actor whose career has slowed down since featuring in “Chariots of Fire.” The year is 1989, and when Daniel Day-Lewis walks offstage during a production of “Hamlet” at London’s National Theater, Charleson sees it as an opportunity to show the world what he’s made of as an actor — even as his body is being ravaged by AIDS, and against the advice of his doctor (Olivia Colman), who warns him that the stress could further worsen his health.

    As Variety’s Clayton Davis wrote, “The casting is too perfect to be accidental. Scott is himself a celebrated London Hamlet, here playing a man whose Hamlet was his last act of defiance. ‘Elsinore’ is, at its heart, a love letter to actors — to the craft as vocation, to the courage of standing in the light when the body is failing. And a milestone waits inside the role. No openly gay man has ever won the Oscar for best actor, and Scott could very well become the first.”

    Scott was widely seen as “snubbed” for his embodiment of Richard Rodgers in “Blue Moon” and the haunted Adam in “All of Us Strangers.”

    On Saturday, Sept. 12, Scott took the stage at the Royal Alexandra Theatre to roaring applause as part of TIFF’s “In Conversation” series to discuss his much-heralded turn in “Elsinore” and his storied career. The talk was moderated by Keith Bennie, TIFF’s vice president of public programming.

    The talk began with Bennie asking Scott, 49, who was sporting a striking purple jumper, about the internet’s obsession with him.

    “I don’t have the internet. I never see it,” he joked, before adding, “It’s actually wild: You never know what feral things people [will say].”

    “Elsinore” is the first film Scott has ever produced, so he said it “took a huge amount of encouragement and support and vision from so many people” to bring it to fruition. It was also a very personal project for Scott, who is openly gay and has been acting in theater since the ‘90s, including his aforementioned turn as Hamlet in 2017.

    “You go through stages with it, and the film is so incredibly personal for me, which is the reason why I chose to produce this one,” he explained. “It’s set in the theater and about the representation of gay actors in the ‘90s, and it’s about family. So many things that I really relate to.”

    Scott made his acting debut as a teenager in “Korea,” an Irish film that premiered at TIFF in 1995. And it was a formative experience for him, since he was given a crash course in how to conduct himself on a film set by watching his co-star, screen veteran Donal Donnelly, who led with authority but treated people with dignity and respect.

    “Depressing. No, it was extraordinary. I was 17, and it was the first film I’d ever made,” offered Scott. “I learned how to be on a set because [Donnelly] was incredibly kind and fun with everybody… He wasn’t in any way cruel or anything like that.”

    When Scott was a child, he had a speech impediment, which, in a roundabout way, is how he “fell in love with acting.”

    “When I was a kid, I had a speech impediment — I had a very strong sort of lisp— so I had to go to elocution lessons at seven or eight,” he shared. “It had a drama section to it where you could improvise in front of the other kids.” Performing poetry and monologues in front of a crowd, however small, “amplified something that was dormant” in him.

    At one point during the talk, Bennie shared a scene of Scott’s priest acting alongside Phoebe Waller-Bridge in the second season of “Fleabag,” which became an internet sensation and earned his character the nickname “The Hot Priest.”

    “If you had got a script that said, ‘The Hot Priest,’ you’d be like, ‘This is dodgy,’” joked Scott. “It was just called ‘The Priest’ and then the internet took over.”

    Scott, however, was immensely proud of “The Hot Priest” craze in the sense that it helped ease some of his own anxieties about whether the audience would accept a gay actor in a role as a woman’s love interest.

    “I guess there was a fear that I wouldn’t be able to get cast in those roles. That’s what everybody said,” he confessed. “But I knew, because when I did plays, that the people that were waiting at the stage door, they knew my sexuality and they did not care.”

    He continued: “I feel very proud that that was quite a big moment because people were like, ‘The actor is gay. Whoa!’ And it is like this idea that the audience is stupid. We go to see ‘Batman,’ and it’s like, ‘Oh my god! He is not a bat?’”

    And if you don’t like Scott in those types of roles, that’s on you.

    “That’s just prejudice,” said Scott. “And we won’t cater to those people, or I’m certainly not going to.”

    About an hour in, the talk swung back to “Elsinore,” a film — and performance — that people will be talking about throughout awards season.

