Good morning. After five months of guessing which types of corporate criminal cases President Trump’s Justice Department would push, white-collar defense lawyers have their answer, Risk Journal’s Max Fillion reports. 

• More on the memo: In a memo published Monday, DOJ criminal division head Matt Galeotti outlined 10 areas his unit would focus on, including healthcare, procurement, trade and elder fraud; sanctions violations; and unlawful fentanyl and opioid manufacturing, to name a few. 
   
• Changes afoot: The publication of the memo is significant as there were signs early on that the Trump administration was shifting its white-collar crime focus. On her first day in office, Attorney General Pam Bondi directed the department’s foreign bribery and money-laundering units to narrow their attention to cases concerning transnational criminal organizations.  
   
• Enforcement not going away: “There were many think pieces saying ‘such and such white-collar enforcement is dead,’” said Sidley Austin partner Lisa Miller, who in January left her criminal division leadership post. “This is a signal to the community that, ‘Look we might be reframing, but make no mistake, we in the criminal division are pursuing corporate cases.’”

Verizon rolls back DEI policies to secure $10 billion deal.

Verizon Communications won federal clearance for its nearly $10 billion buyout of broadband provider Frontier Communications after pledging to step up internet investments and yielding to Trump administration demands to curb its diversity policies.

Federal Communications Commission Chairman Brendan Carr Friday granted the telecom companies’ request to merge and said the deal would be in the public interest. Verizon pledged to expand fiber-optic internet service to pass near at least a million new homes a year and committed to address longstanding complaints from cell-tower maintenance companies about prices and contracts.

Verizon also said in a May 15 letter that it would scale back its diversity, equity and inclusion policies.

Proposed bill protects AI whistleblowers.

A bipartisan group of U.S. senators and representatives are pushing a new bill aimed at protecting those blowing the whistle on dangerous developments in artificial intelligence technology, reports Risk Journal’s Mengqi Sun.

The proposed Senate bill provides protection from retaliation for those who are developing and deploying AI technologies, including blacklisting or other kinds of discrimination. The bill also empowers whistleblowers to testify and provide Congress and the Justice Department with information relating to AI security vulnerabilities or AI violations, such as breaking federal laws or potential dangers to public safety.

• A federal judge in Texas has struck down federal guidance telling employers to accommodate bathroom and pronoun requests by transgender workers.
   
• Prominent Democrats continue to criticize the Trump administration’s plans to share advanced artificial intelligence technology with Saudi Arabia and the United Arab Emirates.
   
• The U.K. government has committed to consolidating its sanctions lists, introducing faster penalties for violations, exploring the establishment of a joint intelligence function and enhancing compliance guidance.
   
• Boeing won’t face prosecution in connection with two plane crashes that left 346 dead under a tentative deal with the Justice Department that would allow the U.S.’s biggest exporter to avoid a felony conviction, people familiar with the matter said.
   
• Since January, more than three dozen employees and associates of Elon Musk and fellow tech titans Peter Thiel, Marc Andreessen and Palmer Luckey have been tapped for roles at federal agencies critical to their businesses, a Wall Street Journal analysis found.
   
• The crypto industry appears poised to grab its first major legislative victory as Congress moves closer to passing a bill to regulate stablecoins. Its next goal—legislation regulating exchanges and token issuers—might be a steeper hill to climb, according to Barron's.
   
• Michelle Bowman’s confirmation as vice chair for banking supervision would be an important win for advocates of lighter bank regulation, according to Barron's.

How Gulf Sheikhs played their Trump cards into a massive AI chip deal.

The United Arab Emirates has fewer citizens than the population of West Virginia.

But an agreement to give the U.A.E. coveted access to millions of the most advanced chips from Nvidia shows that the tiny, oil-rich Gulf monarchy knows how to play a clever economic game in the age of Trump.

• Trump’s Middle East Tour Boosts Arab States at Israel’s Expense
• Israel Expands Ground Operation in Gaza, Says Hamas Leader It Targeted Is Likely Dead

Severed fingers and ‘wrench attacks’ rattle the crypto elite.

There has been a wave of violent abductions around the world, including several in the U.S., targeting crypto executives and their families. Victims have been pistol whipped, abducted, and—in two cases—had fingers severed. The criminals’ goal: millions of dollars in ransom in cryptocurrency.

Hacking has long been the primary risk for the crypto rich. But to thwart hackers, savvy cryptocurrency investors have increasingly taken their digital wallets offline in favor of physical devices, making remote theft more difficult. Real-world crypto crime bypasses those safeguards.

• Breaking Down Trump’s Entanglements With Crypto

• The U.S. hammered out a trade truce with its foremost geopolitical rival in record time. Reaching agreement with longtime allies is proving more of a slog.
   
• China’s economy showed signs of slowing in April as trade tensions with the U.S. soared, underlining the risks high tariffs posed before they were sharply scaled back by Washington and Beijing.
   
• China has begun to resume allowing exports of rare-earth magnets after the process ground to a halt for a few weeks, offering some relief for automakers and electronics companies that need the components.
   
• Britain and the European Union signed a deal to ease trade and bolster security cooperation, taking the biggest step to improve their relationship since the U.K. quit the bloc five years ago.
   
• The European economy will grow more slowly than previously expected this year and next as higher U.S. tariffs hit exports, while inflation will cool more rapidly, the European Union’s economists said Monday.
   
• President Trump attacked Walmart on social media Saturday, after the retail giant became the biggest company so far to signal that tariff-related price increases are coming for American shoppers.
   
• When President Trump holds a phone call with Vladimir Putin on Monday, he will be facing a Kremlin leader pursuing twin goals: slow-walking peace talks and simultaneously portraying himself as a peace-loving president who could be a valuable trade partner of the U.S.
   
• Residents in Appalachian tourist area are banding together to keep one of the largest data-center complexes in the world out of their no-stoplight community.
   
• The newly appointed head of the Federal Emergency Management Agency acknowledged in private meetings that with two weeks to go until hurricane season, the agency doesn’t yet have a fully formed disaster-response plan.

• Former President Joe Biden has been diagnosed with prostate cancer just months after he left office, his representatives said Sunday.
   
• Top leaders of Palestinian Islamist group Hamas launched their Oct. 7, 2023, attack on Israel aiming to torpedo peace negotiations between Israel and Saudi Arabia, according to minutes of a high-level meeting in Gaza that Israel’s military said it discovered in a tunnel beneath the enclave.
   
• The U.S. has lost its last triple-A credit rating.
   
• The uncertain economic climate is adding to tech workers’ woes.
   
• As corporate crises become the rule, not the exception, more responsibility falls on boards.

Follow us on X at @WSJRisk. Send tips to our reporters Max Fillion at max.fillion@dowjones.com, Mengqi Sun at mengqi.sun@wsj.com and Richard Vanderford at richard.vanderford@wsj.com.

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