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Sunday, June 1, 2025

Ukraine wipes out dozens of Russian nuclear bombers in massive surprise attack on air bases, Kyiv says

 Ukrainian forces have wiped out dozens of Russian military aircraft, including nuclear bombers, in a massive drone attack on President Vladimir Putin’s air bases deep inside the country, Kyiv sources are claiming.

The mission carried out by Ukraine’s Security Service (SBU) using first-person-view (FPV) drones hit 41 Russian heavy bombers at four separate airfields thousands of miles from Ukraine, a security source told the Kyiv Independent on Sunday.

The drones were reportedly smuggled into the country hidden in trucks.

A picture of SBU Chief Vasyl Malyuk planning operation “Web,” date and location not disclosed.Ukraine's Security Service
A screenshot from a drone video of the alleged attack released by the SBU on June 1, 2025.Ukraine's Security Service

TU-95 “Bear” nuclear bombers, TU-22 “Backfire” fast-attack strike bombers and A-50 “Mainstay” command-and-control jets were among the aircraft that were destroyed in the strike, according to reports.

One of the bases hit was in the Irkutsk region of Siberia, almost 2,500 miles from Ukraine.

Others targeted were in Murmansk in the Arctic Circle, Ryazan southeast of Moscow, and Ivanovo, to the northeast of the Russian capital.

Another shot of the drone video.Ukraine's Security Service
Russian TU-22 fighter jetsAnadolu Agency via Getty Images

The operation, codenamed “Web,” took some 18 months of planning and, if the details are confirmed, will deal a huge blow to Moscow’s efforts to launch long-range missile attacks on Ukrainian cities.

“The SBU first transported FPV drones to Russia, and later on the territory of the Russian Federation, the drones were hidden under the roofs of mobile wooden cabins, already placed on trucks,” the source claimed.

“At the right moment, the roofs of the cabins were opened remotely, and the drones flew to hit Russian bombers.”

https://nypost.com/2025/06/01/world-news/ukraine-wipes-out-dozens-of-russian-nuclear-bombers-in-massive-surprise-attack-on-air-bases-kyiv-says/

SEC Flags Concerns on Crypto ETFs Offering Staking Rewards

  A potentially watershed effort to launch US crypto exchange-traded funds that offer staking rewards is throwing up regulatory doubts, even after the funds said they received initial SEC registration approval.

Issuers REX Financial and Osprey Funds are targeting to launch ETFs tracking Ethereum and Solana that offer staking exposure, which allows investors to earn rewards by pledging tokens to help operate the blockchain.

US regulators are now raising concern the vehicles may not legally qualify as ETFs at all under federal securities law.

In a letter late Friday sent to ETF Opportunities Trust — the legal entity that issues various ETFs including those managed by firms like REX — Securities and Exchange Commission staff said the two ETFs may fail to meet the legal definition of an investment company, a designation needed for the funds to list in the stock market.

The SEC said it was concerned the funds “improperly filed their registration statement” and that “disclosures in the registration statement regarding the funds’ status as investment companies may be potentially misleading.”

“We think we can satisfy the SEC on the investment company question, and we don’t intend to launch the funds until we do that,” said Greg Collett, general counsel at REX Financial.

The SEC declined to comment beyond the letter.

SEC Commissioner Caroline Crenshaw, the commission’s lone Democrat and frequent critic of its new view on crypto in President Donald Trump’s administration, said the situation was emblematic of the agency’s recent piecemeal approach to crypto regulation.

During his reelection campaign, Trump touted his own digital collectibles, gathered campaign donations from crypto fans and said he would make the US the “crypto capital of the planet.”

Since February, following the launch of a special advisory group on cryptocurrency, SEC staff have issued statements saying crypto assets such as memecoins and stablecoins aren’t securities, meaning they aren’t under the SEC’s jurisdiction.

Yet firms see opportunities to register with the SEC to launch new products, Crenshaw said in a statement Saturday.

“How is it that these crypto assets are supposedly not securities when it comes to registration requirements, but conveniently are securities when a registrant sees an opportunity to sell a new product?,” she said. “If you’re confused, join the club.”