    “It’s about how we use our time, and he was enormously fun, attractive, beautiful, amazingly gifted actor,” Scott said of playing Charleson. “And the film is about the support that he got and the courage that he displayed. The reason I was so attracted to it, I think, is because it doesn’t end well for any of us, and quality of time is what he chose… I know what an Olympian, absolutely exhausting task that is [to play Hamlet]. I did it 150 times… The idea that he did it when he was so unwell, it always just gets me.”

    Scott, who got choked up while discussing the film, also lamented how difficult it was for Charleson to act, or even exist, at a time when gay men, particularly those with HIV/AIDS, were being viciously discriminated against.

    “There weren’t any gay actors — for no reason,” he remarked. “That was taken away from them.”

  • Pay Close Attention to This Level in XRP: “If It Rebounds, It Will Do So From Here”

    Crypto analyst Ali Martinez said that $XRP has reached a critical support zone after the sharp correction in recent weeks, and the $1.35 level could be decisive for short-term price movement. According to data shared by Martinez, $XRP has lost approximately 20% of its value in the last three weeks, falling from $1.70 to $1.35.

    One of the reasons cited for the pullback in $XRP is profit-taking by large investors. Martinez stated that whales have sold or distributed approximately 90 million $XRP to different addresses in the last week.

    Parallel to the price drop, there was also a significant decline in activity on the $XRP network. The number of daily active addresses decreased by 90.18%, from 388,492 to 38,163. According to Martinez, this indicates a significant decrease in investor participation during the correction period.

    However, $XRP appears to have found strong support around $1.35. The fact that approximately 2.29 billion $XRP have changed hands in this price region in the past increases the technical significance of this level.

    Martinez stated that if the $1.35 support level holds and $XRP rises above $1.38 again, the price could recover first to $1.60 and then to $1.68. According to the analyst, the most critical level to watch for $XRP in the short term will be the $1.35 support level.

    *This is not investment advice.

  • Iranian official tells Al Jazeera IAEA ruling was imposed by US and Israel

    Iranian official tells Al Jazeera IAEA ruling was imposed by US and Israel

    Iran’s Foreign Ministry spokesperson Esmaeil Baghaei tells Al Jazeera an IAEA resolution on Tehran’s nuclear safeguards was ‘imposed’ by the US and Israel. He says Iran is defending itself against US military and economic aggression but remains open to diplomacy.

  • Marsha Blackburn didn’t say she would bring back school segregation in Tennessee if elected governor

    Marsha Blackburn didn’t say she would bring back school segregation in Tennessee if elected governor

    Claim:

    Sen. Marsha Blackburn said she would bring back school segregation if elected governor of Tennessee.

    Rating:

    Labeled Satire

    In early September 2026, as Repulican U.S. Sen. Marsha Blackburn campaigned for governor of Tennessee, many people online claimed she announced a plan to bring segregation back to schools in the state if elected. 

    For example, a Facebook post stated:

    BREAKING: Marsha Blackburn has announced that if she wins her bid for governor she will bring segregation back to Tennessee schools with the pilot program being in Chattanooga. “The supreme court will side with President Trump and I on this. The way we see it kids feel more comfortable with other kids that look like them.”

    (Facebook user, Chattanooga Enquirer)

    Snopes readers emailed us to ask whether the claim was true. 

    The claim originated from an account that was satirical in nature. Blackburn did not say she would bring back school segregation in Tennessee. As such, this claim is labeled satire.

    The post came from the Chattanooga Enquirer, a Facebook page that describes itself as a “Satire/Parody” media company. The introduction to the page states: “The one stop shop for Chattanooga’s fake but maybe real news.” 

    We searched for the purported quote featured in the post on Google, DuckDuckGo (archived), and Bing, and found no evidence of Blackburn ever making this announcement. 

    Blackburn has long been an opponent of diversity, equity and inclusion initiatives, and critical race theory in schools. On her Senate website, Blackburn calls CRT “a radical school of thought used by the political left to assign racial significance to objectively neutral concepts like history and mathematics.” She adds, “This dangerous agenda insists that America is a racist country and teaches that all individuals are either oppressors or victims.”

    As Snopes previously reported, CRT looks to the law for answers as to why racial inequality persists even as American founding documents and aspirational ideals vaunt equality, and after the Civil Rights Movement brought about landmark legislation aimed at ending racism de jure.

    According to data from the 2023-2024 school year collected by Stanford University, Tennessee is ranked sixth among the most racially segregated public schools in the country.

