Key developments today in the programmable economy. AI agents are receiving money and tools, major banks are integrating tokenized assets into their core operations, and the SEC provides its first concrete classification. • SEC: Canton Coin is classified as a digital commodity under a no-action letter, as its value arises from network operations—the first-ever case-by-case classification of a network token. • Morgan Stanley is tokenizing stocks and government bonds via the DTCC’s new service, which operates partly on Canton. Integration into its own trading system begins in 2027. • Mastercard and Cloudflare launch Agent Pay for Machines: AI agents make micro-payments in USDC through an established payment network. • The CFTC permits perpetual futures on individual stocks; a coalition led by Citadel and Cboe is challenging the decision. Trading tokenized stocks becomes regulatable, though jurisdiction remains contested. • Setback: The stablecoin market contracted by 3.8% ($11.5 billion) over 30 days. Meanwhile, tokenized government bonds exceed $46 billion, indicating some capital remains on-chain.