Good morning. U.S. regulators clawed back money that actress Lindsay Lohan and boxer Jake Paul earned by promoting cryptocurrencies, continuing a campaign of making examples of celebrities who tout digital assets in violation of investor-protection laws.

The SEC also alleged that Justin Sun, whose companies sold those digital assets, artificially boosted TRX’s trading volume in 2018 and 2019 by having his own employees buy and sell the token. Mr. Sun is a crypto entrepreneur and investor who paid $4.6 million to have dinner with Warren Buffett. Ms. Lohan and Mr. Paul agreed to settle the SEC’s claims without admitting or denying wrongdoing.

• Why the celebrities were charged? Under U.S. law, people who promote securities to potential investors are required to disclose they are being paid for doing so. The provision was originally intended to protect investors from newspaper articles that touted stocks but didn’t disclose that the writer’s opinion was bought and paid for. Recently, the SEC has used the law to crack down on crypto promotions that permeate social media.
   
• There were precedents: The SEC has previously brought enforcement actions against celebrity influencers such as Kim Kardashian, DJ Khaled, Steven Seagal and athletes Paul Pierce and Floyd Mayweather over their role in promoting cryptocurrencies. The SEC maintains that the digital coins touted by these celebrities are securities, and thus regulated by the SEC.
   
• Other celebrities under scrutiny: The SEC also accused rappers DeAndre Cortez Way (known as Soulja Boy), Miles Parks McCollum (Lil Yachty) and singers Shaffer Smith (Ne-Yo) and Aliaune Thiam (Akon) of taking undisclosed payments for promoting TRX. 

Join us on May 9 for the WSJ Risk & Compliance Forum, where we will be discussing export controls, sanctions, sustainability, privacy laws, workplace compliance, managing in a downturn and addressing risks at the board level. Sign up here.

Janet Yellen says Treasury isn’t considering guaranteeing all bank deposits, as some lawmakers and banks explore overhauling deposit insurance.

At a Senate hearing Wednesday, Ms. Yellen was asked if the Treasury was looking at taking steps to expand deposit insurance without Congressional authorization.

“This is not something that we have looked at. It’s not something that we’re considering,” she said. “I have not considered or discussed anything having to do with blanket insurance or guarantees of all deposits.”

Also: 

• Bank Stocks Slump, Even Though Powell Says Banking System Is Sound
• How the Last-Ditch Effort to Save Silicon Valley Bank Failed

Who is Shou Zi Chew, the TikTok CEO trying to reassure America?

TikTok Chief Executive Officer Shou Zi Chew has navigated both Western and Chinese business over the course of his fast rise to the corner office.

That cultural straddle has helped land him the top job at one of the world’s biggest tech companies. His background might now help him connect with a skeptical American Congress. Many members have threatened to ban TikTok, saying its Chinese ownership poses a national-security threat.

On Thursday, the 40-year-old Singaporean army reservist and former Goldman Sachs banker is slated to appear before a House panel to argue against a ban and reassure Americans their data is safe and Beijing won’t be able to influence what viewers see on TikTok.

Also: TikTok Stars Rally in Washington Against App’s Potential U.S. Ban

• It wasn’t just Credit Suisse. Switzerland itself needed rescuing. The banking crisis has threatened an economic model and national identity built on safeguarding the world’s wealth. 
   
• A congressional committee issued a subpoena to the National Labor Relations Board, alleging that employees of the labor body mishandled union elections at Starbucks Corp. cafes in ways that favored unionizing workers.
   
• A federal judge found that special counsel Jack Smith’s team presented convincing evidence that President Donald Trump misled his own lawyers about his retention of classified documents after leaving the White House, according to people familiar with the decision.

Insurer Chubb demands energy producers cut methane emissions for coverage. 

Global insurer Chubb Ltd. is tightening its requirements on insurance policies for oil-and- gas producers, demanding that they reduce emissions of methane, a potent greenhouse gas.

Chubb, which is a top-10 insurer in the worldwide oil-and-gas market by premium volume, will also stop underwriting projects in areas designated as protected by state, provincial or national governments, effective immediately.

• The Federal Reserve approved another quarter-percentage-point interest-rate increase but signaled that banking-system turmoil might end its rate-rise campaign sooner than seemed likely two weeks ago.
   
• Britain’s inflation is proving stubbornly high. Price increases in February picked up to 10.4% from 10.1% in January as the cost of food rose at the fastest pace since records began in 1989. That left the U.K. with the highest rate of inflation among the Group of Seven wealthy democracies.
   
• The war in Ukraine has accelerated the unraveling of the international arms-control architecture painstakingly constructed from the Cold War onward, heightening concern among experts that a new nuclear arms race could emerge as decades of restraint on the numbers of nuclear weapons collapses.

• Papa John’s International Inc. said its finance chief has resigned as the pizza chain has faced a series of leadership changes and is grappling with inflationary pressures.
   
• Freight companies are dialing back expectations that demand will recover strongly in the second half of the year amid growing economic uncertainty and signs retailers are growing more guarded about placing big orders in 2023.
   
• Air-traffic officials on Wednesday said they are trying to ease what they expect could be flight delays and other snarls in the New York-area skies this summer.
   
• DirecTV and Newsmax have reached a new distribution deal that will return the conservative news channel to the satellite broadcaster’s lineup Thursday, the companies said.