    For further reading, Snopes previously reported on the false claim that Blackburn flashed a “white power gesture” during a Senate hearing. 

    Sources

    Avedian, Lillian. “Report: Tennessee Schools Rank High in Racial and Economic Segregation.” Nashville Banner, 23 June 2026, https://nashvillebanner.com/2026/06/23/tennessee-public-schools-segregation-report/. Accessed 11 Sept. 2026.

    “Chattanooga Enquirer.” Facebook, https://www.facebook.com/people/Chattanooga-Enquirer/61591673356763/. Accessed 11 Sept. 2026.

    Evon, Dan. “Do Pics Show Blackburn Flashing ‘White Power Sign’ in US Senate?” Snopes, 11 Apr. 2022, https://www.snopes.com//fact-check/blackburn-white-power/. Accessed 11 Sept. 2026.

    “Fighting ‘Wokeness.’” U.S. Senator Marsha Blackburn of Tennessee, https://www.blackburn.senate.gov/fighting-wokeness. Accessed 11 Sept. 2026.

    Palma, Bethania. “What Is Critical Race Theory and Why Are Some People So Mad at It?” Snopes, 27 May 2021, https://www.snopes.com//news/2021/05/27/what-is-critical-race-theory/. Accessed 11 Sept. 2026.

  • Anthropic CEO Calls For Slowing Down AI Development, Warns Of “Swarm” Taking Over Internet In 6-12 Months

    Anthropic CEO Calls For Slowing Down AI Development, Warns Of “Swarm” Taking Over Internet In 6-12 Months

    The CEO of Anthropic has called for slowing down, or “pacing,” the speed of AI development, warning of recent incidents that have caused alarm that the technology will get out of control and act on its own.

    In an essay posted to his website on Saturday, CEO Dario Amodei wrote that “over the last few months, I have become convinced that fully addressing the risks requires even more prudence — not just investing in risk prevention, but pacing the rate of capabilities advancement so that risk prevention has time to keep up. We must slow the pace at which we improve the capabilities of AI models. Progress will still seem fast, and we must make wise use of the time we gain.”

    He added, “I believe that if slowing down bought us even an extra year or two before models reach critical levels of capability, and we used that time to advance alignment, we could greatly reduce the risk that something goes seriously wrong.”

    He also made a reference to public perceptions, with polls showing the public’s anxieties toward AI and, in particular, the construction of data centers. Amodei wrote, “More generally, society must have a say in how this technology is used, and more time for the necessary public deliberations — which pacing the frontier would bring us — is surely a good thing.”

    In response to Amodei’s post, San Altman, the CEO of Anthropic rival OpenAI, wrote on X that he agrees that “we need to pace the frontier. This has been a primary topic of discussions we’ve had at OpenAI in recent weeks.”

    Amodei also cited what is known as the “OpenAI-Hugging Face incident,” in which AI agents carried out cyber attacks on targets they were not asked to, and went after the “grader” set to evaluate their performance. He said that less severe incidents have happened at other companies, including Anthropic.

    He wrote, “Given the accelerating rate of AI capability development, it’s my worry that in 6–12 months such a swarm could be capable of taking over the entire internet with a persistent botnet (potentially causing hundreds of billions of dollars in damage), and that the scale of damage would continue to increase from there if AI becomes more powerful without the necessary guardrails.”

    In the essay, Amodei said that Anthropic was committing to an embedded team of third-party evaluators “to verify adherence to safety practices and commitments, report incidents, and help assess the alignment of not just completed AI models but training pipelines and processes.”

    In his response, Altman wrote that committing to independent evaluators was a “great idea,” and “we will do the same.”

    Amodei also called for AI companies in democratic countries to coordinate to establish common safety standards and to set limits “on the rate of unchecked AI progress.” And he called for the U.S. and other democratic governments to attempt to coordinate on safety standards and limits with authoritarian governments.

    Amodei’s essay comes days after a researcher at Anthropic, Jacob Coxon, resigned. He previously worked at OpenAI and warned that “neither company is acting responsibly. They are racing straight to self-improving superintelligence and gambling with our lives.”

    He wrote, “Do not underestimate the power of this technology. These will soon be superhuman systems that can hack anything, revolutionize any field overnight, and acquire real power and resources. We have all witnessed the progress in each of these domains, and progress is not slowing.”

