Billionaire and Democrat donor Stephen Cloobeck was arrested Tuesday in Los Angeles on suspicion of felony charges of attempting to prevent or dissuade a victim or witness from testifying after a warrant was issued for his arrest. 

Cloobeck, founder of Diamond Resorts – who until recently was a major financial supporter of former Rep. Eric Swalwell’s (D) failed campaign for California governor, was booked into custody in West Hollywood, according to Los Angeles County Sheriff’s Department records. He was later released on $300,000 bail.

In a terse statement to the California Post, a press representative for Cloobeck said of the arrest: “These charges are false and we look forward to our day in court.”

Cloobeck cut ties with Swalwell following multiple allegations of sexual assault – but not before the now-former congressman recorded a bizarre apology video from inside his swanky mansion.

“I was with my counsel and we had a chat with him, I just told him, ‘You busted the trust,’” Cloobeck said of Swalwell at the time the allegations broke. “I’m shocked, I’m disturbed and get the fuck out of here.’ Then I walked away and that was it.”

“I was blown away!” the billionaire claimed. “Like blown away. Like, there’s no way I would have endorsed him. It’s such a shock.”

The billionaire, who briefly ran for governor himself last year before dropping out to support Swalwell, has since rebranded himself a Republican.

“I am no longer supporting Eric. Fucking tell everyone I’m a libertarian. Fuck you, Democrat Party,” he told the California Post.

Cloobeck has also recently made headlines thanks to his 28-year-old fiancée, Penthouse Pet Adva Lavie, who faces six felony charges for allegedly preying on older men through dating apps. However, his lover’s legal troubles haven’t impacted the impending nuptials, according to the billionaire.

“The marriage is still on, the date is now a secret,” he said.

Authored by Micah Zimmerman via BitcoinMagazine.com,

The Senate Banking Committee advanced the Digital Asset Market Clarity Act on a 15–9 vote Thursday, with Sens. Ruben Gallego (D‑Ariz.) and Angela Alsobrooks (D‑Md.) joining all 13 Republicans to move the sweeping crypto market structure bill to the full Senate.

The Clarity Act is the Senate’s bid to build a federal framework for digital asset trading, stablecoins and intermediaries, splitting oversight between the SEC and CFTC and setting registration, disclosure and compliance rules for exchanges, brokers and custodians. It now advances alongside a related bill from the Senate Agriculture Committee, with the two texts expected to merge before a floor vote.

Chair Tim Scott (R‑S.C.) cast the markup as a turning point after years in which crypto firms operated in what he called a “regulatory gray zone” under “outdated rules.” 

He said the bill aims to protect consumers, keep innovation in the United States and “close the doors that criminals, terrorists and hostile regimes have tried to exploit,” after months of cross‑party talks that expanded the draft by more than 200 pages.

Sen. Cynthia Lummis (R‑Wyo.), who leads the committee’s digital assets panel, called the Clarity Act “the hardest piece of legislation” she has worked on across decades in state and federal office. She described it as a “case of first impression” that tries to fit new asset types and software into a regulatory code built for earlier markets.

BREAKING: 🇺🇸 Senate Banking Committee PASSES the Clarity Act in 15-9 vote.

The bill now goes to the full Senate. pic.twitter.com/TCs6T283y2

— Bitcoin Magazine (@BitcoinMagazine) May 14, 2026

Warren’s camp: “industry‑written” and “not ready”

Ranking Member Elizabeth Warren (D‑Mass.) led the opposition, arguing the committee should focus on groceries, health costs and credit card rates, not “a bill written by the crypto industry for the crypto industry.” 

Warren warned that the draft “blows a hole” in securities law that has protected investors since 1929, preempts state anti‑fraud rules and allows banks to load up on volatile crypto exposure in ways she linked to pre‑2008 practices. 

She said the bill “declares open season on defrauding American consumers who use crypto,” and accused Republicans of advancing a framework that helps “the President of the United States’ crypto grift.

Sen. Raphael Warnock (D‑Ga.) tied his no vote to ethics concerns, calling President Donald Trump’s digital asset business ties “pure corruption” and faulting Republicans for refusing enforceable conflict‑of‑interest rules for all elected officials, including the president and vice president.

Illicit finance, mixers and stablecoins

National security concerns drove a series of Democratic amendments that Republicans rejected in 11–13 votes. Warren proposed stronger sanction tools against crypto mixers and DeFi services, citing Treasury’s 2022 designation of Tornado Cash and warning that the bill does not isolate mixers in statute. 

