🌎 The SEC's first NFT win

Plus: The PSA on PSL. Was this newsletter forwarded to you? [Sign up here](%2F%2Fqz.com%2Femails%2Fdaily-brief%2F/1/0100018a40bdfe0d-3658e2aa-21eb-4ea4-bdae-5687a9e5133c-000000/rgdAvybbuqRUx-qjgylrE1r8eppcIkJCrfgPkpMFgxM=315) [Quartz](%2F%2Fqz.com%2Femails%2Fdaily-brief%2F1850782886%2Fthe-secs-first-nft-win%2F/1/0100018a40bdfe0d-3658e2aa-21eb-4ea4-bdae-5687a9e5133c-000000/Hrw5oCeMRNdB0mK2zRaA27rESWXqy9RC9FiIMsL8blU=315) August 29, 2023 [View in browser](%2F%2Fqz.com%2Femails%2Fdaily-brief%2F1850782886%2Fthe-secs-first-nft-win%2F/2/0100018a40bdfe0d-3658e2aa-21eb-4ea4-bdae-5687a9e5133c-000000/uxldjkMoNm3fxUQU-hm_mZNerfJm_6Yem1A1nMPd9-8=315) [The SEC commissioner Gary Gensler lifts his right hand as he testifies before the Financial Services and General Government Subcommittee July 19, 2023 in Washington, DC. ](%2F%2Fqz.com%2Femails%2Fdaily-brief%2F1850782886%2Fthe-secs-first-nft-win%2F/3/0100018a40bdfe0d-3658e2aa-21eb-4ea4-bdae-5687a9e5133c-000000/qwqLN0ySRROlj2ll8S48m4RfMs2pdbSeILu69JfR1_w=315) Photo: Getty Images (Win McNamee) Good morning, Quartz readers! Here’s what you need to know US regulators have turned their attention to non-fungible tokens (NFTs). The US Securities and Exchange Commission (SEC) [has charged an NFT project](%2F%2Fqz.com%2Ffor-the-first-time-the-sec-has-charged-an-nft-project-1850780926%2F%3Futm_source=email%26utm_medium=Quartz_Daily_Brief_US%26utm_content=1850782886/1/0100018a40bdfe0d-3658e2aa-21eb-4ea4-bdae-5687a9e5133c-000000/rdArQSEGktbJIHyH7fwDrk08T-d3Vp8OHGMwcLqmE0g=315) with selling unregistered securities for the first time. Furniture company Mitchell Gold + Bob Williams abruptly shut down. [The sudden closure](%2F%2Fqz.com%2Fmitchell-gold-bob-williams-shutdown-layoffs-1850782867%2F%3Futm_source=email%26utm_medium=Quartz_Daily_Brief_US%26utm_content=1850782886/1/0100018a40bdfe0d-3658e2aa-21eb-4ea4-bdae-5687a9e5133c-000000/IOfsrWOfXlAKuceJX9keKyhOR3qEU1QZ6GxEQFVkc5s=315) will affect more than 500 US workers. Union membership boosts workers’ salaries. The median American union worker [earns 20% more](%2F%2Fqz.com%2Fjanet-yellens-treasury-department-found-that-joining-a-1850781766%2F%3Futm_source=email%26utm_medium=Quartz_Daily_Brief_US%26utm_content=1850782886/1/0100018a40bdfe0d-3658e2aa-21eb-4ea4-bdae-5687a9e5133c-000000/4jdDIW2cXTbSq0pjQfcyEpfx9sc0ebSrx2J2xo2Yd8k=315) than their non-union counterpart. 3M agreed to pay more than $5.5 billion to resolve 300,000 lawsuits. The US conglomerate faced claims that it sold [defective combat earplugs](%2F%2Fqz.com%2F3m-is-paying-5-5-billion-to-resolve-300-000-lawsuits-o-1850780085%2F%3Futm_source=email%26utm_medium=Quartz_Daily_Brief_US%26utm_content=1850782886/1/0100018a40bdfe0d-3658e2aa-21eb-4ea4-bdae-5687a9e5133c-000000/Lmn3DBWRpjvthEjYbhLuO6598EHn5_lxOA1rMVx1ZLk=315) to the US military. Hong Kong has a new public enemy Hong Kong’s national security police has put opposition politicians [behind bars](%2F%2Fqz.com%2F1987247%2Fa-journalist-who-covered-hong-kong-protests-now-faces-life-in-jail%2F%3Futm_source=email%26utm_medium=Quartz_Daily_Brief_US%26utm_content=1850782886/1/0100018a40bdfe0d-3658e2aa-21eb-4ea4-bdae-5687a9e5133c-000000/atc8fVEQfNORx2XBN0HLAL4y-fEQEF3loMlobTYYSEU=315), chased activists [into exile](%2F%2Fqz.com%2F1952305%2Fa-new-immigration-law-could-impose-exit-bans-on-hong-kongers%2F%3Futm_source=email%26utm_medium=Quartz_Daily_Brief_US%26utm_content=1850782886/1/0100018a40bdfe0d-3658e2aa-21eb-4ea4-bdae-5687a9e5133c-000000/dJM0Y5DHelEi5Ou2I37lqVLtKPzbfjPHVImxoa0PBQw=315), atomized [civil society](%2F%2Fqz.com%2F1882496%2Fcultural-revolution-2-0-political-repression-sweeps-hong-kong-workplaces%2F%3Futm_source=email%26utm_medium=Quartz_Daily_Brief_US%26utm_content=1850782886/1/0100018a40bdfe0d-3658e2aa-21eb-4ea4-bdae-5687a9e5133c-000000/PWlbRXs1RDYAMtM9x3n4D0VQXKoWpeKlpAFRHk38r5k=315), and decimated the Hong Kong [independent media](%2F%2Fqz.com%2F2024546%2Fapple-dailys-closing-marks-end-of-era-for-press-in-hong-kong%2F%3Futm_source=email%26utm_medium=Quartz_Daily_Brief_US%26utm_content=1850782886/1/0100018a40bdfe0d-3658e2aa-21eb-4ea4-bdae-5687a9e5133c-000000/obiFjGmdGdzeFKzsQ2G6vWnnBYHM_D9t2qOSS6kXZ0Y=315). Now, it has a new target: the Cantonese language. Gongjyuhok, a Hong Kong advocacy group that promotes the use of Cantonese, announced yesterday that it’s shutting down after authorities demanded it remove a dystopian short story. [Cantonese](%2F%2Fqz.com%2F1000378%2Fcantonese-isnt-dead-yet-so-stop-writing-its-eulogy%2F%3Futm_source=email%26utm_medium=Quartz_Daily_Brief_US%26utm_content=1850782886/1/0100018a40bdfe0d-3658e2aa-21eb-4ea4-bdae-5687a9e5133c-000000/pMilViKPV5x71fQAC9MWCNcF3B1D3GhfVmotmqkjvS0=315) is the lingua franca of Hong Kong and is intimately tied to Hong Kongers’ identity as distinct from the mostly Mandarin-speaking mainland—and Gongjyhok’s effort to protect and promote the Cantonese language [is standing in direct defiance](%2F%2Fqz.com%2Fhong-kong-s-new-public-enemy-the-cantonese-language-1850780591%2F%3Futm_source=email%26utm_medium=Quartz_Daily_Brief_US%26utm_content=1850782886/1/0100018a40bdfe0d-3658e2aa-21eb-4ea4-bdae-5687a9e5133c-000000/LrkgtNtuZXB_m2r3CauT-mXBBUqH8nTrylLyrGBBi5A=315) of Beijing’s ongoing effort to repress the linguistic identity of Hong Kong. And in China, “de” is the enemy The West’s push to decouple and [derisk from China](%2F%2Fqz.com%2Fgermany-china-strategy-asymmetric-dependency-1850638319%2F%3Futm_source=email%26utm_medium=Quartz_Daily_Brief_US%26utm_content=1850782886/1/0100018a40bdfe0d-3658e2aa-21eb-4ea4-bdae-5687a9e5133c-000000/2zG9qdGOB6vSY8C7F_7zJeZfJJlHZptq75VuQjWIpxE=315) threatens to derail the country’s economic ambitions. Beijing knows this: Just look at how eager Chinese state media was to portray Elon Musk as the government’s “[ideal foreign investor](%2F%2Fqz.com%2Fchinese-media-are-celebrating-elon-musk-s-beijing-visit-1850490065%2F%3Futm_source=email%26utm_medium=Quartz_Daily_Brief_US%26utm_content=1850782886/1/0100018a40bdfe0d-3658e2aa-21eb-4ea4-bdae-5687a9e5133c-000000/MGK1R2YhF8QZrqlpYN6m95yC333vGsNXmc4YzsiVD-4=315)” when the Tesla CEO visited China in May. But old habits are hard to break. A Caixin [editorial](%2F%2Fwww.caixinglobal.com%2F2023-08-21%2Feditorial-the-benefits-of-stabilizing-foreign-investment-in-china-102095032.html/1/0100018a40bdfe0d-3658e2aa-21eb-4ea4-bdae-5687a9e5133c-000000/5xPmSYwbwf486Uwa4noz_ELdPUzVPfk-HVCgeyBV2Uw=315) argued that the Chinese government’s continued insularity is undermining foreign investment, a worrying trend that is “decidedly detrimental to…pursuing high-quality development.” %2F%2Fqz.com%2Femails%2Fdaily-brief%2F1850782886%2Fthe-secs-first-nft-win%2F/4/0100018a40bdfe0d-3658e2aa-21eb-4ea4-bdae-5687a9e5133c-000000/Rv5bIP-VUiJgqTm4X936L-uBhacNCjJssOjY8v55jeE=315 Graphic: (Mary Hui) As pessimism around China’s economy reaches a fever pitch, Quartz’s Mary Hui explained in [the latest Weekend