Good morning. Bittrex Inc. once ranked as the country’s biggest platform for trading digital assets. Its rocky history at home is coming to an end with a regulatory threat and a decision to leave the U.S. for good.

• Regulatory tussle: The Securities and Exchange Commission’s enforcement staff told Bittrex in March it would recommend that the agency sue the company over alleged violations of investor-protection laws, according to David Maria, the company’s general counsel.
   
• Intention to leave U.S. market: Seattle-based Bittrex was already prepared to wind down its U.S. operations when it got the notice, Mr. Maria said, citing the difficulty of working with U.S. regulators that have taken enforcement action against over 100 crypto defendants in six years. The SEC declined to comment.
   
• Could push more crypto out of the U.S.: The outcome shows how aggressive regulatory enforcement could drive some of the industry offshore and underscores how regulators are targeting crypto exchanges, including Coinbase Global Inc., after years of going after the companies that issued digital coins listed on those platforms. The SEC also recently forced Kraken, the second-largest U.S. digital-asset exchange, to stop offering services that allowed users to earn a yield on certain tokens.

The WSJ Risk & Compliance Forum on May 9 will feature speakers including Assistant Attorney General Kenneth Polite Jr., Assistant Secretary for Export Enforcement Matthew Axelrod, Elizabeth Atlee, chief ethics & compliance officer at CBRE, and Sidney Majalya, chief risk officer at Binance.US. You can register here.

Supreme Court opens path to curbing FTC, SEC powers.

The Supreme Court on Friday issued an opinion that will make it easier for businesses to challenge the way government enforcers use special in-house courts to block mergers, punish stockbrokers and money managers, and go after allegedly unfair business practices.

Businesses can challenge in-house courts. In a unanimous decision, the justices said people and businesses subjected to administrative proceedings at the Federal Trade Commission and the Securities and Exchange Commission can seek to enjoin, or block, those proceedings by suing in U.S. District Court and raising constitutional arguments there.

Writing for the court, Justice Elana Kagan said all the relevant factors “point in the same direction—toward allowing district court review of…claims that the structure, or even existence, of an agency violates the Constitution.”

• The Federal Trade Commission warned approximately 670 companies of the penalties they could face if they mislead consumers with unsubstantiated product claims.
   
• European Union lawmakers want to give regulators new powers to govern the development of technologies like those behind ChatGPT, the biggest push so far in the West to curb one of the hottest areas in artificial intelligence.
   
• A Delaware judge delayed the start of the eagerly anticipated trial on a voting-machine company’s defamation claims against Fox News, an announcement that came as the network is looking for a possible way to settle the case.

India’s population surpasses China’s, shifting the world’s ‘center of gravity.’

China’s population has reigned as the largest in the world for more than two centuries. Now India is taking its place, heralding a major shift in the global order. Many demographers estimate it could happen this month, if it hasn’t already.

Shifting poles. India, as the world’s largest democracy, has been a natural partner and investment destination for the U.S. But it’s also an unpredictable one, with a tendency to assert its own interests and protect its companies over Western ones.

• The oil market will fall into a far larger oil deficit sooner than expected following surprise production cuts from some of OPEC’s leading members, the International Energy Agency said Friday.
   
• The global economy has emerged from the pandemic and weathered the war in Ukraine with surprising resilience, policy makers gathered in Washington said last week. Yet the recovery remains fragile as stubborn inflation fuels risks in many corners of the world.
   
• Leaked U.S. intelligence documents highlight how military relationships between Russia and U.S. allies in the Middle East have sown discord with Washington.
   
• Secretary of State Antony Blinken broke ground at a new U.S. Embassy site during his first visit to Vietnam as America’s top diplomat, with Washington seeking to establish closer relations with a country that has historic ties with both China and Russia.

• A social-media account overseen by a former U.S. Navy noncommissioned officer—a prominent online voice supporting Russia’s war on Ukraine—played a key role in the spread of intelligence documents allegedly leaked by Airman First Class Jack Teixeira, reposting files from obscure online chat rooms.
   
• Small and midsize U.S. banks lost hundreds of billions of dollars in recent weeks to their bigger peers and to money-market funds offering higher yields. That is likely to force many of them to increase the interest rates they are paying to avoid losing more customers.
   
• Merck & Co. said it agreed to acquire Prometheus Biosciences Inc. for $10.8 billion, a push into the lucrative market for immune-disease treatments.
   
• Plans by Poland and Hungary to suspend imports of Ukrainian grain, in a bid to appease farmers hit by falling prices, triggered a warning from Brussels on Sunday and boosted tensions between the two countries and Brussels.
   
• Chinese clean-energy manufacturers were enticed by huge green subsidies to expand in the U.S. Now, they are confronting a storm of anti-China sentiment.
   
• Businesses are split between those that believe climate disclosure can boost profits and those that see it as costly, complicated and useless, a Wall Street Journal analysis shows.
   
• Wall Street Journal reporter Evan Gershkovich, in his first letter to his family since being arrested in Russia on an allegation of espionage, said he remained optimistic, looked forward to seeing them and joked about prison food.