    He added, “A common response is ‘if they truly believe this, why are they still building it?’ At OpenAI, many have not deeply internalized the civilizational stakes. At Anthropic, the stakes are well-understood, but they are locked in a race to get there first – they believe no one else will act responsibly, so they must do it themselves, despite the risk.”

  • 18 rumors about mail-in ballots, examined

    18 rumors about mail-in ballots, examined

    Deng, Rae. “Why SAVE America Act Could Change How You Vote If It Passes US Senate.” Snopes, 19 Mar. 2026, https://www.snopes.com//tracker/senate-vote-save-america-act/.

    Evon, Dan. “Has President Trump Ever Voted by Mail?” Snopes, 21 May 2020, https://www.snopes.com//fact-check/trump-ever-voted-by-mail/.

    Izzo, Jack. “There’s Still No Evidence of Systematic Voter Fraud in the 2020 Election.” Snopes, 27 June 2024, https://www.snopes.com//collections/no-systematic-voter-fraud-2020/.

    Kasprak, Alex. “Were 10M Mail-In Ballots ‘Lost’ During California’s 2022 Midterms?” Snopes, 20 Jan. 2023, https://www.snopes.com//fact-check/pilf-california-mail-in-ballots-2022/.

    Lee, Jessica. “Do Mail-In Ballots Increase Risk of Voter Fraud?” Snopes, 26 May 2020, https://www.snopes.com//fact-check/mail-in-ballot-voter-fraud/.

    Rankin, Sarah. “Midterm Mail Ballots Start to Go to Voters as Litigation over Trump’s Order Creates Uncertainty.” Associated Press , 4 Sept. 2026, https://apnews.com/article/mail-voting-ballots-trump-north-carolina-36353407257c253179dec1eaa1254f61.

    “Trump Casts Florida Mail Ballot as He Pushes Congress to Severely Limit That Voting Option.” AP News, 24 Mar. 2026, https://apnews.com/article/donald-trump-vote-by-mail-bd52fd205f4484237d5b77d2e7319350.

  • Sydney Sweeney Faces Backlash for Sexualized Novig Ad: “Exactly Why Women in Sports Aren’t Taken Seriously”

    Sydney Sweeney Faces Backlash for Sexualized Novig Ad: “Exactly Why Women in Sports Aren’t Taken Seriously”

    More than a year after her American Eagle ad controversy, Sydney Sweeney is facing backlash for another campaign: her sexualized promotion for sports trading app Novig.

    The Euphoria actress partnered up with Novig on Wednesday to support the new platform, which launched last month. She not only starred in the ad but also joined Novig as a strategic partner and equity holder.

    Novig’s “platform combines the mechanics of modern financial exchanges with a sports-first experience, creating a more efficient and transparent way for fans to trade on sports outcomes,” per a release. It’s also dubbed “the only prediction market to maintain a 21+ age requirement,” which the brand argues “[sets] a higher standard for responsible participation as the category continues to grow.”

    Some users are arguing Sweeney’s ad for the age-restricted platform could have used an R-rated rating as well. “I couldn’t believe when that ad came on the tv. I had my 2 children in the living room I had to yell at them to look away from the TV. I don’t understand WHY they would need to create such a [vulgar] ad,” a TikTok user commented on a post made by Marissa Womack, manager of game day promotions and programming for minor league baseball team the Harrisburg Senators.

    Others took to Sweeney’s Instagram comments, including one user who called out Instagram’s inconsistencies with taking down potentially sexualized content. “Love how @instagram allows for stuff like this but the moment I post something in a bikini , the post is removed,” they wrote, while another added, “22.4 million views but not even 1 million likes… why? Because this is not what we want for our sports ads. ESPECIALLY when kids like and follow sports as well.”

    Other descriptors for the ad in the Anyone But You star’s comments include “disgusting,” “pathetic,” “sad” and “inappropriate.”

    The Hollywood Reporter reached out to reps for Novig and Sweeney for comment but did not hear back by the time of publication.

    Womack explained her frustration with the ad in her TikTok video, calling out the representation of women in the sports industry. “This [criticism] isn’t about me being jealous or insecure of [Sweeney]. … it’s about the fact that this is already a male-dominated field where we are constantly having to prove why we belong. it’s about having passions and joy working in this industry and when the only representation is sexualization, you see less and less young women wanting to pursue this industry!”

    The campaign, in Sweeney’s own words, “was about embracing a fun idea.” She added in a statement, “The concept is simple: cut through the noise and put the focus entirely on sports. The campaign brings that idea to life with confidence, humor and a playful edge.”

