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A brief timeline of Iranian cyberattacks on U.S. companies, political figures, water systems and more
Soldiers Wounded by Iranian Drone Strike Accuse Military Health Care System of Failing Them
Six U.S. Army Reserve soldiers died and more than 30 suffered wounds during the March attack,
Sports without politics is a fantasy and the World Cup proves it
From ancient Greece to Nazi Germany, sport and politics have long been intertwined. Nevertheless, we still imagine that international sport can be kept above the fray and serve as a neutral arena where nations compete on merit alone. In this article, diplomacy scholar Geoffrey Allen Pigman argues the 2026 FIFA World Cup shows this is a dangerous illusion. When international sport is left entirely to revenue-maximizing private bodies like FIFA, it doesn't escape politics, but rather surrenders to its worst expressions. With the 2028 Los Angeles Olympics fast approaching, the IOC must decide whether to learn that lesson or repeat the same mistakes. The largest and most lucrative FIFA World Cup ever draws toward its climactic conclusion amidst a swirl of controversy. Team members, staff, fans, and spectators have been denied their right to enter the United States to participate, and US President Donald Trump intervened with FIFA boss Gianni Infantino to overturn a referee’s call that Trump believed disadvantaged the US national team. It is a moment to step back and reflect on what the purposes of international sport mega-events like the World Cup, and international sport more broadly, are, and what they should be. Does international sport serve public purposes? Is there a public interest? Or is it primarily a private endeavor organized by commercial enterprises to entertain the global public (and generate profit in the process), which is occasionally used by governments and leaders for raisons d’etat? Central to the idea of sport is the principle of fair play, which in the international context demands that games be free from political interference. However, it is impossible to separate sport from politics, all claims to the contrary notwithstanding. The most positive political use of international sport through the millennia has been to facilitate diplomacy. The use of international sport for diplomatic objectives has existed since at least the time of the ancient Olympic Games, around which was instituted the custom of the Ekecheiria, or Olympic Truce, between participating states to facilitate fair competition and diplomatic achievements by ensuring that participants could travel safely to the Olympiad. In his seminal work On Diplomacy (1987), diplomacy scholar James Der Derian characterized the objectives of diplomacy as overcoming alienation and mediating estrangement between governments and between peoples. One increasingly important diplomatic tool in the technology-infused media environment over the past century has been public diplomacy, under which governments and non-state diplomatic actors (e.g. transnational corporations) communicate to global publics about their international policy objectives and to shape their global brand image. Political scientist Michał Kobierecki, in his important book Sports Diplomacy (2020), views sports diplomacy as falling broadly within the ambit of public diplomacy, as international sport intimately involves the participation of global publics as spectators and consumers of global media. Diplomacy scholar Stuart Murray and this author, in a 2013 article, distinguish between international sport used for diplomatic purposes and international sport-as-diplomacy, which encompasses the range of diplomacy that occurs as teams and competitors, spectators and fans, and government officials all converge for international sporting events like the Olympic Games and FIFA World Cup. Diplomacy scholar H.E. Chehabi, in a 2001 article on US-Iran sports diplomacy, describes the interaction between spectators and fans at international sporting events as “people-to-people diplomacy,” in which relationships develop independently of governments and their objectives. Diplomacy by the aforementioned definitions is often unsuccessful. Moreover, all too often the tools of diplomacy may be employed by governments and other actors to thwart or oppose the objectives of diplomacy as characterized by Der Derian. Governments routinely use the tools of public diplomacy to disseminate propaganda, spreading misinformation in the attempt to deceive global publics about their objectives and to create misleading impressions about their brand identity. Within sports diplomacy, the term “sportswashing” has been coined recently to describe how governments invest in and promote international sport to create positive global public impressions of their nations and, in doing so, to distract the global public from their deficient records in areas such as human rights and democratic governance. Murray, in his 2018 book Sports Diplomacy: Origins, Theory and Practice, introduces the concept of sports anti-diplomacy, wherein governments intentionally use international sport to advance aggressive and nationalistic objectives. Obvious historical examples include Hitler’s use of the 1936 Berlin Olympics to glorify his Third Reich and the 1969 El Salvador-Honduras football “war.” SUGGESTED READING The beautiful game made ugly By Emily Ryall FIFA argues that it is and seeks to be apolitical in its stewardship of international Association Football (soccer). FIFA policies governing bids to host the World Cup require uninhibited and non-discriminatory access for players, team staff, and spectators of all participating countries to host nations and venues. It became clear soon after Trump returned to power in the United States in January 2025 that Trump’s political intentions and objectives to limit non-US citizens from living and working in the