It’s the second time in recent months that the SEC has publicly expressed doubt on a listed fund investing in alternative asset classes.

In March, it rebuked an ETF by State Street Corp. and Apollo Global Management — the world’s first to invest in private credit — hours after the fund listed.

“Even if the SEC doesn’t allow this structure to list, we still believe the more straightforward attempts to allow staking in a US ETF will ultimately be successful,” Bloomberg Intelligence ETF analyst James Seyffart said. “It’s a matter of when, not if. But the SEC doesn’t seem to be a fan of the way Rex tried to push these listings through.”

REX said it received a so-called effective registration for the two ETFs earlier Friday, meaning they could be listed anytime. REX founder Greg King said at the time the company was planning the launch by mid-June for both.

“To the extent that these concerns remain unresolved, the Commission staff will consider the appropriate next steps to ensure compliance with the federal securities laws,” the SEC said late Friday.

https://finance.yahoo.com/news/sec-flags-concerns-crypto-etfs-180757218.html

Nadler’s aide detained by DHS agents in Manhattan office

 Longtime Democratic Rep. Jerrold Nadler slammed President Trump for “sowing chaos” nationwide after federal agents handcuffed one of his aides inside his lower Manhattan office.

The lawmaker’s verbal tirade came after Department of Homeland Security officers entered the Big Apple office Wednesday and accused his staff of “harboring rioters” in a dramatic confrontation caught on video. 

“President Trump and the Department of Homeland Security are sowing chaos in our communities, using intimidating tactics against both citizens and non-citizens in a reckless and dangerous manner,” he said in a statement to Politico.

Rep. Jerrold Nadler blasted Trump after DHS cuffed one of his aides.YouTube/WNYC

“If this can happen in a Member of Congress’s office, it can happen to anyone — and it is happening.”

The video, obtained by Gothamist, showed one agent aggressively restraining a teary-eyed female staffer, while another employee asked for a warrant and blocked a second officer from entering a private section of the congressional office, located in the same Varick Street building as federal immigration court.

“I’m a federal officer, we’re here checking on something,” the male agent said to the employee standing in his way, the footage showed. 

“We have the right to check. You are harboring rioters in the office,” he argued in the heated back-and-forth that ended with the staffer granting him access to the back office.

Nadler said that the “deeply troubling” incident showed a clear violation of legal protocols. 

The video showed one employee asking for a warrant and blocking an officer from entering the office.YouTube/WNYC

Federal Protective Service officers went to the congressman’s office to conduct a security check after receiving reports that protesters were hiding inside, DHS told The Post in a statement.

“Based on earlier incidents in a nearby facility, FPS officers were concerned about the safety of the federal employees in the office and went to the location to ensure the safety and wellbeing of those present,” Homeland Security officials said.

Another teary-eyed staffer was cuffed during the heated confrontation.YouTube/WNYC

When they arrived, one individual – the woman who was briefly detained – was “verbally confrontational and physically blocked access to the office” after the officers identified themselves and explained why there were there.

“The officers then detained the individual in the hallway for the purpose of completing the security check,” DHS said.

Nadler said the “deeply troubling” incident violated legal protocols.Getty Images

The aide was released after the fiery standoff — which reportedly erupted when a Nadler staffer invited two advocates monitoring ICE activity at the courthouse into the office. 

Nadler charged that the Trump administration is embracing totalitarian and authoritarian tactics.

“The Trump administration is trying to intimidate members of Congress,” Nadler told the New York Times Saturday.

“They’re behaving like fascists. We have to fight them. We don’t want to be a fascist country.”

The White House did not immediately respond to The Post’s request for comment.

https://nypost.com/2025/05/31/us-news/dem-rep-nadler-slams-trump-for-sowing-chaos-after-his-aide-was-detained-by-heavy-handed-dhs-agents-in-manhattan-office/

Trump more detailed proposal for steep 2026 spending cuts

 The Trump administration on Friday unveiled more details of the president’s vision for how to fund the government in fiscal year 2026, expanding on its request earlier this month for steep spending cuts.

The lengthy budget appendix, which stretches to more than 1,200 pages, comes as Republicans in both chambers have pressed the administration for more information about the president’s proposed funding cuts.