Sen. John Kennedy (R‑La.) pressed her on why new anti‑money‑laundering sections do not already cover those services, then joined Republicans to defeat the proposal.

Sen. Jack Reed (D‑R.I.) described how Iranian actors use stablecoins to buy drone components, import sensitive goods and collect tolls from tankers in the Strait of Hormuz. He said the Treasury still must “go hat in hand” to issuers such as Tether for voluntary cooperation, and sought explicit power for regulators to block foreign illicit stablecoin flows; his amendment failed on the same party‑line split.

Sen. Chris Van Hollen (D‑Md.) pointed to estimates that more than 150 billion dollars in digital assets flowed through wallets tied to illicit activity last year and highlighted a large North Korean exchange hack where DeFi services helped launder funds. 

His proposal to make it unlawful to release a DeFi protocol with the stated purpose of enabling money laundering, sanctions evasion or terror finance also fell in an 11–13 vote, after Republicans argued that existing criminal statutes already reach that conduct.

Republicans, led by Lummis and Sen. Bernie Moreno (R‑Ohio), answered that Titles II and III of the bill already tie digital asset intermediaries into the Bank Secrecy Act, expand Treasury’s “special measures” authority and bring kiosks, brokers and exchanges into clearer federal oversight than the House version.

President Trump, World Liberty and failed ethics amendments

Ethics provisions tied to Trump’s business ties to World Liberty Financial and other crypto ventures produced some of the sharpest exchanges. Van Hollen offered an amendment to bar the president, vice president and members of Congress from business ties to crypto firms and to require more disclosure, saying it was needed because “the president and members of his family” had been involved in “corrupt crypto ventures and various crypto scams.”

Moreno said the measure belonged in the Judiciary Committee because it carried criminal penalties and defended Trump as “a good man,” accusing Van Hollen of declaring criminal conduct without a court record. The amendment failed 11–13.

Warren tried to force banking regulators to release confidential supervisory records related to Jeffrey Epstein, arguing Epstein had backed early crypto investments and that exam files could reveal what banks and supervisors knew as he moved funds through major institutions. Lummis answered that confidential supervisory material is outside a market structure bill’s scope, and that amendment also failed, even after Kennedy said he would have supported it without “co‑conspirator” language.

DeFi safe harbor deal exposes Democratic split

One of the most consequential votes came on Lummis Amendment 122, a technical package negotiated with Sen. Mark Warner (D‑Va.) that refines when a DeFi protocol counts as controlled by a small group and interacts with the bill’s core safe harbors. 

Warren argued the amendment embeds “a narrow test” for which entities count as crypto intermediaries and imports a Section 604 “loophole” that shields decentralized services from basic anti‑money‑laundering rules, saying that “it doesn’t matter if you have rules if nobody has to follow them.”

After a short technical fix to strike two lines, the committee adopted the amendment 18–6, with Warner, Cortez Masto and Alsobrooks joining Republicans. That vote marked a clear split: Warren, Reed and Van Hollen opposed the compromise, while a “crypto Democrat” bloc accepted the DeFi framework as a basis to refine before floor action.

Process fight over which amendments get heard

The markup also turned into a test of Scott’s control over the amendment list. Before the hearing, he ruled more than a dozen proposals out of order on drafting and filing grounds, including a National Sheriffs Association‑backed fix from Sen. Catherine Cortez Masto (D‑Nev.) on decentralized platform enforcement and a community‑bank‑supported stablecoin‑yield tweak from Reed and Sen. Tina Smith (D‑Minn.).

Later, seeking a bipartisan outcome, Scott reinstated several amendments, including Lummis 122, after Democrats such as Warner and Gallego said committee votes on those compromises would make support easier. Warren objected that he was reviving a subset of Republican‑side language while leaving law enforcement and community‑bank proposals sidelined. 

Van Hollen noted that some of his own properly drafted amendments never reached a vote, even as previously disqualified Lummis text passed 18–6. 

Scott replied that he and Warren had agreed to cap amendments from each side, and that within that cap he was using discretion to serve Democrats who wanted a bipartisan result.