United States and, in numerous cases, even visiting the country, would collide with FIFA’s host nation policies. Beginning soon after the start of the second Trump administration, US federal authorities imposed restrictions on entry to the United States of citizens of between 20 and 40 countries for any purpose, with only limited exceptions. Federal Immigration and Customs Enforcement (ICE) began arresting non-US citizens in the United States, including persons with and without legal status, holding them in jails, concentration camps, and other detention facilities until they were deported to their home or third countries, where they faced substantive risks to their personal safety. FIFA boss Gianni Infantino, in an effort to ensure the most successful and lucrative World Cup in history, engaged diplomatically with President Trump in an attempt to facilitate entry to the US for World Cup participants. Infantino did all in his power to ingratiate himself with Trump, to the extent of creating a FIFA “Peace Prize,” which he awarded to Trump in December 2025 at a ceremony in the then Trump-controlled John F. Kennedy Center for the Performing Arts in Washington, DC, on the occasion of the World Cup draw. The prize was an ersatz consolation for someone who aspired in vain to win the rather more prestigious and well-known Nobel Peace Prize. And in the run-up to the World Cup, conditions became worse. In February 2026, Trump and Israeli Prime Minister Benjamin Netanyahu launched a war of aggression against Iran, illegal under international law, under the false pretence that Iran’s government was preparing to attack the United States and Israel. During the US aerial bombardment of Iran, US planes bombed Azadi Stadium, the facility where Iran’s national football team trained. As the 2026 FIFA World Cup began, it was clear that Infantino’s efforts had been for naught: the Trump administration would not adhere to FIFA policies governing access to World Cup host nations. World Cup referee Omar Artan, a citizen of Somalia, was denied a US visa to enter the United States to participate in the World Cup. Trump’s government only granted US visas to Iran’s football team ten days before they were scheduled to arrive for the tournament. Numerous members of the support staff for Iran’s team were denied US visas. Iran’s team, which had been scheduled to train in Arizona, was directed to shift its training site to Tijuana, Mexico, notwithstanding that all three of their group stage matches took place at US venues. The US Department of Homeland Security only permitted the Iranian team to enter the US on the day before each scheduled match and then to return to Mexico immediately after playing. Members of Iraq’s and Switzerland’s football teams were delayed for hours by US officials at the US border, and an Iraqi team photographer was refused entry. Spectators and fans from Haïti and Iran were denied entry to the United States altogether. A large number of fans from a range of countries had their applications for US visas rejected. There were multiple off-ramps through which participants could have avoided the negative consequences of Trump’s decisions for the 2026 World Cup. Once it was clear that the Trump government intended to violate the established expectations for World Cup hosts, FIFA could have shifted the matches scheduled to take place in the United States to Mexico and Canada. The three nations were already designated as co-hosts, and host cities and venues had been selected. Once it was clear that FIFA, governed by FIFA boss Gianni Infantino’s dependent and dysfunctional relationship with Trump, would never consider this option on its own, it fell to the national football federations to act. The national federations, particularly some combination of federations of the leading contenders (France, Spain, Brazil, Argentina, Morocco, England, Germany, etc.), could have refused to participate under the US-imposed conditions or, at the least, demanded an ironclad agreement with the Trump government that FIFA policies on access would be respected. ___ International sport is inextricably entangled with diplomacy of different sorts, for good or ill, it cannot be considered to be in the purely private realm and left to revenue-maximizing private actors. ___ Why did neither FIFA nor the national football federations act to protect the interests of players, team staff, referees, fans, and spectators? In essence, the relentless engines of capitalism prevailed over norm observance, ethics, and fair play. The revenue interests of FIFA, sponsors, global media, and host cities won out. FIFA’s managers viewed hosting another World Cup principally in the United States as a veritable pot of gold for FIFA and its collaborators. FIFA has estimated its own revenue over the 2023-26 budget cycle, which includes the 2026 World Cup, at $13 billion, revised up from an initial projection of $11 billion, and 72% higher than the previous revenue cycle. Of that total, FIFA is estimated to have generated $8.9 billion from the Cup itself in revenue from TV rights ($3.92 billion), sponsorships ($2.69 billion), ticket sales ($3.1 billion), licensing rights, and other sources. A joint study by FIFA and the World Trade Organization estimates that the World Cup will contribute over $40 billion to global GDP, including nearly $14 billion in direct visitor spending in the three host countries (but principally in the United States, which hosted the lion’s share of the matches). The FIFA World Cup is now reportedly “the single most lucrative recurring commercial property in global sport.” And yet, notwithstanding the Trump government’s uses of the World Cup for sports anti-diplomacy, and the climate of anxiety that this created for participants and spectators, diplomacy that did not depend upon governments was able to thrive at the World Cup. Examples of successful people-to-people