May 12

American Bitcoin announces go-public merger with Gryphon Digital Mining

On May 12, 2025, American Bitcoin announced a definitive merger agreement with Gryphon Digital Mining that would take the company public on Nasdaq. The filing said the combined company would operate under the American Bitcoin brand and focus on large-scale bitcoin accumulation.

Trump signs Most Favored Nation drug pricing executive order targeting pharmaceutical manufacturers

President Trump signs the Delivering Most-Favored Nation Prescription Drug Pricing to American Patients executive order, directing pharmaceutical manufacturers to offer the US the lowest price they charge any comparably developed foreign country for the same drugs. The order begins months of White House negotiations with major drug companies. On September 30, Pfizer becomes the first company to strike a deal, agreeing to provide state Medicaid programs with MFN prices and offer discounts on select top-selling drugs through a new federal platform called TrumpRx.

Goldman demands White House answers 74 days after Bondi DOJ deadlines passed

Representative Daniel Goldman sent a formal demand letter to the White House after the Department of Justice under Attorney General Pam Bondi missed 74 days of congressionally set oversight deadlines. The letter escalated concerns about executive branch stonewalling of congressional oversight and the erosion of accountability mechanisms under the Trump administration.

Qatar offers luxury Boeing 747 for Trump’s Air Force One use

On May 12, 2025, the Trump administration confirmed that Qatar had offered to donate a luxury Boeing 747 to the U.S. government for President Donald Trump's use as Air Force One. Ethics experts and lawmakers raised questions about the Foreign Emoluments Clause and whether Congress would need to approve the gift.

Senate Democrats Demand Congressional Vote on US-UK Trade Executive Agreement

Senate Finance Committee Democrats, led by Ranking Member Ron Wyden, formally demanded in mid-May 2025 that the Trump administration submit the US-UK Economic Prosperity Deal for Senate ratification as a treaty under Article II, Section 2 of the Constitution. Democrats argued that any binding trade commitment altering tariff schedules and market access rules constituted a treaty requiring a two-thirds Senate vote, not a presidential executive agreement. The administration rejected this position, asserting that IEEPA and existing Trade Promotion Authority statutes granted the president independent authority to negotiate and implement such frameworks without legislative approval.

U.S. and China Agree to 90-Day Tariff Reduction After Geneva Talks

Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer met Chinese Vice Premier He Lifeng in Geneva for two days of negotiations that produced a 90-day mutual tariff reduction. The U.S. lowered tariffs on Chinese imports from 145% to 30%, while China reduced its rates on U.S. goods from 125% to 10%. Both sides described the talks as a step back from what Bessent called an effective trade embargo, though structural issues remained unresolved.

Qatar Gifts Trump $400 Million Boeing 747 as DOJ Approves Despite Foreign Emoluments Ban

Qatar's government offered President Trump a $400 million Boeing 747 luxury aircraft as a state gift, which the DOJ under Attorney General Pam Bondi approved despite constitutional scholars arguing it violates the Foreign Emoluments Clause. The clause prohibits federal officeholders from accepting gifts from foreign governments without congressional consent, raising separation of powers and corruption concerns.

Biden ends the pandemic-era rule letting officials expel migrants without asylum hearings, after three years and nearly 3 million deportations

The Biden administration lifted the Title 42 order on May 11-12, 2023, when the federal government ended the official COVID-19 national emergency. Over three years, Title 42 had been used to expel migrants at land borders nearly 3 million times, bypassing asylum law and blocking most claims from being heard. Biden replaced the policy with a new rule requiring migrants to schedule asylum appointments through a CBP One app and creating a presumption of asylum ineligibility for those crossing between ports of entry.

Senate reconfirms Powell to second term as Federal Reserve chair, 80-19

The Senate votes 80-19 to confirm Jerome Powell to a second four-year term as Federal Reserve chair, with broad bipartisan support despite warnings from progressive Democrats. Powell is sworn in for his second term on May 23, 2022. His term runs through May 2026. President Biden nominates Powell for a second term in Nov. 2021, citing continuity at the Fed during a period of post-pandemic economic uncertainty. (Senate Banking Committee, May 12, 2022)

US infant formula shortage hits 43% out-of-stock after Abbott recall

A nationwide infant formula shortage reaches crisis levels, with 43% out-of-stock nationally and 70% in some states, caused by a large Abbott Nutrition recall after contamination linked to two infant deaths at its Sturgis, Michigan plant, compounded by pandemic supply chain disruptions. Empty shelves go viral on social media. The Biden administration, criticized for slow response, invokes the Defense Production Act to prioritize formula ingredients and launches "Operation Fly Formula," using military aircraft to airlift formula from European manufacturers to U.S. distribution hubs. The first flight, from Germany to Indianapolis, delivers 1.5 million 8-ounce bottles. Abbott restarts its Sturgis plant in June.

Biden signs executive order improving national cybersecurity after major cyber attacks

President Biden signs Executive Order 14028 on improving the nation's cybersecurity following major cyber attacks including the SolarWinds hack and Colonial Pipeline ransomware attack. The order removes contractual barriers to information sharing between government and private sector, modernizes federal cybersecurity standards, and establishes a Cybersecurity Safety Review Board. The action represents the most notable federal cybersecurity policy in decades and aims to improve the security of critical infrastructure and federal networks.