Gallego and Alsobrooks give Clarity Act its bipartisan spine

Through the day, Republicans accepted targeted changes that industry and moderates backed, including Sen. Mike Rounds’ AI sandbox and Sen. Dave McCormick’s portfolio‑margin language, both adopted with Democratic support. They rejected every Democratic attempt to extend sanctions tools, bar bailouts, tighten DeFi liability or write ethics rules into the bill.

By the final vote, the Democratic side had split into clear camps. Warren, Warnock, Van Hollen, Smith and Reed built a record that presents Clarity as an industry‑driven framework that weakens enforcement and leaves presidential conflicts untouched. Warner helped shape key language but kept leverage for later stages. 

Gallego and Alsobrooks supplied the decisive Democratic votes that turned a partisan project into a 15–9 bipartisan committee win, while both signaled that support on the floor will depend on further movement on ethics and enforcement as the bill heads toward merger with the Agriculture Committee’s version and a 60‑vote test before the full Senate.

Well, that escalated quickly…

With the Rupee accelerating its declines to ever lower record lows against the dollar, Indian authorities have stepped up capital controls, focusing on curbing demand in the gold ‘exit’ route.

4 days ago, there were no signs of import duty hikes as Prime Minister Narendra Modi  issued a rare weekend appeal urging citizens to forgo gold purchases as well as unnecessary foreign travel in order to help hold up the currency..

2 days ago, tariffs were more than doubled on gold and silver imports to 15% and 6% respectively.

And today, they are doing even more with India now tightening the advance authorisation route, effectively capping how much gold individual exporters can bring in through that channel. 

A government notification stated that imports of bullion exceeding 100 kilograms would be subject to prior authorization, adding that any subsequent imports would only be granted after exports equivalent to 50% had been carried out.

The notification also introduced stricter checks for first-time applicants seeking permission to import gold under the scheme.

The government has also linked future import approvals to export performance.

India, the world’s third-largest oil importer, has been hit hard by the inflationary shock caused by energy disruptions in the Persian Gulf. 

Higher import bills have driven sharp foreign-exchange outflows, pushing the rupee down to a record low and prompting the Reserve Bank of India to step in and sell dollars.

And the fact that gold is the country’s largest import item after crude oil does not help, which is why India is doing everything in its power to limit capital outflows. 

As UBS explains, the new curbs don’t directly restrict the importing banks, but it does limit how much metal each participant can access, reducing the ability to build larger positions and tightening flows through the system.

The broader backdrop is that India is no longer purely a jewellery-led market.

Demand has become more investment‑driven, with a growing share of imports moving into financial holdings, including ETFs.

A significant part of last year’s import surge appears to have gone into investment rather than fabrication, which changes how the market behaves. During the initial phase of the recent Middle East escalation, Indian ETFs were among the first to react, selling roughly ~20 tonnes in the opening week of the move.

More immediately, demand has already been soft in recent weeks, as reflected in recent import data.

Monthly India Gold Imports below in tonnes, source: UBS

Near‑term uncertainty around fertiliser (urea) supplies also poses a risk to this year’s crop cycle, with the key monsoon period running into August, which could weigh on rural incomes and, by extension, gold buying.

The recent moves underscore policy concerns around curbing import-led dollar outflows from high foreign exchange-draining sectors, Madhavi Arora, economist at Emkay Global Financial Services said.

“We expect gold imports to fall by around 20-25% this year due to these steps.”

New Delhi is weighing several further emergency steps to shore up foreign-exchange reserves and limit the damage from the war in the Middle East.

If demand does recover, however, as seen in previous tightening cycles, attempts by the government to limit capital outflows via precious metals will only encourage activity to re‑route via unofficial channels (with smuggling picking up when the onshore market is constrained), to preserve purchasing power, and it is only a matter of time before India joins the rest of the financially suppressed developing world in actively pursuing such non-fiat alternatives as tether and bitcoin if the traditional gold and silver pathways are limited. 

Authored by Troy Myers via The Epoch Times (emphasis ours),

The Department of Justice (DOJ) filed a complaint on May 13 against the D.C. Bar, alleging it has acted as a “partisan arm of leftist causes.”

According to the DOJ, the agency seeks to advance President Donald Trump’s directives to end the weaponization of the federal government while nullifying the D.C. Bar’s prosecution of former Assistant Attorney General Jeff Clark.

