Good morning. Crypto is pushing deeper into the banking system.

• Why? A regulatory crackdown on crypto in the wake of the meltdown of FTX and two crypto-friendly banks prompted some in traditional finance to break up with the industry two years ago. Now President Trump’s pledge to make America a “bitcoin superpower” has set the stage for crypto to become more intertwined with the banking system.
   
• Who? A host of crypto firms including Circle and BitGo plan to apply for bank charters or licenses, according to people familiar with the matter. Crypto exchange Coinbase Global and stablecoin company Paxos are considering similar moves, other people said.
   
• Changing regulatory landscape: That comes as the Trump administration moves to incorporate crypto into mainstream finance and Congress advances a pair of bills that would establish a regulatory framework for stablecoins, which let people easily trade in and out of more volatile cryptocurrencies. The legislation would require stablecoin issuers to have charters or licenses from regulators.

Coming up on May 7, the WSJ CCO Council will convene in London for its annual summit.

CCOs will hear from Sara Chouraqui, joint head of fraud and bribery at the Serious Fraud Office, about the new international anti-bribery taskforce, and from Chris Prevett, general counsel at the Competition and Markets Authority about the CMA’s new powers and its alignment with the U.K. government’s pro-growth agenda.

FTC sues Uber, alleging deceptive billing, cancellation practices.

The Federal Trade Commission sued Uber over deceptive billing and cancellation practices regarding its Uber One subscription service.

The lawsuit, filed Monday, alleged that the ride-hailing company’s subscription service charged consumers without their consent, failed to deliver promised savings and made it difficult for users to cancel.

Walgreens agrees to pay at least $300 million in opioid settlement.

Walgreens has agreed to pay at least $300 million to settle claims by the U.S. government that the pharmacy chain illegally filled millions of prescriptions for opioids.

Walgreens filled prescriptions in violation of the Controlled Substances Act and ultimately sought payment for many of them from Medicare and other programs, a violation of the False Claims Act, the U.S. Justice Department said Monday. Walgreens didn’t admit wrongdoing or liability.

• The Financial Industry Regulatory Authority is set to update its regulatory policies as it looks to better support member companies in their compliance efforts.
   
• The Justice Department on Monday urged a federal judge to loosen Google’s grip on the search-engine market by forcing a sale of its Chrome web browser, kicking off the latest phase of a landmark antitrust case.
   
• The wife of former Sen. Bob Menendez was convicted Monday of conspiring with the disgraced New Jersey lawmaker to peddle the power of his office in exchange for gold bars, cash and other gifts.

Breakdown in U.S.-China relations raises specter of new Cold War.

For decades, no matter how relations between Beijing and Washington waxed and waned, trade and investment provided the glue that kept the two powers together.

Today, with economic relations between the two careening off the rails, China and the U.S. are headed toward what could be a Cold War that extends beyond trade—to deepening conflict or even military tension as both seek to form their own blocs.

• China Warns Against Trade Deal With U.S. at Beijing’s Expense

• Deutsche Post is suspending high-value shipments to the U.S., effective Monday, as it struggles with delays from customs clearances amid the new U.S. rules.
   
• Financial markets have flashed an ominous message this month about President Trump’s ambitious and improvisational bid to reshape global trade: Be careful what you wish for.
   
• Russia said it was pleased with a Trump administration proposal to rule out Ukraine joining the North Atlantic Treaty Organization as a way to end the war but showed no urgency in reaching a deal.
   
• President Trump on Monday renewed his call for the Federal Reserve to immediately cut interest rates to cushion the potential fallout from his trade war.
   
• Can a weapons manufacturer be considered sustainable? On both sides of the Atlantic, companies and governments are recalibrating arguments for investing in renewables, minerals and clean technologies.
   
• Two dozen cone-shaped, floating evaporators hum on a huge saltwater pond in the middle of the biggest oil field in the U.S. They are part of an experiment by Exxon Mobil to address one of the challenges facing frackers in the Permian Basin of West Texas and New Mexico: what to do with the gargantuan amounts of noxious water they produce alongside crude.

• Pope Francis’ death ends a 12-year pontificate that shook up the Catholic Church while challenging traditional teachings on topics from divorce to homosexuality, and triggering a succession process that will likely center on whether to continue his progressive legacy.
   
• President Trump spoke Sunday with embattled Defense Secretary Pete Hegseth and vowed to stick by him despite new revelations that he shared sensitive information about a military strike in another group chat.
   
• The Trump administration has grown so furious with Harvard University after a week of an escalating dispute between the two sides that it is planning to pull an additional $1 billion of the school’s funding for health research, according to people familiar with the matter.
   
• Since President Trump took office, the White House has accused Mexico of maintaining “an intolerable alliance” with drug cartels. That has drawn attention to Sinaloa state Gov. Rubén Rocha and his alleged ties to local drug bosses.
   
• For a long time, the Nordic countries were better known for their peace efforts and cozy living than militarism. Now, they are shedding that persona, emerging as a model for Europe’s defense. 

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