Senate panel advances crypto bill with 2 Democrats

May 16, 2026

1–2 minutes

Summary

A Senate panel voted 15-9 to advance a crypto regulation bill, with support from two Democrats.

Why this matters

The vote moved a major crypto regulation measure closer to a full Senate vote and showed it will need broader Democratic backing to pass. The outcome could shape how federal regulators oversee the cryptocurrency industry.

A cryptocurrency regulation bill cleared the Senate Banking Committee on Thursday, advancing on a 15-9 vote with support from Sens. Ruben Gallego, D-Ariz., and Angela Alsobrooks, D-Md.

The bill, known as the Clarity Act, would set guidelines for federal regulators overseeing the crypto industry. Its approval in committee sent it to the Senate floor, where it will need additional Democratic support to pass.

The committee vote followed months of negotiations between Senate Republicans and several Democrats who support crypto legislation. Talks continued into Thursday morning.

During the markup, Senate Banking Committee Chair Tim Scott, R-S.C., added several amendments at the request of Democrats, saying he wanted “to make this a bipartisan outcome.”

The move highlighted divisions among committee Democrats. Sen. Elizabeth Warren, D-Mass., who has criticized the bill, objected after Scott ruled several other amendments ineligible.

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Europe

Ukrainian drones hit Crimea museum, Russian oil sites

Russia’s Defense Ministry said air defenses destroyed 326 Ukrainian drones over Russia overnight, including more than a dozen headed toward Moscow.

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Ukrainian drones struck a historic museum in Russia-annexed Sevastopol in Crimea, causing a roof fire, as Russian authorities reduced nighttime train service after recent attacks across the peninsula and in Russia.

Sevastopol’s Russian-installed governor, Mikhail Razvozhayev, said on Telegram early Wednesday that “The UAV damaged the building of the Panorama ‘Defense of Sevastopol 1854-1855’ [painting], the roof is on fire.” He added: “This building is not just a museum, it is a symbol of resilience, which has repeatedly taken the blows of the enemy.”

The museum commemorates Russia’s role in the 1853-1856 Crimean War. Razvozhayev said the building had also been bombed during World War II’s Siege of Sevastopol. Emergency crews later extinguished the fire, Russian media reported.

Crimea authorities also cut nighttime train schedules after a drone attack Monday on passenger train No. 68 traveling from Moscow to Simferopol. Crimea Gov. Sergei Aksyonov said the drone hit the locomotive, killing the assistant driver and wounding the driver. Passengers were not injured, he said. Eight passenger trains were halted, and passengers were taken by bus to Simferopol and Sevastopol.

The attacks also disrupted transport and fuel supplies in Crimea at the start of the holiday season. Local reporting said commercial gasoline sales to civilians had been suspended across the peninsula, with fuel rationed for emergency services or available through state-issued vouchers.

In Novokuibyshevsk, in Russia’s Samara region, governors said authorities repelled drone attacks and urged about 1 million residents to seek shelter. The Russian open-source intelligence channel Astra said the Kuibyshevsk oil refinery was burning after at least 29 drones attacked.

In the Rostov region, debris from a drone caused a fire in a fuel tank at a civilian site. In the Vladimir region, two industrial facilities were on fire.

Air raid alerts were also issued in the Khanty-Mansiysk, Perm, and Tyumen regions, and in the Ural regions of Chelyabinsk and Sverdlovsk.

Last week, Ukrainian President Volodymyr Zelenskyy proposed what the text described as face-to-page talks with Russian President Vladimir Putin, which Putin rejected. After the train attack, the Kremlin said Ukraine was undermining efforts toward a peaceful resolution.
Europe

Swiss voters weigh population cap of 10 million

The Organization for Economic Cooperation and Development said 32% of Switzerland’s population was foreign-born in 2024, behind only Luxembourg and Australia among its 38 member countries.

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Swiss voters will decide Sunday whether to require the government to cap Switzerland’s population at 10 million by 2050, a proposal driven by the Swiss People’s Party as part of its long-running effort to curb immigration.

Switzerland’s system of direct democracy gives voters a direct role in policy decisions through referendums, typically held four times a year. Recent polling by gfs.bern suggested the vote could be close.