D.C. Disciplinary Counsel Hamilton P. Fox III, the D.C. Office of Disciplinary Counsel, the D.C. Court of Appeals, the District of Columbia itself, the D.C. Bar, and others are named as defendants and accused of unlawfully prosecuting Clark based on his internal deliberations of potential fraud in the 2020 presidential election.

The Epoch Times reached out to the D.C. Bar for comment and was referred to the D.C. Board on Professional Responsibility, which did not immediately respond to a request for comment.

Clark wrote a draft letter for his litigation on potential fraud, which was never issued, and the D.C. Court of Appeals’ disciplinary authorities punished him over it, according to the complaint.

The D.C. Bar and others’ investigation and discipline of Clark were improperly based on “their disagreement with Mr. Clark’s performance of his discretionary Executive Branch duties, particularly with respect to a predecisional and deliberative document about potential election fraud in Georgia, which remains the subject of criminal investigation and civil litigation years later,” the complaint said.

Allowing proceedings against Clark to continue would mean state bar authorities can exert control over the executive branch, the DOJ said, adding, “That is not the law.”

The DOJ cited the supremacy clause of the U.S. Constitution, or preemption, as a cause for dismissing proceedings and discipline against Clark. Preemption, the DOJ said, prevents states and the District of Columbia from regulating or interfering with federal officials performing their duties.

In the complaint, the DOJ also argued that a 2024 Supreme Court decision, Trump v. United States, offers protection for Clark.

In that landmark ruling, the justices said the president is entitled to absolute immunity “for conduct within his exclusive sphere of authority” because the president should have the “maximum ability to deal fearlessly and impartially with the duties of his office.”

The president would enjoy little immunity if federal attorneys could be targeted and disciplined for internal deliberations, the complaint said.

In the news release, the DOJ said this filing furthers Trump’s executive order, “Ending the Weaponization of the Federal Government,” and his presidential memorandum, “Preventing Abuses of the Legal System and the Federal Courts.”

“The D.C. Bar will no longer be permitted to probe sensitive Executive Branch deliberations and target Executive Branch officials with whom they happen to politically disagree,” Associate Attorney General Stanley Woodward said. “Federal attorneys will once again be free to share their candid legal advice with their bosses and colleagues.”

In a similar case to Clark’s, the DOJ said it filed a statement in support of former interim U.S. Attorney Ed Martin, who is looking to have the D.C. Bar’s prosecution of him taken up in a neutral federal court.

The DOJ noted in its news release that three former attorneys general have acknowledged that the D.C. Bar’s push to discipline federal attorneys “for making recommendations, factual assertions, and providing legal advice during confidential internal agency deliberations on law enforcement and sensitive public policy” is “improper and constitutionally impermissible.”

“President Trump promised to put an end to the weaponization of the legal process, and today’s lawsuit against the D.C. Bar makes good on that promise,” Woodward said.

Ukraine’s High Anti-Corruption Court ordered the pre-trial detention of Andriy Yermak, the powerful former head of President Volodymyr Zelenskyy’s Office and once the country’s second-most influential figure, on money-laundering charges tied to a high-profile corruption scheme.

The ruling marks a dramatic fall for Yermak, who served as Zelenskyy’s closest aide from 2020 until his resignation in late 2025 amid earlier raids. He was taken into custody directly from the courtroom following the decision.

Charges and Allegations

Ukraine’s National Anti-Corruption Bureau (NABU) and Specialized Anti-Corruption Prosecutor’s Office (SAPO) named Yermak a suspect on May 11 in a scheme involving the laundering of approximately 460 million hryvnias (about $10.5 million or €9-10 million).

Prosecutors allege he participated in an organized criminal group that funneled illicit funds – originating from kickbacks at the state nuclear energy company Energoatom-through shell companies and fake contracts into the construction of a luxury residential complex (known as “Dynasty”) in the affluent village of Kozyn, south of Kyiv.

The broader “Midas” investigation into Energoatom reportedly uncovered a pattern where contractors paid 10-15% kickbacks to officials to secure or maintain deals. Funds were allegedly laundered between 2021 and 2025 via elite real estate development.

Yermak faces charges under Part 3 of Article 209 of Ukraine’s Criminal Code (legalization of criminally obtained proceeds). A conviction could carry up to 12 years in prison.

After multi-day hearings, the High Anti-Corruption Court (HACC) imposed 60 days of pre-trial detention starting May 14, with an alternative of bail set at 140 million hryvnias (roughly $3.2 million). Prosecutors had requested a higher bail of 180 million hryvnias (about $4 million).

