SEC removes day trading limits
Shares of retail-focused exchanges like Robinhood (HOOD) and Webull (BULL) are jumping this morning after the SEC moved to scrap a rule that had long restricted smaller traders. The so-called pattern day trading rule will no longer limit investors with under $25,000 in their margin accounts to just four day trades within a five-day window. The change, initially proposed by FINRA, means traders of any account size can now day trade freely – as long as they have sufficient funds to cover their positions. Read more →
Musk is rebuilding PayPal… inside X
X has launched Cashtags, a feature letting users view live price charts and posts for stocks and crypto directly in their timelines. The rollout is limited to iPhone users in the U.S. and Canada, with Canadian users getting a direct link to Wealthsimple for trading. X clarified it won't execute trades itself, only provide financial data and links – part of a broader push to build out X Money, a digital wallet launching this month that pairs with it’s new debit card.
For context, X has 550 million monthly users. That’s compared to Robinhood with 27 million funded accounts & 13 million MTUs and Coinbase with 9.2M MTUs. Read more →
New Fed Chair a Crypto Degen?
A new financial disclosure from Fed chairman nominee Kevin Warsh has revealed over two dozen investments in crypto startups. The filing shows investments across roughly 30 crypto-related companies – from Solana, Optimism, Blast, Compound, dYdX, Tenderly, and Render to NFT names like Dapper Labs and social bets like Friends With Benefits – alongside positions in AI, aerospace, gene editing, and even a robotic coffee startup. Warsh may be getting dunked on as a “crypto degen” and his diverse crypto exposure is certainly real, but the bigger picture is that Trump’s Fed pick has been playing spray-and-pray venture capitalism for years. Read more →
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