Brief](%2F%2Fqz.com%2Femails%2Fquartz-weekend-brief%2F1850773854%2Fthe-bears-in-the-china-shop/1/0100018a40bdfe0d-3658e2aa-21eb-4ea4-bdae-5687a9e5133c-000000/Ma0CtFPXK-6EkjC0W5eSPA_RN_3StjhWjymvWPdRA9o=315)—our member-exclusive email—that there isn’t a single factor behind this period of economic instability, but several competing ones. ✉️ [Sign up for the Weekend Brief](%2F%2Fqz.com%2Fsubscribe%2Fplan/1/0100018a40bdfe0d-3658e2aa-21eb-4ea4-bdae-5687a9e5133c-000000/Nj5utWzkEdLaL2h0ydTxHR74a9BbEdGEC_xQ091ZuX8=315) for analysis on one big news item each week. One big number: 5,821 The number of American Airlines passengers trapped on the tarmac in instances that lasted longer than three hours from 2018-2021—mostly at Dallas Fort Worth International Airport. US regulators slapped the airline with a $4.1 million fine for the hassle, [the largest ever federal fine for excessive delays](%2F%2Fqz.com%2Fafter-trapping-passengers-on-the-tarmac-american-airli-1850780978%2F%3Futm_source=email%26utm_medium=Quartz_Daily_Brief_US%26utm_content=1850782886/1/0100018a40bdfe0d-3658e2aa-21eb-4ea4-bdae-5687a9e5133c-000000/JEeRMr0M-1HCb3Tvc2Ij916Y6VbX4ucTTrA9_4hIRZQ=315). 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Gentle reminder: [There’s no pumpkin in pumpkin spice](%2F%2Fwww.cnn.com%2F2023%2F08%2F24%2Fhealth%2Fpumpkin-flavored-foods-wellness%2Findex.html/1/0100018a40bdfe0d-3658e2aa-21eb-4ea4-bdae-5687a9e5133c-000000/oWyhCNTc2habWejF7F5FRTu5yv5pgZlfPTAF8LqEfgA=315). A single British farm grew 11,000 watermelons this year. That’s [double last year’s harvest](%2F%2Fwww.independent.co.uk%2Fbusiness%2Frecordbreaking-year-for-british-watermelon-grower-despite-rainy-july-b2398525.html/1/0100018a40bdfe0d-3658e2aa-21eb-4ea4-bdae-5687a9e5133c-000000/eXTUf9XQGXNxIXIZAkydCziLZonnyAJP0XYY6XVz5XA=315), and likely a record in a climate that’s not well-suited for the fruit. Adam Sandler broke a Rotten Tomatoes record. You Are So Not Invited to My Bat Mitzvah is bringing the actor some of his best critical reviews to date, though [popular opinion isn’t quite matching up](%2F%2Fwww.independent.co.uk%2Farts-entertainment%2Ffilms%2Fnews%2Fadam-sandler-kidz-bat-mitzvah-netflix-b2400530.html/1/0100018a40bdfe0d-3658e2aa-21eb-4ea4-bdae-5687a9e5133c-000000/zCFd_o3Q2bpGCK7T5Tw-wF5_XfDxIrV4vPBNwJsisDk=315). More than 90% of emperor penguin colonies will be nearly extinct by the end of the century. [Breaks in sea ice](%2F%2Fwww.bbc.com%2Fnews%2Fscience-environment-66492767/1/0100018a40bdfe0d-3658e2aa-21eb-4ea4-bdae-5687a9e5133c-000000/kn4OmMUg1t5V11TbABwtETuvMrKpKhaJpVu7VXyWZoQ=315) are killing thousands of the young birds. The 35th annual World Bog Snorkeling Championships was held in Wales. Giant plastic toad caps [were optional](%2F%2Fapnews.com%2Farticle%2Fuk-wales-bog-snorkeling-championships-f70738df2e36de433dc9e74849d2ecc4/1/0100018a40bdfe0d-3658e2aa-21eb-4ea4-bdae-5687a9e5133c-000000/0piymfdgfskuNncsz-aNJUsiyV0dCMEnIkqTNzuua7U=315). Our best wishes for a productive day. Send any news, comments, watermelon juice, and toad hats to [talk@qz.com](mailto:talk@qz.com?cc=&subject=Daily%20Brief%20feedback%20&body=). Reader support makes Quartz available to all—[become a member](%2F%2Fqz.com%2Fsubscribe%2F/1/0100018a40bdfe0d-3658e2aa-21eb-4ea4-bdae-5687a9e5133c-000000/IhoX-FnXzZQ4bjQQaGCpIuy0GPk03MaoHQvh1OtG8t4=315). Today’s Daily Brief was brought to you by Sofia Lotto Persio and Morgan Haefner. 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