diplomacy were legion, as citizens of towns and cities across the States, as well as in Mexico and Canada, welcomed team members, their families and supporters, to training sites across North America. Fans of different teams joined together in person in stadiums for matches, at watch parties and bars, and at welcome events sponsored by host cities. The joy and camaraderie shared between the citizenry of Boston and Scotland’s “Tartan Army” of fans is but one example of how the “Beautiful Game” brings people together. Friendships forged across continents are likely to endure well beyond the Cup final. Even those achievements cannot be seen as unalloyed, however. As South African football fan Byron Pillay commented to Al Jazeera, “Football is called the Beautiful Game for a reason, for its ability to unite people. But it’s hard to believe in that magic with the politics and war rhetoric off the field of play, especially when one of the tournament hosts is central to that.” Ultimately, the experience of the 2026 FIFA World Cup illustrates that, as international sport is inextricably entangled with diplomacy of different sorts, for good or ill, it cannot be considered to be in the purely private realm and left to revenue-maximizing private actors. As long as there is the possibility of diplomatic progress in mediating estrangement between governments or between peoples, there is a broad and overarching public interest in international sport. Likewise, as it would be difficult to put on an international sport mega-event without international sporting organizations like FIFA and the International Olympic Committee (IOC), global media firms, and companies purchasing sponsorships, public and private interests in international sport must coexist, most likely somewhere on a shifting spectrum between partnership and rivalry or cross purposes. As the World Cup wraps up, the IOC needs to consider its lessons before the scheduled 2028 Los Angeles Olympics if they want to avoid a media-hyped Trump version of the 1936 Berlin Olympiad. The IOC and the National Olympic Committees need to set conditions on and make demands of Trump’s government with clearly articulated consequences for non-compliance, up to and including cancellation of the Games. Time is running out for the IOC, as unlike with the FIFA World Cup, there is no at-the-ready alternate venue for Los Angeles.
Trump administration lowers fuel economy standards, critics say at a significant environmental cost
The new rules were released shortly after President Donald Trump rejected an Iranian proposal to open the Strait of Hormuz, sending oil prices soaring.
Letter from Iranian Former Political Prisoners, Writers, Scholars, Activists
We, the undersigned former Iranian political prisoners, activists, writers, artists, intellectuals, academic scholars, researchers, and members of civil society within Iran and in exile, stand resolutely in support of the open letter published in The Guardian on 20 August 2026,
2 US troops killed during Iranian attack, Pentagon says
The US service members were killed in Jordan on Friday after American and partner forces came under Iranian missile and drone fire, the Pentagon says.
In Iran, music is far more than entertainment as the regime seeks to use it as a political tool
Iranian authorities are trying to persuade prominent singers in exile to return home. While the state seeks to harness music as a political tool, music has also become a powerful expression of dissent and resistance.
FM Scorns Notion of Iran Being Defenseless
TEHRAN (Tasnim) – Iranian Foreign Minister Abbas Araqchi refuted claims that Iran is defenseless, pointing to damage inflicted on US military sites and aircraft and saying further details will be disclosed in due course.
Hormuz Strait Remains Under Iran’s Control: Military Spokesman
TEHRAN (Tasnim) – The initiative in the Strait of Hormuz remains in the hands of Iran's powerful Armed Forces, a senior spokesperson for the Iranian Armed Forces said.
Soldiers wounded in Iranian drone strike say military medical system failed them
The attack on the second day of the U.S. war with Iran killed six troops and injured dozens
With AI memes, Trump promotes mythical version of himself as challenges stack up ahead of midterms
In the real world, President Donald Trump is struggling to stop inflation, rout the Iranian government and restore American manufacturing with tariffs. It's a different story in the fantastical vision that he shares with supporters on social media.
The U.S. sent an Iranian Christian to Panama. It had no plan for what came next.
One man’s 18 months in the limbo of Trump’s third-country deportations.
US aims for ‘economic asphyxiation’ of Iranian regime with new wave of secondary sanctions
Treasury Secretary Scott Bessent launches Operation Economic Outcast, targeting Iran's economy with secondary sanctions to cut off global trade revenue.
Rubio orders visiting Iranian UN delegation to leave NYC ahead of schedule
WASHINGTON (AP) — Secretary of State Marco Rubio ordered Iran’s foreign minister and his delegation to the U.N. General Assembly to leave New York earlier than
Iranian VP Invites Regional Authorities to Form Islamic Political Bloc
TEHRAN (Tasnim) – Iran’s First Vice President Mohammad Reza Aref called on regional authorities to embrace rationality, free themselves from dependency and unite under the banner of Islam, proposing the formation of a powerful Islamic economic and political bloc.
Exclusive: US considering using ‘mother of all bombs’ against Iran, sources say
The US military has developed new strike plans that include potentially using the so-called “mother of all bombs” to target Iranian energy infrastructure and nuclear sites should President Donald Trump give the order to resume combat operations either before or after the midterm elections, according to multiple US officials familiar with the matter.
Breaking down Trump’s new ‘drug factories’ claim about Iranian nuclear sites
The president’s refusal to admit the likely gaffe follows a pattern of insisting he is always correct.
How Americans’ Financial Health Is Faring In The “K-Shaped” Economy
Hey all, Jason here. Money20/20 is still two weeks away, but I’ve already started packing (not procrastinating for once!). My calendar is already filling up with various sessions I want to catch, meetings, and of course happy hours, dinners, and other side events. If you’ll be in Vegas and want to catch up, let me know by replying to this email, and we can try to find a time amidst the chaos of the Venetian. A big if not totally unexpected piece of news dropped on Friday: the Independent Community Bankers of America, a trade group that represents smaller U.S. banks, filed a lawsuit against the OCC and Comptroller Jonathan Gould, arguing that the regulator’s move to grant trust bank charters to firms seeking to use them to conduct substantial non-fiduciary activities exceeds the authorities granted to the OCC by Congress. I haven’t had time to fully digest the legal filing or speak to folks in my network about it, but you can expect to see coverage and analysis on it in next week’s newsletter. Subscribe or Support by Upgrading The NerdCon agenda just dropped. It’s stacked. Partner content: Nubank built an AI-first bank. Chime built its own banking core. Figure and Valon are rebuilding the mortgage stack. At NerdCon, you’ll hear from the people behind those bets: what they chose, what they learned, and what they’re still figuring out. The agenda is live, with leaders from Nubank, Chime, OpenAI, Remitly, Mercury, Figure, Valon and more. Follow the mainstage conversations, bring the problem your team is wrestling with to a hands-on workshop, or pull up a chair at a roundtable. Pick your quests. Meet us in San Diego, November 18–20. Fintech Business Weekly readers save 20% with code FBW20. Explore the Agenda Things To Know & Other Good Reads Federal Reserve Board finalizes changes to enhance the transparency and public accountability of its stress test and reduce volatility in its stress test-related capital requirements (Federal Reserve Board of Governors) FDIC Announces Conclusion of Independent Monitorship (FDIC) Modernizing Financial Regulation: Initial Observations from eSLR (Fed Vice Chair for Supervision Michelle Bowman) The Data Version of Godzilla versus Kong: FRED Takes on AI (Fed Governor Christopher Waller) Financing the AI buildout (Brookings) Q3’26: Rules for Banks but Not for Crypto (Fintech Takes Banking) The Inevitability of Local Stablecoins (Lombard Notes) Delusions of AI Governance: The Human-in-the-Loop Comfort Blanket (Fintech Snark Tank) Stripe agrees to acquire Parafin to expand revenue opportunities for platforms and help small businesses grow (Stripe) Listen: Fighting Fraud in the Age of AI, with SEON’s Tamas Kadar (Fintech Business Weekly) How Americans’ Financial Health Is Faring In The “K-Shaped” Economy If there is one overarching theme across the economy and politics in the U.S. at the moment, it’s “affordability.” The term is vague enough to encompass a panoply of factors shaping Americans’ day-to-day lives: rising costs for the hallmarks of being “middle class,” including healthcare, housing, childcare, and education, inflation and rising interest rates, and a job market with the specter of AI hovering over it. At the same time, policy shifts under the Trump administration have resulted in reduced subsidies to those who get health insurance under the Affordable Care Act and new restrictions on qualifying for Medicaid and SNAP, the impacts of which have yet to be fully felt. These factors are contributing to declining consumer confidence and general dissatisfaction with the economy, despite continuing GDP growth and stock market records. This divergence is encapsulated in the idea of the “K-shaped” economy, in which a small proportion of Americans have seen their wealth balloon, while the majority of American households struggle to preserve the lifestyle they have. Perhaps the greatest determinant of which branch of the “K” a household is on is whether their wealth and income are primarily derived from employment vs. from assets. Nearly two decades of low interest rates and, more recently, elevated rates of inflation have benefited asset owners, while those whose income is primarily or solely derived from labor have largely seen real purchasing power stagnate or decline. This is reflected in recent Bureau of Labor Statistics data showing that labor share of U.S. GDP — the fraction of economic output that accrues to workers as compensation in exchange for their labor — dropped to just 52.8% in Q2 2026, the lowest since the BLS began keeping records. In 1947, approximately 2/3rds of economic output accrued to workers; even as recently as 2001, labor’s share of GDP was 64.1%. Against this backdrop, we’ve seen the rise of more credit and credit-like products: cash advance apps, “no-fee” overdraft, earned wage access, and buy now pay later, which are often used as small-dollar short-term borrowing mechanisms to meet immediate consumption needs or pay other bills (eg utilities, cell phone, other debt payments). With the markers of a middle class existence and, increasingly, basic financial stability seemingly out of reach for many, it should be no surprise there’s been an increase in “financial nihilism,” something industry