Yermak was remanded in custody immediately, though he could secure release if the full bail is posted while the case proceeds. His legal team plans to appeal the ruling.

Yermak’s Response

Yermak has strongly denied all allegations, calling them “groundless” and “baseless.” He stated he owns only one apartment and one car, and has no involvement in the luxury development.

After the hearing, he told reporters: “I don’t have that kind of money, and my lawyer will now work with friends and acquaintances [to raise the money for bail].” He added that he respects the court, has “nothing to hide,” and is proud of his service to Ukraine during the war. He mentioned visiting the front lines weekly and receiving international support, though he said he would not use it to influence the judiciary.

His defense argues the case lacks merit and may carry political undertones.

Background and Political Impact

Yermak rose from a film producer and diplomat to become Zelenskyy’s chief of staff, wielding immense influence over policy, appointments, judiciary, and even early peace negotiations with Russia before the full-scale invasion. Critics accused him of consolidating power and sidelining longtime allies of the president.

He resigned in November 2025 after NABU raids on his properties linked to the wider Energoatom probe. Zelenskyy has not been implicated, and anti-corruption officials have stressed the president is not a subject of the investigation.

It is no wonder Democrats just love corrupt Ukraine. pic.twitter.com/wqKy6PjzWp

— Marcus Notrealius (@TheLieKeeper) May 14, 2026

The case comes as Ukraine faces intense pressure to combat high-level graft to advance EU membership and sustain Western support amid the ongoing war with Russia. It has sent shockwaves through Kyiv’s political elite and fueled public frustration over wartime corruption.

This remains a developing story. The investigation is ongoing, with potential for more suspects and revelations as the case moves forward.

Authored by Luis Cornelio via Headline USA,

Another trove of newly unearthed Biden-era files suggest that the FBI attempted to retain purported evidence related to its prosecution of President Donald Trump until 2030 — when he would presumably be out of office.

The documents, reported Tuesday by Just the News, add to a growing body of records that have detailed the breadth of the aggressive actions targeting Trump, Republican lawmakers and conservative organizations connected to the 2020 election.

According to the report, the retention effort came as part of a broader push to preserve materials gathered by then-Special Counsel Jack Smith following the dismissal of related cases. Such materials are typically handled under DOJ procedures once a case is closed.

The documents in question were reportedly created in 2025, as Trump was preparing to return to office in January, and relate to investigations tied to the certification of the 2020 presidential election.

The decision to retain the evidence has raised questions about whether federal officials were preserving the option to revisit the case after Trump leaves office, when DOJ rules barring the prosecution of a sitting president would no longer apply.

The case itself was closed without prejudice, meaning it could be refiled at a later date.

As reported by Just the News:

“One of the key ‘Case Closing’ documents obtained by Just the News – originating from the FBI’s Washington Field Office’s CR-15 team – was dated a couple of weeks into Trump’s second term, on February 5, 2025, when many holdover FBI agents and leaders were still in place.

The newly-released closing document from early 2025 repeated the extensive claims of criminality against Trump, which had been pursued by Smith and the bureau, and it sought to retain all of the evidence for a half decade until at least February 2030, when Trump would be a former president once more and thus when the DOJ guidance prohibiting the prosecution of a sitting president would no longer be in force.”

According to the outlet, the document — titled “Arctic Frost – Election Law Matters – Sensitive Investigative Matter” — included supporting materials such as a “Deputy Special Counsel Concurrence” and the “Retention of Evidence Approval.”

In response to the findings, FBI Director Kash Patel said he had moved to eliminate the office involved in handling the matter.

“The American people deserve to know how this egregious weaponization of power to target political opponents and President Trump happened inside an institution meant to protect them,” Patel told Just the News.

“We shut down the weaponized CR-15 squad, and we are going to keep following the facts until there is full accountability. The FBI exists to protect the country, not to preserve political prosecutions for a future administration.”

In a rebellion defying the priorities of Speaker Mike Johnson, House Democrats have teamed up with two Republicans and an independent in a parliamentary maneuver that will force a vote on a bill that would give another $1.3 billion in military aid and other assistance to Ukraine, as that country continues to lose territory in its war with Russia.  

“We look forward to seeing the House pass this bill quickly and encourage the Senate to take it up without delay. The ​brave men and women of Ukraine ​are waiting,” said NY Rep. Gregory Meeks, ranking member of the House Foreign Affairs Committee and the author of the bill.  

