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The cryptocurrency industry has secured a significant victory in Washington, with the Senate Banking Committee approving legislation that would establish a regulatory framework dividing oversight of digital assets between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The Clarity Act passed with support from two Democrats alongside Republicans, moving it closer to a full Senate vote. The legislation followed intense lobbying from both crypto firms and traditional banks over provisions allowing companies such as Coinbase to offer token-based rewards programs that banks argue could divert customer deposits from the financial system. The measure faces additional political hurdles tied to the Trump family’s growing crypto interests, as Democrats seek restrictions on elected officials and their relatives participating in certain cryptocurrency ventures. The House has already passed its own version of the bill, meaning lawmakers would still need to reconcile differences before sending final legislation to President Trump.

 

CNBC

Reuters

Wall Street Journal

Prediction market platforms Kalshi and Polymarket have reported a sharp rise in suspicious trading activity as investor interest in event-based betting markets surges. Kalshi has investigated more than 400 suspicious trades this year, while Polymarket has also seen increased flagged activity amid growing regulatory scrutiny. Trading volumes and company valuations have risen rapidly, driven by demand for markets tied to politics, economics and sport. Both platforms are strengthening safeguards against insider trading following pressure from lawmakers and regulators concerned about the use of confidential information in prediction-based betting markets.

 

Reuters

X, the social media platform owned by Elon Musk, has committed to reviewing reports of illegal hate and terrorist content within 24 hours. The pledge from X follows a compliance programme in which U.K. media regulator Ofcom assessed whether the biggest social media companies have adequate systems and processes for dealing with reports of illegal hate and terror material. Ofcom's online safety director, Oliver Griffiths, said the commitment from the online platform marks a "step forward" in the fight against such content. X will submit performance data to Ofcom every three months for a year, enabling the regulator to monitor whether the site is meeting the targets. The platform has also pledged to block U.K. access to accounts linked to banned terrorist groups.

 

BBC News

The Guardian

Security researchers at Calif say they used techniques developed while testing Anthropic’s Mythos AI system to uncover vulnerabilities in macOS. The team identified two bugs that could be combined to bypass Apple security protections and potentially allow hackers to gain elevated access to devices. Researchers said AI tools are becoming increasingly effective at identifying software vulnerabilities, raising concerns about a potential surge in cybersecurity threats. Apple confirmed it is reviewing the findings and said security remains a priority. Experts said the attack still required significant human expertise, despite AI accelerating the process. The discovery adds to growing debate over the risks posed by increasingly powerful AI systems.

 

The Wall Street Journal

Starbucks is cutting 300 U.S. corporate jobs and closing several regional support offices as part of a wider cost-cutting and restructuring program aimed at restoring "durable, profitable growth". Offices in Atlanta, Burbank, Chicago and Dallas will close, while the company also reviews international support operations, with further job cuts possible outside the U.S. Starbucks said the changes would not affect its coffee shops and are intended to simplify operations and reduce costs. The company expects to pay around $120m in severance costs and reduce the value of some real estate assets by $280m. The measures come as chief executive Brian Niccol continues a turnaround strategy focused on improving store performance and profitability.

 

CNBC

New York Times

Reuters

Seattle Times

The U.S. Food and Drug Administration has replaced acting drug center head Tracy Beth Hoeg with deputy Michael Davis following the recent departure of Commissioner Marty Makary. Hoeg announced she had been fired days after Makary exited amid reported clashes with White House and health officials over drug approval decisions. The changes form part of a wider restructuring at the FDA under President Donald Trump’s administration, with thousands of staff leaving through layoffs and voluntary departures. Additional leadership changes include new acting heads for the biologics center and chief of staff roles.

 

Reuters

Samsung Electronics shares rose more than 4% today after a South Korean court granted an injunction restricting planned strike action by unions representing workers at the chipmaker, reducing the likelihood of major disruption to semiconductor production. The Suwon District Court ruled that staffing levels required for safety, product quality and facility protection must remain normal during industrial action, limiting the scope of an 18-day strike due to begin on Thursday. The court also barred unions from occupying facilities or blocking employee access, with fines of Won100m per day for breaches. The dispute centers on worker demands for higher bonuses linked to operating profit, while government officials warned that a prolonged strike could severely damage the South Korean economy and disrupt the global semiconductor supply chain.

 

Financial Times

Reuters

About ​3,500 workers at New York's Long Island Rail Road (LIRR) have gone on strike for the ‌first time in 32 years after failing to reach a wage agreement. "This strike would ​not have happened if the [Metropolitan Transportation Authority] and LIRR offered our members the reasonable terms the government recommended multiple times," Brotherhood ​of Locomotive Engineers and Trainmen President Mark Wallace said. "We hope LIRR gets serious soon to avoid further unnecessary disruptions for hundreds of thousands of New Yorkers. They know where to find us when they're ready: on the streets."

 

Reuters

Staffing group Adecco has said temporary hires outpaced permanent recruitment in the first quarter. Adecco CEO Denis Machuel said: "It's linked to ⁠the uncertainty and explains also why flexible placement is quite active, because the overall ​economy is pretty good." He observed that most of the group's clients "don't dare" to ​recruit on a permanent basis but the work needs to be done. Spain, Latin America and Asia Pacific were ​the markets where permanent recruitment bucked the trend, Machuel said.

 

Reuters

A class-action lawsuit has been filed against Spirit Airlines after the airline abruptly ceased operations and laid off approximately 17,000 employees. The lawsuit, initiated in the Southern District of New York, alleges that Spirit violated labor laws by failing to provide the required 60 days' notice under the Worker Adjustment and Retraining Notification Act (WARN Act). Former employees claim they lost their jobs and benefits without receiving their final paychecks or compensation for unused vacation and sick time. The lawsuit seeks damages equivalent to 60 days of wages and benefits. The sudden shutdown is expected to significantly impact New Jersey airports, particularly Atlantic City International Airport and Newark Liberty International Airport, where Spirit had a major presence.

 

Chicago Tribune

NJ.com

A criminal case accusing British American Tobacco (BAT) ​- whose brands include Dunhill, Lucky Strike and Pall Mall - of conspiring to violate U.S. sanctions by selling ‌cigarettes to North Korea has been dismissed after the company complied with a three-year deferred prosecution agreement. In a filing in the federal court ​in Washington, D.C., the Department of Justice ​said BAT "fully complied" with the April 2023 agreement, ⁠including by enhancing its compliance procedures, and paid about $630m including a fine and forfeiture.

 

Reuters

A group of U.S. lawmakers has urged the Pentagon to suspend joint military operations with Ecuador, citing concerns over human rights violations. The letter, led by Democratic representatives including Chuy García and Alexandria Ocasio-Cortez, demands an investigation into reported incidents during operations against drug trafficking organisations. They highlighted a bombing that may have targeted civilian facilities and warned of escalating tensions in the volatile border region. The lawmakers stressed that U.S. military involvement lacks Congressional authorization and called for accountability and respect for human rights in foreign operations.

 

El Pais