peers like Alex Johnson and Frank Rotman have discussed and analyzed the roots of. The explosion of gambling and gambling-adjacent products and services — often marketed under the guise of being an “investment” — is inextricably intertwined with the rise of financial nihilism. Crypto, sports betting, and, more recently, prediction markets offer an escape or even hope of sorts, like a contemporary, digital version of a scratch-off lottery ticket, while leaving the overwhelming number of people who use such products worse off. Share of Households That Are Financially “Vulnerable” Ticks Up The Financial Health Network’s 2026 Financial Health Pulse® report adds context on how American households are faring. (I linked to this report in last week’s newsletter, but wanted to take time to further unpack the data in the report this week.) The Financial Health Network publishes the report annually, providing insight into how Americans’ financial circumstances are changing over time. The 2026 report is derived from a survey fielded in April and May 2026. The report leverages survey responses to assess indicators of financial health across spending, saving, borrowing, and planning/protecting and to determine a zero to 100 “FinHealth” score. Those with scores between 0 and 39 are considered “Financially Vulnerable,” consumers with scores ranging between 40 and 79 are defined as “Financially Coping,” and those with scores of 80 to 100 are “Financially Healthy.” The report found that moderate improvements in 2025 were reversed, with the share of respondents considered financially “vulnerable” rebounding to 17%. The longitudinal data reflect the impact of pandemic-era programs, like expanded unemployment, cash stimulus payments, and pauses of federal student loan payments. The positive impacts of those programs, as reflected in the Financial Health Pulse reports, had largely disappeared by 2023. While pandemic-era inflation — to be fair, in part caused by the various support and stimulus measures — had come down from as high as 9% in 2022, it has rebounded since the start of Trump’s second term, with tariffs and energy market disruptions owing to the war in Iran pushing prices back up. Specific indicators in the survey that deteriorated from 2025 to 2026 include the share of respondents spending less than their income over the past 12 months, the share paying all bills on time over the past 12 months, the share that have a manageable amount or no debt, the share that are “moderately” or “very” confident their insurance is adequate to cover them in an emergency, and the share that “somewhat” or “strongly” agree that their household plans ahead financially. Unsurprisingly, lower- and moderate-income households are more likely to struggle to pay their bills on time and have any funds leftover to save. The share of low-income households whose income exceeded their spending dropped from 35% in 2025 to 31% in 2026, while the share of upper-income households whose income exceeded expenses remained unchanged at 63%. Households with student loans or revolving credit card debt reported having “a bit more” or “far more” debt than was manageable at rates far higher than those not carrying these types of debts. The share of those with student loan debt indicating their debt load was too high to manage increased from 50% in 2025 to 55% in 2026, while the share of those with revolving credit card debt saying the same ticked up from 51% in 2025 to 54% in 2026. Households that had student loans were markedly more likely to be financially “coping” or “vulnerable” vs. those without student loans. In 2026, 27% of households with student loans were considered financially vulnerable, a jump of 6% points vs. 2025. Households without student loans saw just a 1% point increase (not statistically significant) in those considered financially vulnerable. Households’ perception of the affordability of categories of goods and services paints a stark picture, with less than one-fourth considering higher education affordable, about a third deeming childcare affordable, and less than half viewing healthcare as affordable. Fintech Business Weekly is made possible by the generous support of paying subscribers — bringing you independent analysis of banking, fintech, and crypto without fear or favor. You can support my work by becoming a paying subscriber if you aren’t already. Paying subscribers enjoy: access to the entire archive of nearly six years of newsletters extended versions of the weekly newsletter, with additional content and analysis and (for founding member tier) quarterly personal 1:1 fintech Q&A / strategy calls with me, tapping into my unparalleled knowledge of the intersection of banking and fintech and experience working in the sector, including helping to launch Goldman Sachs’ retail bank Marcus Support Fintech Business Weekly You can also support Fintech Business Weekly by sponsoring a newsletter or podcast, putting you in front of 93,000+ of the most influential decision makers in banking, fintech, and crypto. Learn more about sponsor opportunities or request a media kit by dropping me an email. Democratic Senate Report Highlights How Iran Uses Tether to Evade U.S. Sanctions Iran uses stablecoins, specifically Tether, to evade sanctions, fund regional proxies, and to purchase military drones, a report released last week by the Senate Permanent Subcommittee on Investigations says. The report was authored by committee ranking