A view, by Zelensky’s former press secretary whose interview went out on Tucker Carlson show last night. https://t.co/kkKP5HxnCQ

— Leonid Ragozin (@leonidragozin) May 12, 2026

All 215 House Democrats signed a discharge petition, a means by which representatives can bypass House leadership’s agenda-setting role and compel a vote on a bill. Seldom used over House history, discharge petitions are showing their potency in a House ruled by a narrow majority, as is the case today. Most famously, Republican Rep. Thomas Massie and Democratic Rep. Ro Khanna used the maneuver last year to compel a vote on forcing the release of the Epstein investigation files. For this Ukraine bill, the Democrats were joined by two Republicans — Pennsylvania Rep. Brian Fitzpatrick and Nebraska Rep. Don Bacon — along with California independent Kevin Kiley, who earlier this year left the GOP. 

Kiley’s signature on the petition pushed to the required 218. “Recent Ukrainian gains have created an opportunity for peace, but the collapse of the recent ceasefire shows that leverage is needed for diplomacy to succeed,” he said in a statement. That will force Johnson to bring a vote to the floor on the Ukraine Support Act, which has three major thrusts: 

• Reaffirming US support for both Ukraine and NATO, and enacting measures for Ukraine’s reconstruction
• $1.3 billion in aid and — get this — up to $8 billion more in direct loans that could prove to be LINOs — loans in name only
• More sanctions and export controls on Russia, targeting officials, financial institutions, and the oil and mining sectors

Though the House may pass the bill, the push to give more money to Ukraine will face an uphill climb in the Senate. The discharge-petition development comes as Ukraine and Russia moved on from a brief ceasefire and resumed blasting each other, though — for now — at a reduced tempo. Russia has continued to make gradual progress in taking control of both the Luhansk and Donetsk “oblasts” which together comprise the Donbas region of Eastern Ukraine. Moscow is insisting that Ukraine’s ceding of the last parts of the Donbas is a precondition to resumed peace talks.  

Not accounting for another potential $1.3 billion thrown into the Ukraine war — to say nothing of the money pit that is the US-Israeli war on Iran — the US government was in February projected to post a fiscal-year 2026 deficit of $1.9 trillion. Not that anyone in Washington cares. 

The US Supreme Court ruled late Thursday morning that freight brokers can face state-law negligent hiring claims when they hire unsafe trucking firms that later cause crashes.

FreightWaves founder Craig Fuller responded to the ruling on X, saying, 

OMG, this is the most pivotal moment in trucking history since Deregulation. It could be an extinction event for 30-50% of all freight brokers.

OMG, this is the most pivotal moment in trucking history since Deregulation.

It could be an extinction event for 30-50% of all freight brokers.

Matt Lefler and I will be on the air at 11AM ET to discuss. Live, streaming on X. https://t.co/sc3eKgWV3S

— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) May 14, 2026

In other words, this decision will raise liability costs across the freight industry but could force out unsafe trucking firms, some of which have hired illegals.

Landmark win for trucking safety this morning.

The Supreme Court rules UNANIMOUSLY against the broker that helped put the illegal alien who hit Dalilah Coleman on the road.

As a result of this decision, trucking brokers can be liable for negligently giving loads to illegal… https://t.co/0pYntFxiDx

— Senator Jim Banks (@SenatorBanks) May 14, 2026

The case, Shawn Montgomery v. Caribe Transport II, US, No. 24-1238, centers on C.H. Robinson, which arranged a shipment carried by Caribe Transport II. The carrier’s driver struck Shawn Montgomery’s tractor-trailer in Illinois, causing severe and permanent injuries. Montgomery alleged that C.H. Robinson should have known Caribe posed safety risks given its poor federal safety rating.

Justice Amy Coney Barrett, writing for the High Court, said the Federal Aviation Administration Authorization Act does not shield brokers from such claims because states retain authority over safety “with respect to motor vehicles.” The ruling reverses the Seventh Circuit and sends the case back for further proceedings.

Justice Brett Kavanaugh, joined by Justice Samuel Alito, said the case was close but agreed that Congress did not intend to leave brokers in a “black hole” with no meaningful safety accountability. He also acknowledged that the ruling could lead to higher litigation, insurance, and due diligence costs, which may ultimately raise shipping costs.