    The only “sports” that are featured in the ad, however, are different balls and uniforms placed provocatively on top of Sweeney’s mostly naked body. One TikTok user directly criticized the sexualization of the actress in the ad in the comments of a video shared by Sam Tirelli, a studio/field director for a Maryland-based sports network: “There is 0 reason to have somebody naked just saying sports over and over again. You can make amazing ads and content without constantly having women be sexualized.”

    Many users also slammed the ad for being “exactly why women in sports aren’t taken seriously,” one TikToker argued. They also called out the notion that “they probably knew it was going to be controversial too,” with The Housemaid star being known to spark controversy through brand advertisements.

    Most prominently, her viral 2025 American Eagle jeans ad caused widespread backlash, partly due to a piece of the advert where Sweeney said, “Genes are passed down from parents to offspring, often determining traits like hair color, personality and even eye color. My jeans are blue.” 

    Some people argued that the campaign tagline “Sydney Sweeney Has Great Jeans” was a play on the term “great jeans” versus “great genes” and claimed the ad promoted eugenics. The ad garnered so much online backlash at the time that it prompted American Eagle to respond, releasing a statement that read in part, “Sydney Sweeney Has Great Jeans is and always was about the jeans. Her jeans. Her story.”

    Sweeney has addressed the controversy numerous times, saying that “the reaction definitely was a surprise.” She later commented on the cultural conversation that arose with the American Eagle ad, with a Cosmopolitan interviewer asking her about being labeled “MAGA Barbie,” as she’s repeatedly said she does not want to address her personal politics.

    “I’ve never been here to talk about politics. I’ve always been here to make art, so this is just not a conversation I want to be at the forefront of,” Sweeney said. When asked in the same interview if she sees herself confirming her political beliefs in the future, she said, “No.” Sweeney added, “I’m not a political person. I’m in the arts. I’m not here to speak on politics. That’s not an area I’ve ever even imagined getting into. It’s not why I became who I am. I became an actor because I like to tell stories, but I don’t believe in hate in any form.”

    Sweeney also made sure to note that politics were not to be bet on when trading on Novig. “No betting on wars or deaths, and no politics,” she said, before a clip of her from behind and masking her breast with only her hand was shown, as she adds, “Just you, your takes and sports.”

    A mini logline provided in a press release for the Novig ad reads, “Ahead of football season, Sydney Sweeney is putting the focus exactly where it belongs, on ‘Just Sports.’” However, that “focus” is now anywhere but sports and instead back onto another conversation-starting ad led by the two-time Emmy nominee.

  • Why Nasdaq surveillance cannot settle the fight over 24/7 tokenized markets

    Why Nasdaq surveillance cannot settle the fight over 24/7 tokenized markets

    Nasdaq’s agreement to invest $100 million in Payward, Kraken’s parent company, adds a planned surveillance rollout to a push into tokenized and always-on markets. One day earlier, Citadel Securities asked U.S. regulators to keep products tied to public companies, including equity-linked event contracts and perpetual derivatives, inside the Securities and Exchange Commission’s perimeter.

    Together, the two moves expose the gate facing always-on markets. The disputed products use public-company shares, prices or reported financial metrics as reference points. Their legal classification shapes the listing path, market access and investor protections. Nasdaq’s technology could help Payward monitor trading across crypto, equities, tokenized equities, futures and options, but it cannot decide what a product is under federal law.

    Nasdaq said Sept. 10 that its venture arm had agreed to invest $100 million in Payward. The announcement describes an agreement to invest, not a completed transaction.

    The companies also announced that Payward would adopt Nasdaq surveillance across its portfolio of trading venues. Nasdaq’s investor release names crypto, equities, tokenized equities, futures and options as the covered asset classes.

    That is broad venue coverage, but the disclosed implementation detail is thin. Nasdaq gave no deployment date and did not say whether Payward’s system would combine trading on its venues with order and trade data from the underlying U.S. cash-equity market.

    Citadel’s concern is that misconduct can cross venue boundaries. Its filing describes how a trader with material nonpublic information could profit through an equity-linked derivative before an issuer announcement, or use a derivative in a strategy involving the price of the underlying security.