member Senator Richard Blumenthal (D-CT) and the minority staff. Crypto and stablecoin proponents will often push back on criticism that criminals make use of these assets by arguing that, on an absolute dollar basis, far more illicit funds flow through traditional banking systems and payment rails than via crypto and stablecoins. And while that is likely true, it elides the reality presented in news story after news story: whether state actors — Russia, Iran, North Korea — or criminal groups, those looking to engage in illicit transactions increasingly favor stablecoins and, specifically, Tether (USDT). The report from the Senate Permanent Subcommittee on Investigations released last week adds context to how Iran uses Tether has a lynchpin in its shadow banking system. The report analyzed 846 wallets that have been sanctioned or targeted for seizure, finding that 84% of them transacted exclusively or primarily in Tether. The ability to create near limitless, anonymous wallets and to move funds effectively instantaneously and irreversibly have made crypto a favored financial mechanism for bad actors. Stablecoins solved key drawbacks of bitcoin, namely, the original cryptocurrency’s highly volatile value in dollars. And while Tether (the company) has the technical ability to “freeze” or destroy funds, the company is often limited and reactive in its approach to doing so, the Senate report argues. Tether, which is nominally based in crypto-friendly El Salvador, “has stated that its compliance with OFAC sanctions is ‘voluntary’ and that it follows ‘OFAC guidelines,’” the Senate report says. Owing to these favorable attributes, Tether “became a primary cryptocurrency for Iran, Hamas, Hizballah, and the Houthis beginning in 2023 and has expanded in scale since,” according to the report. Tether’s role in Iran’s shadow banking system, the report says, is enhanced by crypto exchanges like Bybit, Kyrrex, OKX, Gate, and Binance, and through “over the counter” exchanges and hawala networks. The consequences of these financial flows aren’t hypothetical. The Senate report links Tether as a funds transfer mechanism to Iranian proxies in the region, including Hizballah, the Houthis, and Hamas. Tether has also been used to make payments to secure components necessary to manufacture drones, the report says. The report concludes by arguing that “[s]tablecoin issuers with a significant nexus to the United States, particularly those that offer dollar-denominated stablecoins, should be subject to American sanctions law rather than being allowed to hide behind foreign jurisdictions.” Stablecoin issuers like Tether must be held accountable for repeated failures to prevent illicit finance and sanctions violations by law enforcement, the Department of Justice, the Securities and Exchange Commission, and OFAC, the report argues. [Paying Subscriber Exclusive] OUSD Goes Live, Make Your Own Neobank, U.S. Sanctions Russia’s A7 Network As “Transnational Criminal Organization” OpenUSD, the stablecoin issued by the Open Standard consortium that includes Stripe, Visa, Mastercard, core providers, crypto firms, and numerous banks, went live last week. Social commerce platform Whop raised eyebrows in fintech by offering creators on its platform the ability to launch their own neobanks, which the company describes as “great businesses that are easy to run,” in just 15 minutes. And OFAC and FinCEN target Russia’s “shadow banking” A7 Network — more on these stories after the paywall.
A look inside Iran: Professor outlines sentiment, cost pressures & politics
Seyed Emamian from Tehran Polytechnic University and co-founder of Iran's Governance & Policy Think Tank discusses daily life in Tehran amid the war, and why he thinks Iranians now see no chance of a peaceful deal with President Trump.
Iran Refutes Interference in Yemen Affairs
TEHRAN (Tasnim) – Spokesperson for Iran’s Foreign Ministry Esmaeil Baqaei stressed that Yemenis independently make decisions concerning their country, rejecting any Iranian interference in Yemen’s affairs and calling for equal maritime security for all countries.
Assassination of Sunni Cleric Shows US, Israel’s Frustration: IRGC Chief
TEHRAN (Tasnim) – Commander of the Islamic Revolution Guards Corps (IRGC) Major General Ahmad Vahidi described the assassination of Iranian Sunni cleric Molavi Yousef Gorgij as a clear sign of the frustration of the US and the Zionist regime.
Sen. Ted Cruz calls for elections in Venezuela to proceed ‘rapidly’
The Texas senator also said the U.S. should arm Iranian protesters in Iran.
Iranian Spokesman Slams France’s Nuclear Double Standards
TEHRAN (Tasnim) – Iranian Foreign Ministry Spokesperson Esmaeil Baqaei criticized France’s contradictory positions on nuclear weapons, saying Western nuclear powers seek to monopolize the power to inspire fear and the perceived legitimacy to intimidate other countries.
The US says it’ll crack down on countries doing business with Iran. Who’s buying Iranian oil?
US Treasury Secretary Scott Bessent on Monday vowed an “economic D-Day” for countries that buy oil from Iran. Experts say that means one country in particular: China.
Sustainable Development Impossible without Peace: Araqchi
TEHRAN (Tasnim) – Sustainable development is impossible without peace, respect for international law and multilateralism, Iranian Foreign Minister Abbas Araqchi said, calling for international solidarity to be translated into tangible development outcomes.