The Trump administration urged the justices to rule against Montgomery’s claim, saying that allowing liability for freight brokers under state tort law would create regulatory nightmares for the nation’s freight transport industry.

Bloomberg litigation analyst Holly Froum noted:

CH Robinson, Landstar, JB Hunt Dealt Costly Supreme Court Ruling

Trucking brokers including CH Robinson, Landstar along with companies with transportation brokering operations like JB Hunt, Werner Enterprises and others were dealt a setback by the US Supreme Court’s May 14 ruling allowing states to impose personal-injury liability for trucking accidents. A majority of the justices found that state law negligent hiring claims could continue and weren’t preempted by federal law, as we expected they would.

Shares of C.H. Robinson and Landstar fell after the ruling, while JB Hunt moved higher.

Trucking advocacy group American Truckers United stated on X, “A bomb has dropped on the criminal freight brokers!”

As the S&P continues to reach new highs in the mid 7000s, leaving the COVID era 3000s as a forgotten fevered dream… and AI euphoria fueling increasingly speculative bets across Wall Street and Main Street, the sane among us need to ask the question: when will reality hit?

In tonight’s ZeroHedge debate, hosted by the legendary Dave Collum, Macro Mavens founder Stephanie Pomboy and Michael Lebowitz will break down the most dangerously overvalued sectors of today’s market. From AI to private credit… and debate how, when, and where the unwind may begin.

Nasdaq is up almost 30% since the end of March. Howbowdah?

— Dave Collum (@DavidBCollum) May 13, 2026

The discussion will examine whether the AI boom has become detached from economic reality, whether Nvidia’s 43 PE ratio makes any sense, and whether private credit gating is the canary in the coal mine. With liquidity tightening beneath the surface and credit conditions deteriorating, Collum and the gang will discuss ways to preserve wealth before the cycle turns.

The conversation will also focus heavily on the Federal Reserve’s next chapter under incoming Fed Chair Kevin Warsh, whose prior statements indicate a hawkish stance… but that’s been true of past chairs before they held the helm. Is Warsh a genuine monetary hawk willing to tolerate market pain to restore credibility to the dollar and contain inflation? Or will he ultimately cave under political and financial pressure like Jerome Powell during COVID?

However, let’s not forget that Warsh voted for QE and bailouts and parroted Bernanke’s nonsense during the GFC.

— Michael Lebowitz, CFA (@michaellebowitz) April 21, 2026

For investors trying to position themselves ahead of what could be the next major repricing event, or for those who just want to hear about how horrible the economy really is… join Collum, Pomboy, and Lebowitz this evening.

The debate will stream live on the ZH X account and homepage at 7pm ET. See you there.

Summary: 

• Trump says Boeing Secured a 200 ‘Big’ jet order from China

• Trump says President Xi wants Hormuz reopened, won’t give Tehran weapons 

• Trump, Xi Put Hormuz, Iran, Trade, Taiwan At Center Of Historic Beijing Summit

Boeing-China Jet Deal

A highly anticipated Boeing jet deal appears to have materialized after the first day of President Trump’s summit with President Xi Jinping. 

Fox News reports that Trump said Boeing secured an order for 200 “big” jets from China. He said the order was initially for 150, but the final figure will be 200

Trump Says China Will Help On Reopening Hormuz 

It is nearly midnight in Beijing, and President Trump is still speaking on the record with corporate media, offering additional insight on the first day of the summit and state banquet with Chinese President Xi Jinping.

In comments to Fox News, Trump said Xi offered to help pressure Iran to reopen the Strait of Hormuz, signaling that Beijing may be willing to use its leverage over Tehran.

*TRUMP SAYS CHINA’S XI OFFERED TO HELP ON IRAN: FOX NEWS

— zerohedge (@zerohedge) May 14, 2026

This comes as energy insiders and traders warn that continued closure of the Strait through the end of the month could spark a worsening energy shock.

Trump also said Xi would not provide weapons to Tehran.

*TRUMP: XI SAID HE WON’T GIVE MILITARY EQUIPMENT TO IRAN https://t.co/9s2HQn4rPs

— zerohedge (@zerohedge) May 14, 2026

Trump, Xi Put Hormuz, Iran, Trade, Taiwan At Center Of Historic Beijing Summit

President Trump and Chinese President Xi Jinping are currently seated at the main table at a state banquet. President Xi called the visit historic, and said U.S.-China ties are “stable” amid talks with Trump’s team.