President Trump is calling for more than $160 billion in cuts to nondefense discretionary spending — amounting to about 22 percent — while requesting a boost to defense dollars. 

While presidential budget requests aren’t signed into law, they can serve as a blueprint for lawmakers as they begin crafting their funding legislation.

House appropriators will take up the first set of funding bills next week, with subcommittees on military construction, the Department of Veterans Affairs, rural development, and the Department of Agriculture set to meet to consider the proposals on Thursday.

The White House rolled out Trump’s so-called skinny budget about a month ago. It ran 46 pages, and it’s not unusual for presidents to first roll out shorter versions of their proposals before releasing more details.

https://thehill.com/business/budget/5326736-trump-budget-proposal-2026-spending-cuts/

Saturday, May 31, 2025

Who could be the next face of DOGE?

 A few names are coming into view as people who could lead the Department of Government Efficiency (DOGE), which all signs suggest will have a big influence even with Elon Musk’s departure from his official government work. 

The White House insists no single person will lead DOGE and that every Cabinet secretary and host of other officials will continue Musk’s work. 

A few individuals stand out, however. 

Office of Management and Budget Director Russ Vought is where “all the attention is turning toward,” said Jordan Wood, a former communications aide in Trump’s first term.

“Elon was the necessary disruptor—he bulldozed his way in and got everyone’s attention. But Russ is the operator. He understands how government really works better than just about anyone in the administration. He’s methodical and knows exactly which levers to pull from the inside,” Wood said.

A source close to Trump World also pointed to Vought as the one person who would be at the helm, but noted that DOGE under Musk was not always politically popular.

“DOGE served its purpose – but like much with Trump world, rapid fire approach can sometimes miss the political mark,” the source said.

Musk joined President Trump in the Oval Office for a press conference on Friday to mark his final day as a special government employee, which has a 130 day limit.

“This is not the end of DOGE, but really the beginning,” Musk said, adding that he is confident the team will be able to find $1 trillion in savings.

“I’ll continue to be visiting here and be a friend and adviser to the president,” he added.

Trump also suggested that Musk will continue to be a major figure in his administration, telling reporters, “Elon’s really not leaving – he’s going to be back and forth.”

Musk began Trump’s second term with big plans to cut up to $2 trillion from the federal budget and as of Friday, DOGE estimates that it has saved $175 billion overall due to its cuts. That came with the firings of thousands of federal employees across multiple agencies, big and small. 

Meanwhile, Vought had previously advocated for slashing federal spending and putting federal bureaucrats “in trauma” prior to his appointment at OMB. Vought His agency was also at the center of a controversial memo in January that had called for agencies to freeze funding to ensure it aligned with the administration’s priorities.

A new memo this week from the Office of Personnel Management (OPM) that directed agencies to not hire individuals based on their race, sex or religion, directs heads of departments to send reports to OPM and OMB by the end of June. Vought, at the helm of OMB, would receive those reports on recruitment and eliminating such practices the administration deems discriminatory.

White House deputy chief of staff Stephen Miller has also been floated as someone who can take over the work of DOGE.

While one Trump ally pointed to Vought as the likeliest individual to spearhead DOGE’s efforts in Musk’s absence, the source noted Miller would likely seek to keep the federal bureaucracy in check.

Miller, for his part, is a longtime Washington, D.C. figure who worked as a GOP Senate staffer and is well-acquainted with the ins and outs of the federal government. He replied to Musk’s post  on X about his time as a special government employee coming to an end to highlight the work.

“The work DOGE has done to eliminate government waste and corruption — the rot embedded deep within Washington — is among the most valuable services ever rendered to government. And the work has only just begun,” Miller said.

Miller’s wife, Katie Miller, was an adviser and spokesperson for Musk at DOGE and was among the few top officials who exited with the Tesla CEO. She is going to work for Musk full-time in the private sector, a source familiar told The Hill, confirming reporting from CNN. 

Ultimately, though, the Trump ally argued there was unlikely to be a single new face of DOGE. 

Musk’s style and omnipresence would be difficult to replicate, the ally said, and a single leader is likely unnecessary at this point with major cuts to government staffing in particular already implemented.

