Good morning, CFOs. Defenders of the PCAOB fight plans to eliminate it; the SEC sues crypto startup Unicoin and its executives for fraud; and former Apple design guru Jony Ive will take an expansive role at OpenAI.

Former audit regulators, academics and investors are making a push to fight the proposed elimination of the Public Company Accounting Oversight Board, which a Republican-led Congress could vote to approve as part of the broader tax bill now under consideration.

Congress created the PCAOB in 2002 to boost financial oversight in the wake of the Enron and WorldCom accounting scandals. But its fate now hangs in the balance as GOP lawmakers target a July 4 bill signing by President Trump.

Republican lawmakers want to fold the PCAOB’s functions into the Securities and Exchange Commission, a once-fringe idea revived in a Project 2025 document last year. The House Financial Services Committee, led by Rep. French Hill (R., Ark.), voted along party lines to approve the measure last month, with a full House vote on the broader bill soon expected to follow.

Opponents warn that the plan would weaken oversight of auditing firms and reduce the accuracy and reliability of financial reporting, in part because they fear the SEC is unlikely to replicate the PCAOB’s expertise and infrastructure with similar results due to its resource constraints and competing priorities.

PCAOB Chair Erica Williams, former members of the board and advisory groups in recent weeks have asked lawmakers to reconsider the plan. “The PCAOB has worked,” six former board members said in a May 8 letter to the heads of the House financial services and budget committees. “We urge you not to jeopardize that progress.”

• GOP Leaders Make Last-Minute Changes to Trump Tax Bill
• Trump’s Economic Agenda Hinges on Tax Bill That Divides His Own Party

📆 Earnings

• Analog Devices
• Autodesk
• BJ’s Wholesale Club
• Copart
• Deckers Outdoor
• Intuit
• Ralph Lauren
• Ross Stores
• Toronto-Dominion Bank
• Williams-Sonoma
• Workday

📈 Economic Indicators

• S&P Global releases both its Manufacturing and Services Purchasing Managers’ Indexes for May.
• The National Association of Realtors reports existing-home sales for April.

The Securities and Exchange Commission sued Unicoin, a flashy crypto startup, alleging that the company and its executives misled investors while raising more than $100 million to launch a digital token that it touted as safe, stable and backed by real-world assets such as land in Antigua and the Bahamas.

The lawsuit, filed late Tuesday, is one of the SEC’s first major enforcement actions taken against a crypto firm since President Trump—a supporter of the digital-currency industry—took office.

“The SEC’s allegations are blatantly false. I intend to prove in court that they constitute yet another case of gross abuse of power,” Unicoin Chief Executive Alex Konanykhin said in a statement relayed by a spokesman.

• Jony Ive, a chief architect of the iPhone, and his design firm are taking over creative and design control at OpenAI, where they will develop consumer devices and other projects that will shape the future look and feel of AI.

📰 Other headlines

• U.S., Canada Senior Officials Laud Productive Talks on Sidelines of G-7
• AT&T to Buy Lumen’s Mass Markets Fiber Business for $5.75 Billion
• Boeing’s Internal Safety Plan: Make Problems Easier to Report
• Phillips 66 and Activist Elliott Split Heated Boardroom Battle
• Medtronic to Separate Diabetes Business
• Dior Settles Italian Probe Into Labor Practices
• Canada Goose Sales Unexpectedly Rise as Luxury Spending Holds Up
• Exclusive: Publicis Deepens Influencer Marketing Push With Deal for Captiv8
• Bloomberg Outage Hits Traders, Disrupts Government-Bond Auctions
• Dow Slides More than 800 Points, Bonds Extend Selloff
• Private Credit Has a Problem: Too Much Money

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Bechtle, the German IT company, appointed Christian Jehle as CFO and member of the company's executive board. Jehle's appointment, effective as of Jan. 1 next year, expands Bechtle's executive board to five members for the first time in the company's history. Jehle will join the company after serving as the chief financial officer of Computacenter. He stepped down from his role at that company in December. His initial term with Bechtle will run until the end of December 2028.

—Pierre Bertrand contributed to today’s Ledger.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.

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