President Xi offers a toast at the state banquet dinner in Beijing: “To the bright future of China-U.S. relations, and the friendship between the two peoples, and to the health of President Trump and all of the friends present.” pic.twitter.com/VmJeU4Xk1f

— Rapid Response 47 (@RapidResponse47) May 14, 2026

According to a White House readout, Trump and Xi agreed that the Strait of Hormuz should remain open to free navigation and that Tehran should not charge a fee to ships using the critical waterway.

Key notes from the White House readout (courtesy of Bloomberg):

• Trump Had A Good Meeting With Xi: White House Official

• Leaders Discussed Increasing China’s purchases of Agriculture

• Trump, Xi Agreed Hormuz Must Remain Open: White House Official

• U.S. Says Xi Made Clear China Opposes Militarization of Hormuz

• Both Sides Agreed Iran Can Never Have A Nuclear Weapon: U.S.

• U.S. Says Xi Expressed Interest in Purchasing More American Oil

From the Bilateral Meeting in Beijing:

President Trump had a good meeting with President Xi of China. pic.twitter.com/WaH8hR1ZV3

— The White House (@WhiteHouse) May 14, 2026

Both countries agreed that Iran can never have a nuclear weapon. pic.twitter.com/7hYMIBoTZY

— The White House (@WhiteHouse) May 14, 2026

Beijing also signaled interest in buying more U.S. oil to reduce China’s reliance on crude and crude products transiting the Hormuz chokepoint. This signifies how the U.S.-Iran conflict is rewiring global energy flows.

Trump-Xi talks also covered fentanyl, securing market access for U.S. companies in the mainland market, and increasing Chinese investment in American industries and purchases of U.S. agricultural products.

“American enterprises are deeply involved in China’s reform and opening up, a process from which both sides have benefited,” Xi told the leaders of U.S. companies accompanying Trump on the trip. Those CEOs include Tesla’s Elon Musk, Apple’s Tim Cook, Boeing’s Kelly Ortberg, and Nvidia’s Jensen Huang.

The two sides discussed ways to enhance economic cooperation between countries, including expanding market access for American businesses into China and increasing Chinese investment.

Leaders from many of the United States’ largest companies joined a portion of the meeting. pic.twitter.com/i3Q1ogde2E

— The White House (@WhiteHouse) May 14, 2026

Xi continued, “China’s door to the outside world will only open wider.”

On the agricultural front, Bloomberg reported that China renewed import licenses for hundreds of U.S. beef plants, reviving trade that will help ranchers and farmers.

Xi was quoted as saying that China and the U.S. agree to build a “constructive and strategically stable relationship” that will serve as a framework for China-U.S. relations over the next three years and beyond.

On the subject of Taiwan, Xi told Trump bluntly that Sino-U.S. relations would enter an “extremely dangerous place” if Trump ignored Beijing’s demands over Taiwan.

Back at the state banquet, Trump invited Xi to Washington on Sept. 24.

Overall, it appears that day one of Trump’s summit with Xi was positive.

.@POTUS delivers remarks at the state banquet dinner at the Great Hall of the People: “It was a fantastic day, and in particular, I want to thank President Xi, my friend, for this magnificent welcome… and for so graciously hosting us on this very historic state visit.” pic.twitter.com/lcFTC7wUY9

— Rapid Response 47 (@RapidResponse47) May 14, 2026

Earlier, Trump and Xi took a walk at an ancient temple in Beijing.

.@POTUS in China: “It’s great — a great place. Incredible. China is beautiful.” pic.twitter.com/Xiu7KSCvpL

— Rapid Response 47 (@RapidResponse47) May 14, 2026

“The China-U.S. Summit is ongoing, with expectations for any breakthroughs low,” UBS analyst Justinus Steinhorst told clients earlier.

UBS analyst Shuo Yang noted, “It has been a subdued Asia session, with markets in wait-and-see mode into the Trump-Xi meeting.”

Treasury Secretary Scott Bessent joined CNBC and said the U.S. and China are seeking to lower tariffs on some trade, starting with $30 billion in non-critical areas. Bessent also noted that Chinese officials are “doing what they can” to reopen Hormuz. 

Bessent added that Boeing is nearing a “large” plane order from China, but did not specify whether those orders would be for narrow-body or wide-body jets.