“As I understand it, Russ would oversee it in more of a team effort way, versus one person being the face,” the Trump ally said.

That’s in line with what press secretary Karoline Leavitt told reporters Thursday in terms of who the next face of DOGE would be. She said that Trump’s entire Cabinet would be tasked with rooting out what they see as waste and fraud.

“The entire Cabinet understands the need to cut government waste, fraud and abuse and each Cabinet secretary at their respective agencies is committed, that’s why they were working hand in hand with Elon Musk and they’ll continue to work with the respective DOGE employees who have onboarded as political appointees at all of the agencies,” she said.

During their work to overhaul the federal workforce, DOGE staff members went into various agencies and some stayed working in those agencies and are embedded in them now. While many Cabinet officials embraced the work of DOGE, there was some pushback from the likes of FBI director Kash Patel who told his staff in February to hold off on replying to outreach from Musk.

Wood argued that embedded DOGE workers could make more of an impact overhauling the government. 

“This shift from high-profile disruption to quiet execution could actually make the cuts more effective—and a lot harder to reverse,” Wood said.

To be sure, Musk is a unique figure to replace. He is the richest man in the world who sometimes espouses wild conspiracy theories, has sparked controversy over his alleged drug use, and with him also comes big-ticket checks for high-dollar political fundraising. 

The Tesla CEO has compared himself to the Buddha to argue that his efforts to slash the federal budget and workforce will carry on even after he leaves the White House.

“Is Buddha needed for Buddhism?” Musk quipped in a briefing to a small group of reporters last month, when asked who will fill his avoid.

He called DOGE “a way of life” and said converts have been made inside of the administration.

https://thehill.com/homenews/administration/5326532-elon-musk-doge-next-leader/

Sabbath gasbags, June 1

 NewsNation’s “The Hill Sunday:” Sen. Roger Marshall (R-Kan.); Rep. Haley Stevens (D-Mich.) and Lt. Gov. Winsome Earle-Sears (R-Va.)

ABC’s “This Week:” National Economic Council Director Kevin Hassett; World Food Program Executive Director Cindy McCain

CNN’s “State of the Union:” Sen. Chris Murphy (D-Conn.); Reps. Hakeem Jeffries (D-N.Y.); Debbie Dingell (D-Mich.); Office of Management and Budget Director Russell Vought

CBS’ “Face the Nation:” Treasury Secretary Scott Bessent; Martin Makary, commissioner of the Federal Drug Administration; Sen. Rand Paul (R-Ky.); Rep. Raja Krishnamoorthi (D-Ill.); Michael Roth, president of Wesleyan University

NBC’s “Meet the Press:” House Speaker Mike Johnson (R-La.); Sen. Raphael Warnock (D-Ga.)

Fox News’ “Fox News Sunday:” Commerce Secretary Howard Lutnick; Sen. Dave McCormick (R-Pa.); Rep. Jake Auchincloss, D-Mass.

Fox News’ “Sunday Morning Futures:” Homeland Security Secretary Kristi Noem; Sen. Ron Johnson (R-Wisc.) Rep. Ronny Jackson (R-Texas), Brad Gerstner, Altimeter Capital Founder, Chairman And CEO

https://thehill.com/homenews/sunday-talk-shows/5327384-sunday-shows-preview-trump-court-tariff-battle-escalates-senate-gop-up-next-on-big-beautiful-bill/

Healthcare SPAC Pioneer Acquisition I files for a $220 million IPO

 Pioneer Acquisition I, a blank check company targeting the healthcare sector, filed on Thursday with the SEC to raise up to $220 million in an initial public offering.


The company plans to raise $220 million by offering 22 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

Pioneer Acquisition I is led by CEO and Director Mitchell Creem, who currently serves as a Principal at GreenRock Capital and President of The Bridgewater Healthcare Group. The SPAC plans to target the healthcare or healthcare-related industries, focusing on businesses with enterprise values between $160 million and $2 billion.

The Brooklyn, NY-based company was founded in 2024 and plans to list on the Nasdaq under the symbol PACHU. Cantor Fitzgerald is the sole bookrunner on the deal.