Supporters say population growth has strained infrastructure, housing, social programs, natural resources, and daily life. They object in particular to growing numbers of expatriates from the neighboring European Union.

Critics, including the federal government and Parliament, say the measure would harm Switzerland by weakening ties with the EU and limiting access to workers in health care, finance, pharmaceuticals, and technology.

Bernard Bapst, a Swiss People’s Party lawmaker from the Fribourg region and a former customs official, disputed any security risk from the proposal and said “various forms of criminality” have risen since Switzerland adopted an open-border policy.

Since Switzerland and the EU eased restrictions on citizens living and working across their borders in 2002, Switzerland’s population has grown 23% to 9.1 million as of the end of last year. Economic output also rose 24% over that period, according to government data.

If approved, the measure would require the government to act to keep the population below 10 million by 2050. If it reaches 9.5 million before then, authorities would have to restrict asylum, family reunification, and residence permits, and could be required to end Switzerland’s agreement with the EU on free movement of people.

Experts said immediate economic and demographic effects would likely be limited because of the long timeline.

Swiss voters have repeatedly weighed immigration over the past half-century. Only one such referendum, “Against mass immigration” in 2014, passed narrowly.
Europe

Russian strikes kill 5 in Ukraine, Zelenskyy cites talks

The attacks followed intensified long-range Ukrainian drone strikes on Russian oil facilities, which the article said prompted fuel shortages, while Russia carried out large air attacks on Ukraine.

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Russian strikes killed five people in eastern and northeastern Ukraine, officials said, as President Volodymyr Zelenskyy said he hoped to revive diplomacy after talks with U.S. envoys and European leaders.

In the Kharkiv region, a pregnant woman and two other people were killed in overnight missile strikes on Chuhuiv, according to the regional prosecutor’s office. Six people were injured, and residential buildings and shops were damaged.

In the city of Kharkiv, a drone attack wounded 16 people, including children, officials said. Photos shared by officials showed a burning building and damaged cars.

In the Donetsk region, two people were killed Monday in Bilozerske and Druzhkivka, Vadym Filashkin, head of the regional state administration, said on Facebook. He said 11 other people were injured in Sloviansk and Shabelkivka.
Health

FDA approves new sunscreen ingredient after decades

Bemotrizinol is a large enough molecule that it does not absorb through the skin like avobenzone. She said it may also improve how sunscreen feels on the skin.

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The U.S. Food and Drug Administration finalized approval of bemotrizinol, the first new sunscreen ingredient approved in the United States in decades.

Bemotrizinol has been used in Europe and other parts of the world for years, but manufacturers had not been able to use it in U.S. sunscreen formulations until now.

In the United States, sunscreen ingredients are regulated as drugs rather than cosmetics, which can make testing and approval more lengthy and expensive than in some other countries. Experts said new formulations are needed. Some sunscreen ingredients, including avobenzone, are not especially stable in sunlight without additional ingredients, and studies suggest they can enter the bloodstream. Mineral sunscreens are effective, but they are often greasy and can leave a white cast.
Finance & Markets

U.S. strikes on Iran, CPI data weigh on futures

Stocks closed mixed Tuesday as investors moved out of AI-related shares amid concerns that a prolonged conflict with Iran could push prices higher and lead the Federal Reserve to raise rates.

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U.S. stock futures fell Wednesday ahead of a key inflation report, after U.S. and Iranian strikes added to tensions in the Middle East.

Dow Jones Industrial Average futures slid 0.3%. S&P 500 futures fell 0.4%, and Nasdaq 100 futures dropped 0.6%.

In a post on X, U.S. Central Command said forces launched “self-defense” strikes against Iran. Iranian media reported that Qaeshm Island in the Strait of Hormuz had been attacked, with about six explosions.

Tensions rose after a U.S. Apache helicopter was downed Monday near the Strait of Hormuz. On Tuesday, President Trump said Iran had attacked the helicopter and vowed a response.

Investors were set to get more information on that outlook Wednesday with the release of May consumer price index data. Analysts expected the report to show prices rose again, which could increase expectations for a rate hike this year.
Science

NASA names Artemis III crew, eyes 2027 launch

NASA said Artemis III will involve three launches: one carrying the crew in an Orion spacecraft, and two carrying lander models from Blue Origin and SpaceX.