The Beclowning of Scott Bessent
One iron law of current politics is that nobody who associates themselves with Donald Trump emerges with a shred of credibility. For some, that’s not a big loss — it’s not as if anyone respected Pete Hegseth even before he decided that the key to military success in an age of drones and AI was more testosterone. For others, however, the costs are real. I’m old enough to remember when Marco Rubio was widely considered a reasonable, thoughtful politician. Right now, however, my candidate for the biggest loser is Scott Bessent, the Secretary of the Treasury. Bessent started out with significant reputation to lose: When Trump selected him, this was the headline in the Financial Times: Jason Furman, Barack Obama’s chief economist, described him as a “credible Treasury secretary who has a real understanding of the global economy”. But Bessent has now transformed himself into the Baghdad Bob of bonds. Three weeks ago, after intervening (for reasons that remain somewhat unclear) to support the Japanese yen, Bessent boasted about his ability to move markets and dared investors to bet against his, declaring “I am the house now.” He then tried to push long-term interest rates down, buying 30-year U.S. Treasuries in a move some have compared to paying down part of your mortgage by running up your credit card balance. Here’s how that’s going so far: To get some perspective on how high interest rates have gone, here’s a longer-term perspective: We haven’t seen interest rates this high since the fading days of the dotcom bubble. Why are interest rates hitting new records? The backdrop, as I argued in last Sunday’s primer, is the huge AI-driven investment boom; more on that next week. But the immediate cause of the latest interest rate spike was Trump’s rejection of an Iranian proposal to end the war. This rejection sent crude oil prices, which for a while had fallen considerably, shooting back up: It’s notable, by the way, that oil prices remain high even though a significant amount of oil is now being shuttled through the Strait of Hormuz by night, on smaller vessels. That’s an interesting story, which has a lot to do with the fact that oil from the Hormuz shuttle runs must be transferred to larger vessels before being shipped to markets in Europe and Asia; around 15 percent of the world’s large crude carriers are now parked off the coast of Oman, waiting to be tanked up. This is creating a shipping crunch: But that’s a topic for another day. For now, the point is that with oil still high and refined products, especially diesel, still close to record levels, inflation will remain elevated. And this in turn means that the Federal Reserve will keep short-term interest rates high, an expectation that is feeding into longer-term rates. Hence Bessent’s bond-market humiliation. The truth is that Bessent might not have been able to get interest rates down even in the best of circumstances. But he certainly won’t get anywhere as long as Trump keeps believing that he can somehow convert his Iran debacle into a triumphant victory. And Trump will keep believing that as long as he is surrounded by sycophants who tell him what he wants to hear. Sycophants like, for example, Scott Bessent, who is predicting the imminent collapse of the Iranian economy, possibly within two weeks. Bessent is right to say that the embargo on Iranian oil exports is placing the country under great economic strain. But his implicit prediction that this will quickly produce a deal that Trump can call victory looks no more plausible than his boasts about the bond market. The big question now is, why would anyone with a reputation to lose work for Donald Trump? As the beclowning of Bessent shows, joining the Trump team won’t just damage your reputation; it will utterly destroy it.
Secret Service aware of Iranian video threat targeting Barron Trump, agency says
A video aired on Iranian state media depicts locations tied to Barron Trump and offers a suggested $10 million reward for his exact location.
Araqchi, Wang Yi Meet in Beijing
TEHRAN (Tasnim) – Iranian Foreign Minister Abbas Araqchi and his Chinese counterpart Wang Yi held a meeting in Beijing on Wednesday to discuss bilateral relations and major regional and international issues.
Meta Removes Iran-Linked Network That Faked American Personas to Sway US Political Debate
The Combat Antisemitism Movement (CAM) welcomes Meta’s recent removal of an Iranian regime-linked network that disguised its origins while seeking to influence American political discourse. Meta disclosed the takedown on Aug. 27 in its H2 2026 Adversarial Threat Report. The network consisted of four Facebook accounts and 31 Instagram accounts linked to actors based in […]
U.S. strikes Iranian rocket launchers on the Strait of Hormuz
Iran swiftly vowed to retaliate for what it called a deadly attack
US military carries out new strikes on Iranian targets
The US military conducted additional strikes against Islamic Revolutionary Guard Corps targets in Iran on Tuesday, in response to recent attempted attacks against commercial shipping in the Strait of Hormuz and American troops deployed to the region, according to US Central Command.
US targets multiple Iranian tankers near Kharg Island
The US targeted multiple Iranian tankers near Kharg Island in the Strait of Hormuz on Tuesday, according to two US officials.
Secret Service says it is aware of Iranian state media video threatening Barron Trump
The footage, reportedly released by media linked to Iran’s Islamic Revolutionary Guard Corps, claimed a $10 million bounty had been placed on the president’s youngest son.
