Good morning. A two-week cease-fire between the U.S. and Iran, announced Tuesday, hasn’t curbed threats by Iran-linked hackers targeting water systems, power plants and other critical infrastructure in the U.S. and abroad, national security experts and threat detectors say.

• Threats still active: On Telegram, an encrypted messaging app, the pro-Iran hacking group Handala said its operations remain active, posting that “the cyberwar did not begin with the military conflict and will not end with any military cease-fire,” according to threat intelligence firm Flashpoint. SonicWall, a cybersecurity firm, said since the cease-fire was declared it continues to detect the type of online activity that federal officials have linked to Iran-affiliated hackers.
   
• Joint alert: On Tuesday, the Cybersecurity and Information Security Agency issued a joint alert with U.S. Cyber Command and other federal agencies, warning that pro-Iran hackers are pursuing retaliatory strikes on the U.S. energy grid and government services, among other targets. In the past, the strikes have included accessing internet-facing operational-technology devices, leading to “disruptions across several U.S. critical infrastructure sectors,” the agency said.
   
• Business preparation: Businesses and infrastructure providers should expect Iran’s cyberwarfare tactics “to continue in the near term,” said Alex Orleans, head of threat intelligence at cybersecurity firm Sublime Security, and a veteran intelligence analyst specializing in Iranian cyber activity. That is especially so, if discrepancies emerge over the terms of the cease-fire, she said.
   
• What that might look like: “These operations will likely leverage proven, opportunistic techniques, including phishing campaigns that enable credential theft and account takeover, exploitation of unpatched edge devices,” said Louis Eichenbaum, federal chief technology officer at ColorTokens, a zero-trust security firm.

The Dow Jones Risk Journal Summit London on May 7 will convene senior business professionals for discussions on a range of corporate risks including supply chains, artificial intelligence, geopolitics and financial crime. Speakers include: Kathy Wengel, EVP, Chief Technical Operations and Risk Officer, Johnson & Johnson; Nish Imthiyaz, Global Privacy and Responsible AI Counsel, Vodafone; and Will Mayes, Chief Executive, Cyber Monitoring Centre.

Request a complimentary invitation here using the code COMPLIMENTARY. Attendance is limited, and all requests are subject to approval.

Treasury proposes new AML rules for stablecoin issuers.

The U.S. Treasury Department proposed a new set of rules requiring stablecoin issuers to implement rigorous anti-money-laundering and sanctions compliance programs similar to those imposed on its traditional financial counterparts, Risk Journal reports. (Gift link)

The joint proposal aims to implement the requirements in the Guiding and Establishing National Innovation for U.S. Stablecoins Act, or the Genius Act. The proposed rules mark a significant step in the federal government’s efforts to provide clarity to the growing cryptocurrency sector, bringing payment stablecoins, digital assets pegged to the fiat currency such as the U.S. dollar, into the fold of the traditional regulated financial system.

SEC reports decline in enforcement actions in 2025. 

The U.S. Securities and Exchange Commission’s enforcement statistics for 2025 report a roughly 20% drop in the total number of cases from the previous year and fewer cases brought than any year since at least the beginning of President Trump’s first term, the Risk Journal reports. 

The agency filed 456 enforcement actions in fiscal year 2025 compared with 583 the year before, the SEC announced on Tuesday. (Gift link)

• A federal appeals court on Wednesday denied Anthropic’s request for relief from the Defense Department declaring the company a supply-chain risk, complicating the legal battle between the U.S. government and one of the country’s leading artificial-intelligence companies.
   
• Jeff Shell is resigning as Paramount’s president and is stepping down as a member of its board of directors, the media and entertainment company said Wednesday.
   
• Risk Journal reports China’s Premier Li Qiang signed a State Council decree Tuesday instituting a regulation dedicated to industrial and supply chain security. The new regulation includes a mechanism allowing China’s trade departments to investigate and determine appropriate countermeasures for foreign governments, companies and individuals that disrupt China’s supply chains.
   
• Risk Journal also reports the U.S. and Iran are discussing possible sanctions relief as part of the negotiations to resolve the current conflict, President Trump said. “We are, and will be, talking tariff and sanctions relief with Iran,” Trump said Wednesday in a post on social media. (Gift link)
   
• Hong Kong conglomerate CK Hutchison has started arbitration against A.P. Moeller-Maersk after Panama seized its port assets in the country.

Iran tightens its grip on Hormuz despite cease-fire.

Iran told mediators it would limit the number of ships crossing the Strait of Hormuz to around a dozen a day and charge tolls under the cease-fire struck by President Trump, showing Tehran plans to tighten its grip on the world’s most important energy-shipping lane.

Ships that pass will have to coordinate with the Islamic Revolutionary Guard Corps, the powerful paramilitary group that has been labeled a terrorist organization by the U.S. and the European Union, Arab mediators said.

Meanwhile, the Trump administration is considering a plan to punish some members of the NATO alliance that President Trump believes were unhelpful to the U.S. and Israel during the Iran war, according to administration officials.

• Trump Allies, U.S. Officials Fear Iran Victory Lap Is Premature
• Gulf States Fear an Emboldened Iran After Trump’s Cease-Fire
• A Closer Look at Iran’s 10 Demands—and Which the U.S. Might Accept
• What’s Happening in the Strait of Hormuz Since the Cease-Fire?
• What’s Next for the U.S. Economy After Iran Cease-Fire
• The Iran War Is Hitting California Harder Than Any Other State
• Iran War Cease-Fire Can’t Undo the Middle East’s Energy Hangover

• President Trump’s bombing campaign against Iran is yielding a windfall for some of America’s top oil executives.
   
• If it feels like economists have been slumping lately, it’s not just your imagination. With three chances so far in 2026 to project monthly job creation, Wall Street’s soothsayers have struck out.
   
• The cease-fire between the U.S. and Iran offers a chance to defuse the latest serious threat to the global economy. But for the Federal Reserve, it may have replaced one problem with another: an energy shock that lingers just enough to keep inflation elevated without being severe enough to destroy demand, leading to an extended interest-rate pause.
   
• The nation’s fertility rates hit record lows in 2025 as childbearing continued to shift toward older women, according to new federal data released Thursday. For the sixth straight year, the number of children born in the U.S. remained at roughly 3.6 million.

• European companies that list at home outperform peers who choose the U.S., according to a report that challenges the assumption that heading across the Atlantic generates better valuations.
   
• Greece plans to ban social media for children under the age of 15 from next year, joining a growing list of countries that are weighing or enforcing restrictions to shield younger users from what they see as potentially harmful content.
   
• Disney is preparing to make sizable layoffs in one of the first significant moves under the new chief executive officer, Josh D’Amaro.
   
• Delta Air Lines message to travelers: Prepare for higher fares and fewer flights as it faces rising fuel costs.

Follow us on X at @WSJRisk. Send tips to our reporters Max Fillion at max.fillion@dowjones.com, Mengqi Sun at mengqi.sun@wsj.com and Richard Vanderford at richard.vanderford@wsj.com.

You can also reach us by replying to any newsletter, or by emailing our editor David Smagalla at david.smagalla@wsj.com.