"Fake News" About Pause in Tariffs Causes Multi-Trillion Dollar Spike in Stock Market

Media Outlets Face Fallout from Dubious 90-Day Tariff Pause Report

The news seemed big: That the Trump administration was considering a 90-day pause to his expansive tariffs.

The problem was, it wasn’t true.

But in a sign of the precarious nature of the markets right now, an unsubstantiated online report spiked shares sharply, albeit briefly, and continued to climb after CNBC and Reuters relayed the claim. The White House quickly responded saying that the report was “FAKE NEWS,” and CNBC and Reuters issued statements correcting the record.

Stocks fell back down after those corrections. Still, the fallout continued to reverberate on Monday, and became a cautionary tale of the risk of using information drawn from the fast-moving echo chamber of social media without first confirming the news independently.

US Justice Dept disbands cryptocurrency enforcement unit

The U.S. Justice Department is disbanding its National Cryptocurrency Enforcement Team and ordering prosecutors to focus instead on criminal investigations involving cartels and terrorist groups that use digital currency to finance illicit business, according to a memo seen by Reuters.

The memo from Deputy Attorney General Todd Blanche, sent out to employees late on Monday night, faulted Democratic President Joe Biden’s administration for previously pursuing a “reckless strategy of regulation by prosecution” of the digital asset sector.

Crypto Attorney Sues Department of Homeland Security in Bid to Unmask Satoshi Nakamoto

A cryptocurrency lawyer is suing the U.S. Department of Homeland Security in an attempt to uncover the true identity of Satoshi Nakamoto, the elusive and pseudonymous creator of Bitcoin, Crypto In America has learned.

The lawsuit, filed in a D.C. District Court by James Murphy, better known by his followers as ‘MetaLawMan’ on X, is the latest in a series of efforts to uncover the identity of Bitcoin’s creator, a mystery that has captivated crypto enthusiasts since the token’s inception in 2009. […]

The crux of the lawsuit centers on claims made by DHS Special Agent Rana Saoud during a presentation at an industry conference in 2019.

According to the filing, Saoud revealed that the Department had identified and located the creator of Bitcoin, claiming it was not a single person but rather a group of four individuals. These individuals, she said, had been interviewed by DHS agents in California, where they explained exactly how Bitcoin works and why they created it.

To date, the DHS has never disclosed the identities of these individuals to the public.

Markets should be wary of an SEC exodus

Just days after Donald Trump’s return to the White House in January, a seasoned enforcement attorney at the Securities and Exchange Commission picked up the phone. “I’m ready to leave,” she told me, her voice edged with frustration.

For years, she had taken pride in holding Wall Street accountable. But now she felt like a lifeguard at a pool with no swimmers. Cases had slowed to a trickle. Deregulation, a hallmark of the administration’s agenda, eroded the sense of purpose that had anchored her career. Political pressure further complicated decision-making and investigations stalled. She wasn’t alone in feeling idle. “I didn’t sign up to sit on the sidelines,” one former senior member of staff confided in me.

Across the SEC, legal and compliance professionals are quietly making their exit. Beyond voluntary departures, internal restructuring is also pushing professionals out. The so-called Department of Government Efficiency (Doge) has incentivised resignations, is seeking to eliminate regional office leases, and cut senior positions.

The exodus is just beginning, but its impact on Wall Street could be profound. With the agency losing experienced enforcers, firms may believe they are facing a more lenient regulatory landscape. A shifting SEC does not, however, mean a disappearing SEC — those who misread this moment could find themselves dangerously exposed.