Big Banks vs. Big Crypto

In the third episode from the fringes of the fertility industry, The Journal examines the rise of the surrogacy superuser. In the absence of meaningful regulation, the industry has enabled a new phenomenon of wealthy foreign men having dozens of children via surrogacy in the U.S. Ryan Knutson speaks with WSJ’s Katherine Long, who reports on the strange case of Xu Bo, a Chinese tech entrepreneur on a mission to have a mega-family.  Further Listening: - Fertility Inc.: ‘Our Money Was Gone’ - Fertility Inc.: When the Surrogate Gets Left With the Bill - Listen to all the Fertility Inc. episodes Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

President Trump’s oil blockade is grinding Cuba’s economy to a standstill, spreading unrest and intensifying pressure on the Communist regime. On Monday, the island nation’s obsolete power grid collapsed, causing blackouts across the country and exposing the magnitude of its economic implosion. WSJ’s Vera Bergengruen explains the U.S. pressure campaign and its impact. Jessica Mendoza hosts.   Further Listening: - Trump's 'Donroe Doctrine' on Foreign Policy Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Earlier this year, federal prosecutors unsealed an indictment alleging a widespread cheating scandal in D1 college basketball. WSJ's Jared Diamond reports on how this scandal unfolded, where endorsement deals come in, and how it might affect this year's March Madness tournament. Ryan Knutson hosts. Further Listening: - How Gambling Scandals Are Rocking Sports Leagues - How a Psychiatrist Lost $400,000 on Gambling AppsSign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Congress is moving to increase regulation over the crypto industry with the CLARITY Act. But the potential legislation has provoked a big clash between crypto companies like Coinbase and traditional banks over rewards that function a lot like interest. WSJ’s Amrith Ramkumar explores the tension and the impact the new bill could have on both industries. Ryan Knutson hosts.    Further Listening: - Coinbase’s CEO on the Future of Crypto - Inside the Trump Crypto Bromance Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Just one week into the blockbuster antitrust trial between the Justice Department and Live Nation, the two parties reached a tentative agreement. WSJ’s Dave Michaels explores a deal that would allow the dominant concert promoter to keep ownership of Ticketmaster, a potential monopoly the DOJ had been concerned about for years. But for a coalition of state attorneys general who were also part of the original lawsuit, the deal wasn't good enough. Jessica Mendoza speaks to North Carolina Attorney General Jeff Jackson about why he didn’t sign onto the agreement and what he’s looking for as the case continues. Further Listening: - The Trustbuster Taking on Ticketmaster - The Taylor Swift Ticketmaster Debacle Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Journal’s investigation into the wild west of the fertility industry continues, this time from an intended parent’s perspective. Ryan Knutson speaks with AnnaMaria Gallozzi, who wanted to have a child through surrogacy after a cancer diagnosis. Gallozzi and her husband set aside a large sum of money, but they lost it all when the escrow company entrusted with that cash defrauded them. WSJ’s Ben Foldy walks us through the complicated legal battle, and reveals how a lack of oversight has exposed hopeful parents to fraud.  Further Listening: - Fertility Inc.: When the Surrogate Gets Left With the Bill - The Mystery of the Mansion Filled With Surrogate Children Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

The shutdown of the Strait of Hormuz has triggered a global economic disruption and created a major military and political challenge for the Trump Administration. WSJ's Jared Malsin explores the militarization of the strait, the options for its reopening and the risks of a prolonged closure of the world’s most important energy-transport route. Jessica Mendoza hosts. Further Listening: - Will Gas Prices Go Up Because of the Iran War? - The Global Scramble for Patriot Missiles Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Since the start of the war in Iran, the U.S. and regional allies have relied on American-made Patriot missile systems to counteract Iran’s airstrikes. But WSJ’s Bojan Pancevski reports that production shortfalls are draining reserves. This urgent math problem is not only straining U.S defenses around the world, it’s also creating an existential crisis for another country seeking to defend itself: Ukraine. Ryan Knutson hosts. Further Listening: - Will Gas Prices Go Up Because of the Iran War? - Trump’s Shifting Reasons for War With Iran - What’s Next for Iran? Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Anthropic is taking the Trump administration to court, after the Trump administration designated the AI company a security threat and tried to cancel its federal contracts. The move brings the ongoing battle between the two sides to new heights. WSJ’s Keach Hagey explains Anthropic’s ‘red lines’ at the heart of the saga, how rival OpenAI stepped in to make its own deal with the Pentagon, and what all of this could mean for the future of Anthropic’s business. Jessica Mendoza hosts. Further Listening: - Anthropic’s Pentagon Problems - The AI Economic Doomsday Report That Shook Wall Street Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Kristi Noem brought a camera-ready leadership style to the Department of Homeland Security. Now, after a turbulent year leading the agency, Trump has fired her. WSJ's Michelle Hackman takes us behind the scenes of her controversial tenure and what led to her downfall. Ryan Knutson hosts. Further Listening: - Inside the ICE Hiring Blitz - Inside ICE's Aggressive Approach to Arresting Migrants Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices