On Monday (9/21), SEC Commissioner Hester Pierce resigned her post effective October 2. That means there’ll be only 2 SEC Commissioners, out of the 5 mandated by law. Investors are best protected by an active vibrant SEC. I hope those 3 vacancies get addressed in the near term.

What a privilege to host the black tie Royal Performance and World Premiere of Tom Cruise’s new movie Digger, at our Odeon Luxe Leicester Square cinema in London. Attending: William and Catherine, the Prince and Princess of Wales.

Today was an important day in the history of Hollywood. State Attorneys General settled their anti-trust case, so Paramount’s acquisition of Warner Brothers will proceed. I signed on to this transaction back in April because David Ellison pledged to make at least 30 movies per year (66% more than the number made by the two studios last year) and promised to respect theatrical windows. Now with the AG action, those commitments and more will be backed up by a binding five year “Consent Decree.” But I never had any doubt in David Ellison’s desire to support theatrical exhibition. In his heart, he is a consummate movie maker. Want proof? Again watch Skydance’s Top Gun: Maverick, as I did this weekend. And he has a highly able team of executives in place at both studios. My prediction: Paramount and Warner will be in extraordinarily capable hands.

I want to extend my highest praise to Paul Atkins, Chairman of the U.S. Securities and Exchange Commission, for the wise decision — perhaps a better characterization being the brilliant decision — he announced today on behalf of the SEC about Stock Tokens.   The SEC granted a five year period of experimentation on this topic in U.S. markets. In doing so, the SEC laid out some inviolate and unequivocally annumerated conditions:   The SEC highlighted that “Investor Protection Is Not Optional.” The SEC clearly laid out that even as it puts forward an “Innovation Exemption,” the SEC has an implicit right to govern on this issue. This means that at least within the U.S., there is an underpinning that appropriate regulatory bodies can regulate  as they think is needed. I believe that over the last full century, investors have best been protected when U.S. regulatory bodies have been involved and U.S. securities laws have been applicable. Thank you, SEC.   The SEC also  emphasized  that there can be “No Synthetics.” Any such Stock Tokens must carry full voting and dividend rights. No synthetics is such a vital and basic concept. Thank you, SEC.   Also of crucial importance, the SEC mandated that “Issuers Can Object.” It said that issuers of stock must have the opportunity to object and prevent their security from being trading on a Tokenized Securities Venue if companies so choose. This puts companies in charge of their own securities and capital structures, not brokerage houses. Thank you, SEC.   I applaud what the SEC did today. Bravo!   And @vladtenev and @dangallagher I note that at Robinhood you accepted and supported the SEC’s ruling today. I call on you now to adhere to the exact same standards internationally. How hypocritical would it be if Robinhood’s stock tokens abroad were to differ materially from stock tokens in the U.S. on these hyper-important matters of investor protections, synthetics and issuer objections.    Adam Aron Chairman and CEO AMC Entertainment

New in this morn's AI Agenda: OpenAI is close to solving another Millennium Prize problem, the Hodge Conjecture. It could take extra time to announce, though, as the company figures out how to navigate its rocky relationship with the math community.

In my crosshairs as much as Robinhood’s shameful Stock Tokens and the trademark- infringing meme coins that they trade: dreaded TICKET SCALPERS. So far, we have reclaimed more than 1,600 AMC tickets from resale sites posted there. Scalpers beware, AMC is coming after you.

Hey there @dangallagher, in the past week you and @vladtenev CEO of Robinhood have made public comments defending your use of and “standing behind” your relatively new Stock Token concept. I think this practice is abhorrent. It defeats the very ethos of share ownership. Public financial markets were created so that companies could raise capital, and so that investors could share in the wealth created as a result. Not to turn investing instead merely into some gamified business-oriented casino. If by your own admission you can’t offer or sell Stock Tokens to “U.S. persons” why does your U.S. web site talk about them so much and so favorably? Vlad: How can a U.S. brokerage firm be proud of creating an offshore Channel Island operation in far off Jersey specifically with the intent to operate outside U.S. securities laws? Is there potential confusion that Stock Token purchasers are getting less than all the rights accorded to real shareholders, and if so do you care? If those tokens are theoretically backed 1:1 by real shares, but hypothetically some of those underlying real shares are in turn lent out to short sellers, are the Tokens really backed 1:1 in fact? Dan: I think U.S. securities laws have protected the public very well over the past century. You spent much of your career at the SEC. Deep down, in your heart of hearts, how can you really think a world without the precautions imposed by U.S. securities laws creates a better, safer environment for investors? Choose whatever descriptors you think best make sense under the circumstances: Non-regulated, derivative, synthetic, sham, debt-backed securities trying to simulate actual real stock, or pick your own words if these don’t fit. Stock Tokens may make you an innovator in your own eyes. In my eyes, they bring your firm dishonor.

On this 25th anniversary of 9/11 comes this staggering aerial drone recreation of the World Trade Center twin towers. Some 2,977 drones over the lower Manhattan sky, the same number of fatalities that immediately resulted from that fateful attack. With reverence, we remember.

ICYMI: @coryweinberg and I reported last night that OpenAI's former head of Sora, Bill Peebles, is teaming up with Hollywood mogul Jeffrey Katzenberg and investor Sujay Jaswa to create a new startup that will develop AI models for Hollywood.