Good morning. The U.S. Securities and Exchange Commission said Judge Margaret Ryan has stepped down as director of its Division of Enforcement, ending a tenure that lasted just over six months, Risk Journal reports.

• Agency shuffle: Ryan resigned effective immediately and Sam Waldon, principal deputy director, has been named acting head of the division, the SEC said Monday. Waldon, who served as chief counsel to the division, held the acting enforcement chief position between January and August of 2025 before Ryan was named to the post.
   
• Enforcement falloff: Ryan last month defended the enforcement unit’s approach as the SEC in recent weeks faced scrutiny from some lawmakers over its record-low enforcement cases. In one of her first public addresses since becoming enforcement director, Ryan told an audience of lawyers that her office doesn’t have unlimited resources and would focus on “bringing good cases that further the SEC’s core mission.”
   
• Grateful to serve: Ryan said in a statement she was grateful for the opportunity to serve and expressed confidence the division would continue in the right direction under new leadership. “I did not seek the role of director of the SEC’s division of enforcement,” she said. “Rather, this role found me.”

Tesla’s ‘Cybercab’ name hits a roadblock: A French beverage company.

Tesla has made a pitch for a radical new era of “amazing abundance” in which its driverless Cybercabs ferry people around town while humanoid robots do most of the work.

The biggest hurdles, it seemed, were technological. That is, until a tiny French beverage wholesaler joined the conversation. Tesla is in a legal battle against an obscure drink wholesaler called Unibev that has claimed the rights to the term “Cybercab.”

SEC prepares proposal to eliminate quarterly reporting requirement.

The Securities and Exchange Commission is preparing a proposal to eliminate the requirement to report earnings quarterly and instead give companies the option to share results twice a year, according to people familiar with the matter.

The regulator could publish the proposal as soon as next month, the people said. In preparation for the proposal, regulators have been talking to officials at the major exchanges to discuss how they may need to adjust their rules.

• OpenAI’s bid to allow X-rated talk is freaking out its own advisers.
   
• Bank of America agreed to settle in principle a lawsuit that alleged the bank maintained a relationship with Jeffrey Epstein and failed to report suspicious activities until after the convicted sex offender’s death, according to a posting on the presiding U.S. district judge’s docket.
   
• Algorithmic pricing should be banned, New York state’s top prosecutor said, calling the practice anticonsumer and urging state lawmakers to pass proposed legislation.

U.S. allies rebuff Trump’s demand for help opening Strait of Hormuz.

President Trump is pressuring allies to help reopen the Strait of Hormuz and relieve pressure on the global economy. So far, most of them aren’t biting.

Germany has rejected taking part, while Japan and Australia have indicated they are unlikely to send vessels to help. Britain and France said they are assessing possible action but haven’t committed to doing anything before fighting halts. All are close U.S. allies.

• How Some Ships Are Sneaking Through the Strait of Hormuz
• Iran Unleashes New Crackdown on Its People to Head Off Uprising
• U.S. Reaper Drones Take the Fight to Iran, but at a Cost

Hack on U.S. medical company shows reach of Iran’s cyber capabilities.

Iran pulled off likely the most significant wartime cyberattack against the U.S. in history, leveraging its hacking powers to cause major disruptions at a global medical-equipment firm that struggled to bring itself back online in recent days.

The attack brought a conflict that until now had been largely confined to the Gulf region to the American homeland and offered a preview of the potential for how Iran may broaden its response to the U.S. and Israeli military campaign.

• Clean-energy advocates are pointing to the Middle East conflict as a reason to build out renewables and expand fossil-free fuel production, saying that local power sources can help avoid global price shocks and ensure domestic energy security. In practice, it’s a little more complicated than that.
   
• British Airways said it would extend the suspension of flights to the Middle East amid the ongoing conflict.
   
• For the fifth year running, Federal Reserve officials find themselves expecting inflation to fall back to their 2% goal only to be confronted with another disruption that complicates the path.
   
• One lending blowup is showing how America’s banks helped fuel the private-credit boom, and what could happen in its unraveling.

• A U.S. startup backed by Nvidia is investing billions of dollars to build artificial-intelligence models with a South Korean partner, accelerating the Trump administration’s plans to combat China by exporting American technology around the world.
   
• New York City’s mom-and-pop landlords, once a fixture of the city’s housing landscape, are staring at extinction.
   
• Israel said it had killed Iranian security chief Ali Larijani, a central figure in Tehran’s aggressive military response to U.S.-Israeli airstrikes, as well as the commander of Iran’s Basij paramilitary force.
   
• The Supreme Court will hear arguments on the Trump administration’s bid to cut off legal protections under a program that has allowed immigrants to live and work in the U.S. if their home countries are facing humanitarian crises.
   
• President Trump said on Monday that White House chief of staff Susie Wiles has been diagnosed with early-stage breast cancer and will undergo treatment, describing her as “one of the strongest people I know.”

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