SAYLOR SAYS 24/7 — THE SEC ORDER SAYS TEMPORARY, FIVE YEARS, STOP WHEN THE STOCK STOPS

Michael Saylor read a five-year rule and sold it as a forever promise. The SEC’s September 17 order lets tokenized copies of listed stocks trade on new venues without registering as an exchange, and Saylor told his followers it “enables 24/7 onchain trading of tokenized” MSTR and STRC and called it “a major breakthrough for Digital Credit.” So read the order he is cheering. It never says “24/7.” It never says “around the clock.” It never says “continuous.” I searched the document; those words are not in it. What is in it are leashes. The relief is “temporary, conditional,” and is “set to expire five years after publication.” The venue faces “limits on the number of symbols and volume traded.” And the token “must stop trading” whenever trading in the real stock is halted on its home exchange. That is a leash, not a round-the-clock bell. Saylor is no bystander here: MSTR and STRC are his to sell, and digital credit is his pitch, so he sells the biggest version of the news. Buyers pay for the gap. They hear always-on; the order they are cheering never promises it. The paper is real. The 24/7 is his. At the time of this writing, bitcoin was $78,107.