Friday, September 18: SEC tokenization. Paramount FCC. Palladium leads.

Friday, September 18: SEC tokenization. Paramount FCC. Palladium leads.

The Triple Tape — weekday morning markets: crypto, stocks, and metals.

• SEC five-year Innovation Exemption for Tokenized Securities Venues (real NMS stocks; issuer veto; no synthetics)
• CFTC Staff Letter 26-25: expanded no-action for passive crypto trading software/wallets
• Nostra (Starknet) pauses money market after ~$3.5M NSTR oracle exploit; ~$1.92M bridged ETH
• Circle Arc L2 day-one: BlackRock/Visa/Mastercard/DTCC validators; memecoins dominate early volume
• Zcash NU7: testnet Oct 6; target mainnet Nov 5; 75s→25s blocks
• Crypto tape (CMC ~5:10 a.m. ET): UNI +28.1%, ARB +24.3%, NEAR +23.9%; BTC ~$78,273; ETH ~$2,514
• FCC foreign-equity waiver for Paramount–Warner (~$110B path; no voting stock)
• S&P Global to acquire OpenZeppelin (terms undisclosed)
• Beretta $44.80 partial cash tender for up to ~2.4M Ruger shares
• AutoNation Laguna: ~10% sequential Q3 new-vehicle GPU decline
• Nucor/STLD Q3 EPS guides (not full prints); no fresh overnight mega-cap earnings
• Stocks tape (Yahoo pre ~5:10 a.m. ET): SECZ ~+9.2%, SDGR ~−4.3%, MSTR ~+4.3%
• LME Cu stocks Sep 17: 255,900 t (+1,750); fourth straight rebuild day
• GLD +0.856 t → 1,052.844 t; SHFE Cu warehouse receipts −1,545 → 31,400; Yangshan premiums ~4yr high
• Founders Metals 100% Antino + Gold Fields C$77M; Luca–Agnico El Barqueño
• Metals tape (Kitco ~5:11 a.m. ET): Palladium +3.88%, Silver +3.19%, Platinum +2.55%
• Today: 9:15 Industrial Production; 9:30 Bowman (stress testing); 10:00 LEI + State Employment

Takeaway: SEC five-year tokenized-stock exemption plus CFTC software relief after Clarity; Paramount FCC foreign-equity path vs AutoNation GPU warning; LME copper fourth rebuild day into IP and LEI.

AI-assisted production. No trade recommendations.