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NASA announced the four astronauts assigned to Artemis III, a two-week mission scheduled to launch before the end of 2027 to rehearse procedures for future Moon landings.

The crew is commander Randy Bresnik, 58, pilot Luca Parmitano, 49, and mission specialists Andre Douglas, 40, and Frank Rubio, 50. Bob Hines will serve as a backup crew member. Artemis III will focus on research and docking practice in Earth orbit using lander test articles from Blue Origin and SpaceX.

Douglas, an engineer from Florida, will make his first spaceflight after serving as a backup on Artemis II. Rubio, a physician and former U.S. Army Black Hawk pilot, holds the U.S. record for the longest single-duration spaceflight at 371 days.

Bresnik, a former Navy test pilot and Marine, is the only crew member to have flown on a space shuttle mission, in 2009. He also commanded the International Space Station in 2017. Parmitano, an Italian Air Force veteran, commanded the station in 2019 and will be the only non-U.S. citizen on the flight.
Military & National Security

Pentagon adds Alibaba, BYD, Baidu to China list

Alibaba, BYD, and Baidu said there was no basis for their inclusion.

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The Pentagon added several Chinese companies, including Alibaba, BYD, and Baidu, to its list of Chinese military companies, a designation that bars them from receiving U.S. defense contracts.

The updated list, published Monday, grew to 188 entities from about 130 last year. It includes companies the Pentagon said have links to China’s military or contribute to its defense industrial base, including some that are not state-owned or traditionally associated with defense.

The list was created in 2021 under a congressional mandate. When updating it last year, the Pentagon said China’s military sought to acquire advanced technologies and expertise developed by companies, universities, and research programs that “appear to be civilian entities.”

The Chinese Embassy said the United States was “overstretching the concept of national security and making discriminatory lists to go after Chinese companies.” It added that Chinese companies follow local laws where they operate and said, “The U.S. should stop its wrong practice and create a fair, just and non-discriminatory environment for Chinese companies.”

The Pentagon said Alibaba, BYD, and Baidu are affiliated with China’s Ministry of Industry and Information Technology, which oversees technology and industrial policy. In Alibaba’s case, the Pentagon said that affiliation helps support China’s defense industrial base. Alibaba is listed on the New York Stock Exchange.

A company on the list can still do business in the United States, but the designation can carry reputational costs and lead to additional restrictions.

After the update, the House Select Committee on the Chinese Communist Party called the list “a warning to American businesses, all levels of government, and the American people.” The committee said companies on the list that trade on U.S. exchanges should be delisted and that no American company should do business with them, “otherwise they are enabling China’s military ascendance.”

The update also added robotics company Unitree. The Pentagon said Unitree “knowingly received assistance” from the Chinese government through a designation for innovative small and medium-sized companies critical to China’s supply chain. Unitree did not immediately respond to a request for comment.
\top\

GOP sends $70 billion immigration bill to Trump

The House passed the bill, 214-212, in a party-line vote, with independent Rep. Kevin Kiley of California voting against it.

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House Republicans on Tuesday sent a $70 billion immigration enforcement package to President Donald Trump, ending months of internal party disputes.

The measure would fund the Department of Homeland Security, including U.S. Immigration and Customs Enforcement and U.S. Customs and Border Protection, for the rest of Trump’s second term. Republicans made it their top legislative priority after Democrats blocked funding for ICE and Border Patrol following the killing of two U.S. citizens in Minnesota by federal agents.

The bill advanced despite divisions among Republicans in both chambers. In the Senate, some Republicans objected to Trump’s proposed Justice Department settlement fund, which critics said could benefit his allies. Acting Attorney General Todd Blanche told lawmakers the fund would not move forward, but some Senate Republicans had sought to block it in the legislation. In the end, only Sen. Lisa Murkowski of Alaska voted against the package.

The final bill did not add new reforms or oversight for ICE after the fatal shootings. Democrats criticized that decision.

One Trump request was dropped: $1 billion for White House security upgrades, including $200 million for an East Wing ballroom project. Senate Republicans had raised concerns about the proposal, and the Senate parliamentarian ruled against it.