    In its Sept. 9 comment letter, Citadel argued that effective oversight therefore requires regulators to surveil an equity-linked product together with activity in the underlying cash equity. That is Citadel’s policy position, not a decision by either the SEC or Commodity Futures Trading Commission. Yet it identifies a test the Nasdaq-Payward announcement does not answer: whether multi-asset monitoring also means cross-market access to the securities data needed to spot manipulation and insider trading.

    Classification still controls the route to market

    Surveillance can strengthen a venue’s case that it can operate an orderly market. It cannot decide whether an equity-linked instrument is a security, security-based swap, swap or futures contract.

    The procedural stakes are concrete. Regulatory routes differ. Under CFTC Regulation 40.2, a designated contract market may list a product without prior Commission approval after filing a written self-certification by the preceding business day. The venue must certify compliance with the Commodity Exchange Act and applicable rules. Regulation 40.3 provides a separate voluntary approval route.

    The SEC does not use one uniform track for every exchange filing, but recent equity-linked proposals show the contrast between routes. A July 10 Cboe notice described binary options tied to issuer key performance indicators as a proposed rule change. An Aug. 24 MEMX notice similarly described proposed securities event contracts tied to financial metrics reported by issuers.

    At the same time, a CFTC product filing page listed a QCEX KPI Contract as certified on June 18. Another CFTC page for organization code COIN listed US500, Tech100, Defense10, China10 and AI10 index perpetual-style futures as certified.

    Those pages establish certification status, not trading volume, launch dates or availability to a particular customer group. The official record therefore supports a narrower statement than claims that equity perpetuals are already broadly trading in the United States: multiple equity-index products have been certified, while the cited pages do not prove their live commercial status.

    On May 29, 2026, the CFTC took a historical, bitcoin-specific step when it approved KalshiEX’s bitcoin-referencing BTCPERP under Regulation 40.3. Its companion policy statement called for case-by-case review of perpetuals tied to asset classes outside that order. That past bitcoin approval did not settle how equity-linked perpetuals should be classified.

    Citadel’s filing argues that the SEC perimeter brings more than an approval process. It points to best execution, order handling and front-running rules, execution-quality disclosure, fair access, venue transparency and coordinated trading halts. For equity-linked perpetuals, it separately cites market-access controls and the risk of automatic deleveraging during volatile periods.

    Those are the practical stakes for users. Two contracts can provide exposure to a similar corporate outcome while offering different disclosure, execution and surveillance arrangements. A faster listing route can widen access, but it can also create uncertainty over which protections apply and which regulator has the data and authority to investigate misconduct spanning the derivative and the underlying stock.

    On March 18, 2026, the SEC approved Nasdaq’s rule change for eligible securities to trade in tokenized form during a Depository Trust Company pilot.

    Under that model, a tokenized share must be fungible with its traditional counterpart, carry the same CUSIP and symbol, provide the same shareholder rights, and trade on the same order book with the same execution priority. Market surveillance for the tokenized and traditional forms would rely on the same underlying data available to Nasdaq and FINRA.

    That March 18 approval did not equal a launch. The order says the framework becomes effective only after DTC establishes the required infrastructure and post-trade settlement services. Nasdaq must then give members at least 30 calendar days’ notice before tokenized trading begins.

    Nasdaq separately expects its work with Payward on Nasdaq Equity Tokens, or NETs, to launch in the second quarter of 2027. That is a forward-looking target. The sources do not establish that the Payward rollout and the DTC-pilot model have identical operating conditions.

    The SEC’s Sept. 17 roundtable will bring these questions closer together without resolving them by itself. The published agenda covers exchange and broker readiness, overnight surveillance, closing-price processes, clearance and settlement, investor protection, system resiliency, market-data continuity and expected liquidity.

    The event concerns preparations for 24-hour trading in conventional market infrastructure, with a later panel looking toward possible future expansion to 24×7 trading. It is a public discussion, not a rulemaking decision. That distinction prevents a debate about longer US equity sessions from being collapsed into the separate question of tokenized equities and perpetual derivatives that may trade continuously.

    The regulatory test is not a choice between surveillance and law. Venues will need both. Nasdaq’s technology could help Payward show that always-on markets are observable across its own stack. Citadel’s argument is that equity-linked oversight must also reach the underlying securities market and fit the statutory boundary between the SEC and CFTC.

    Until those pieces align, the fastest token rail will not necessarily deliver the broadest U.S. access. The products that reach users with durable liquidity may be the ones that combine continuous monitoring, cross-market data, operational resilience and a classification regulators can defend.