Good morning. The Justice Department is scaling back prosecutors’ ability to bring criminal charges against cryptocurrency firms, in a move that could disrupt several ongoing cases and investigations.

• The changes: The department will no longer bring charges against exchanges, dealers, mixing services and wallet providers “for the acts of their end users,” according to a memorandum issued late Monday by Deputy Attorney General Todd Blanche. Prosecutors have sometimes charged crypto startups whose services were used by money launderers or people in countries subject to U.S. sanctions such as Iran.
   
• More hands-off approach: Now, prosecutors aren’t allowed in most cases to charge violations of anti-money-laundering laws and other statutes that equate cryptocurrency products with securities or financial derivatives. Blanche’s memo said that step is being taken “in recognition of” its view that enforcers during the Biden era subjected the industry to an unfair level of oversight.
   
• Digital assets now in favor: The new policy underscores the Justice Department’s move to align with President Trump’s affinity for crypto products. Trump in January said his administration would support the growth of the crypto industry, which for years has clashed with regulators and prosecutors over its scanty compliance with investor-protection and illicit-finance rules.

U.S. banking regulator reports major hack.

A U.S. banking regulator disclosed it was the victim of a data breach that allowed unauthorized access to “highly sensitive information” relating to the financial condition of banks. The Office of the Comptroller of the Currency said Tuesday its executives’ and employees’ email accounts were involved in the hack.

The incident is a blemish for the OCC, which has repeatedly flagged cybersecurity as a major risk for financial institutions and in some cases levied fines in the tens of millions of dollars against banks over their own breaches.

Bipartisan group backs Iran sanctions bill.

A group of U.S. senators has backed the Senate version of the Enhanced Iran Sanctions Act, joining the companion legislation to a bill originally introduced in the House in February, according to a statement.

“The legislation would expand the range of sanctions to include the full logistical chain of Iranian energy exports, including ports and refineries that process Iranian petroleum,” Sen. Jon Husted (R., Ohio) said. “It would also encourage increased interagency and international coordination to track and target Iran’s illicit transfers of oil and gas.”

• Businesses are contemplating a risky strategy to fight tariffs: suing President Trump.
   
• Meanwhile, the White House wants to make it much costlier for litigants to challenge its policies. It is proving to be an uphill battle.
   
• Panama’s top auditor said Hong Kong-based CK Hutchison owes hundreds of millions of dollars in unpaid fees and failed to get necessary clearances for two key Panama Canal ports, dealing a blow to plans by U.S. asset manager BlackRock to buy the ports as part of a $22.8 billion transaction.
   
• The Supreme Court lifted a lower-court order that directed the Trump administration to reinstate about 16,000 federal employees it fired.
   
• The European Union has extended its human rights sanctions against Iran for an additional year while delisting two individuals and updating information on 20 others, according to decisions published in the EU Official Journal.
   
• The U.S. Treasury’s Office of Foreign Assets Control has issued General License 13M, extending authorizations for certain administrative transactions with Russian government financial entities while clarifying that payment of “exit taxes” imposed by the Kremlin requires specific permits.
   
• A Florida congressman has called on the Trump administration to impose tariffs and economic sanctions on countries participating in the “trafficking of Cuban doctors and healthcare professionals.”

CEOs break silence on Trump trade war.

The reality of a global trade war is starting to push corporate bosses to do what they tried for months to avoid: criticize President Trump’s policies.

In the days after Trump announced the sweeping levies last week, chief executives stuck to privately channeling their frustrations to trade groups and lobbyists. Some hastily arranged new meetings on trade with Trump officials, sometimes receiving unsatisfying answers, executives and corporate advisers say.

Now, after a three-day market selloff and warnings from Wall Street titans such as Bill Ackman and Jamie Dimon, more business leaders are openly voicing concern.

• The Math Behind Trump’s New 104% Tariffs on China
• How Mexico Emerged From Tariff Broadside With an Edge Over Asia
• Canada Says 25% Tariff on U.S. Autos to Kick In Starting Wednesday
• U.S.-China Brawl Takes Center Stage in Global Trade War

• Six Senate Democrats plus Rand Paul, a Republican from Kentucky and a fierce tariff foe, moved to force a vote on a resolution that would repeal President Trump’s tariffs by canceling the emergency declaration used to justify the new levies.
   
• As the U.S. prepares to negotiate new curbs on Iran’s nuclear ambitions, it faces a challenge that could make reaching an agreement harder this time: Much of the progress Iran has made in its nuclear work since the 2015 nuclear deal will be difficult to reverse.
   
• China has strongly rejected a G-7 statement expressing concern over its recent military exercises around Taiwan.
   
• Shopify won’t make new hires unless managers can prove artificial intelligence isn’t capable of doing the job, according to a new memo from Chief Executive Tobi Lütke.
   
• During the 19th century’s Scramble for Africa, European countries raced to secure territory and wealth across the continent. Now, African powers are grabbing resources from a neighbor crippled by infighting and ill-equipped to defend itself.
   
• The Palestinians’ national cause has reached its lowest ebb in nearly 80 years, and there is no one to turn it around.
   
• Ukraine said its military had captured two Chinese citizens fighting in the Russian army and was seeking to understand whether their presence in eastern Ukraine represented an increase in Beijing’s support for Moscow’s war.
   
• The International Monetary Fund agreed to provide Argentina with a new multibillion-dollar loan for which President Javier Milei had lobbied Trump administration officials in an effort to boost his nation’s free-market overhaul.

• Colleges and universities across the country say the visas of some international students have been revoked in recent days without notice, causing confusion on campuses and panic among students, some of whom have filed lawsuits.
   
• Investors are losing trillions. Corporate leaders are sweating. Consumers are stockpiling. But in a tiny bayou town dotted with marshes, the shrimpers are celebrating President Trump’s tariffs.
   
• Janus Henderson is forging a wide-ranging partnership with Guardian Life, the latest investment firm to carve a larger role managing insurance money.

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