Before the final House vote, more than a dozen conservative Republicans delayed a procedural vote while seeking commitments on a separate immigration bill, according to two people familiar with the talks. It was unclear whether they received a promise for a floor vote on that measure, which the article said would likely fail in the narrowly divided House.
World

U.S. strikes Iran after helicopter incident

A U.S. official said it was not clear whether the drone deliberately attacked the helicopter.

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U.S. forces launched strikes on Iran at 5 p.m. EST Tuesday after President Donald Trump said Iran shot down a U.S. Apache helicopter over the Strait of Hormuz, according to U.S. Central Command.

“The mission is a proportional response to unjustified Iranian aggression,” Central Command said in a statement.

Trump said the two crew members were rescued and were not injured. “There were two pilots involved, both are safe and uninjured,” he wrote on Truth Social. “Nevertheless, the United States must, of necessity, respond to this attack.”

Iranian media appeared to acknowledge the incident. The semi-official Mehr News Agency reported that Iran had not claimed responsibility.

Israeli forces carried out strikes across southern Lebanon on Tuesday. Tehran had warned that Israeli attacks there would prompt another round of retaliatory strikes.

Iranian Foreign Minister Abbas Araghchi said foreign forces near Iran were at “constant risk on account of their own human errors, plain accidents or potentially being caught in crossfire.”

“To reduce risk, best solution is for them [foreign forces] to leave,” he said on X.

Minutes before Trump’s comments on the helicopter, Mohammad Baqer Qalibaf, Iran’s top negotiator in peace talks with Washington, wrote on social media: “We prefer the language of diplomacy, but we speak other languages far more fluently. Break your commitments, and we’ll switch to what we speak best.”

“You ride the horse you saddled!,” he wrote.

Israel and Iran halted attacks on each other after exchanging fire over the weekend for the first time since April’s truce. Trump had urged both countries to “immediately stop ‘shooting’” while Washington and Tehran pursued talks on ending the regional war.

He said on Truth Social that Israel and Iran were looking to do “an immediate ceasefire” but that peace was “subject to ignorance or stupidity getting in its way.” He later told reporters, “We’re in the final throes of what will be a very, very good deal,” adding that it could take “two or three days” and that the Strait of Hormuz would open immediately after.

Central Command said the helicopter crew was rescued at 7:33 p.m. EDT Monday. A spokesperson told the BBC they were recovered by an unmanned surface drone operated by Task Force 59, a Bahrain-based unit launched in 2024, and transferred on the water before being hoisted to a helicopter.
World Politics

Trump says Iran deal could come within days

Trump said a military option remained available in Iran, but he did not want to pursue it.

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President Donald Trump said Tuesday morning there was a “good chance” of reaching a deal with Iran in “two or three days,” but he gave no details for his renewed optimism.

“We’re very close to having a very, very good, strong, powerful deal,” Trump said at John F. Kennedy International Airport in New York after attending the NBA Finals on Monday night.

“If we go and bomb — which we could do very easily if we want, and we spend another two or three weeks bombing — they’ll have nothing left whatsoever. But you won’t have the Strait (of Hormuz) open for months,” Trump said.

“If we do the bombing, you know, a lot of people are going to be killed. Who wants to do that? I don’t,” he said.

Mediators, led mainly by Pakistan, had spent weeks trying to broker an agreement. The U.S. wanted Iran to give up its stockpile of highly enriched uranium, which is believed to remain in the country after U.S. airstrikes during the 12-day conflict in 2025. Iran had refused and sought sanctions relief and the release of frozen assets before a final agreement, which Trump had rejected.

Fighting between Israel and Iran a day earlier had raised concerns about a broader regional conflict. Iranian state television said Tuesday that at least two members of the army’s air defense force were killed in Israeli strikes Monday, after both sides targeted what they said were petrochemical facilities and Israel also struck Iranian military sites.

Trump had called for an immediate halt to the fighting. Soon after, Iran’s joint military command said it was stopping offensive strikes, while warning that further “aggression and hostile acts” by Israel and its supporters, including in southern Lebanon, would bring “much more severe and crushing measures than before.”

Israeli Prime Minister Benjamin Netanyahu said in a video statement that if Iran “makes the mistake and returns to attacking us, we will respond with force.” He also said Israel was continuing operations in Lebanon against Hezbollah.

On Tuesday, Israel’s military warned residents to evacuate parts of Tyre in southern Lebanon, including the Christian quarter.