Iran indicates it’s received an official US response to its latest offer on ending the war
Iranian Foreign Minister Abbas Araghchi presented the U.S. response to President Masoud Pezeshkian at a Cabinet meeting, a government spokesperson told the state-run IRNA news agency.
Pezeshkian: Economic Resilience Impossible without Security
TEHRAN (Tasnim) – Iranian President Masoud Pezeshkian said economic resilience cannot be sustained without security, calling on BRICS to play a more effective role in defending national sovereignty, territorial integrity and the prohibition of the use of force.
Trump calls Iranian plan to reopen Strait of Hormuz not 'acceptable'
President Trump said he was rejecting an Iranian plan to reopen the Strait of Hormuz. The Iranian proposal is similar to a memorandum of understanding agreed upon by the U.S. and Iran back in June.
Iran knows US 'is winning' as Operation Economic Outcast inflicts damage, Treasury official says
A top Treasury official told FOX Business that the "absolute isolation" campaign the Treasury is imposing on the Iranian regime has been "really effective."
This Week In Politics: Renewed Conflict With Iran
Following a month-long pause in conflict, American and Iranian forces resumed hostilities this week when U.S. strikes hit Iranian territory on Sunday, Aug. 30. The U.S. struck Iranian rocket launchers on Larak Island, a critical strategic island along the Strait of Hormuz, and the attack is reported to have killed two people and wounded others....
'Whatever we do is political' says Iranian director Asgari at Venice
Even the smallest choice in Iran today becomes a "political act," with cinema a powerful tool of resistance, Iranian director Ali Asgari said at the Venice Film Festival Friday. The director of "Divine Comedy", part of last year's secondary competition, is back at Venice this season competing for the Golden Lion with "A Bit of Light," about a doctor in Tehran scarred by the violence inflicted on anti-regime protesters who decides to give up and end his own life.
Iran attempted cyberattacks on range of U.S. infrastructure, sources say
The attempts have so far been unsuccessful, but an Iranian hacking group warned that “unexpected and critical events” would soon target American infrastructure.
Araqchi Flies to New York for UNGA
TEHRAN (Tasnim) – Iranian Foreign Minister Abbas Araqchi left Tehran for New York on Sunday afternoon to attend the United Nations General Assembly session.
Iran fires on its Gulf neighbors, retaliating for U.S. military strikes
Fighting between the U.S. and Iran has increased since the weekend after the American military hit Iranian rocket launchers in the Strait of Hormuz
Top Iranian official admits dire state of the economy: Report
A top Iranian official reportedly admitted that Iran’s economy is in dire straits due to the war and the U.S. blockade of the country. Mohsen Rezaei, secretary of the Supreme National Security Council and former commander in chief of the Islamic Revolutionary Guard Corps, made the admission Saturday at a high-level government meeting focused on […]
Paraguay will not renounce friendship with Israel despite political costs, VP tells 'Post'
DIPLOMATIC AFFAIRS: In an exclusive interview, Paraguay's vice president pledged to preserve his country's alliance with Israel, and expand cooperation against Iranian threats.
Trump Returns to a Familiar Playbook as the War With Iran Flares Up Again
President Trump called on Iranians to “rise up and fight” on Tuesday as the United States seems increasingly bogged down after six months of conflict.
The US says it’ll crack down on countries doing business with Iran. Who’s buying Iranian oil?
The U.S. says it’ll crack down on countries doing business with Iran. Who’s buying Iranian oil?
Intelligence from Chinese groups aiding in Iran’s increasingly effective targeting of US sites, sources say
Satellite imagery and intelligence support provided by Chinese groups has helped Iran threaten ships in the Strait of Hormuz and launch precision strikes on US military bases in the Middle East, part of a dramatic improvement in Iranian targeting capabilities over the past several months, according to a series of recent American intelligence assessments described to CNN by four sources.
President Expounds on BRICS Summit Achievements
TEHRAN (Tasnim) – Iranian President Masoud Pezeshkian outlined the achievements of his recent visit to India and participation in the 18th BRICS Summit, emphasizing the need to strengthen multilateralism, expand economic and trade cooperation, and counter unilateralism.
Iranian Students Shine Amid War, Winning 18 Gold Medals at International Science Olympiads
Iranian students have won 18 gold medals at international science Olympiads in 2026, up from 11 last year. According to Seyed Reza Hosseini
Iranian Academic Outlines Strategic Impacts of Confrontation with US, Israeli Regime
TEHRAN (Tasnim) – University professor Hamid Reza Moqaddamfar outlined 10 strategic consequences of Iran’s confrontation with the US and Israel, arguing that the conflict went beyond the failure of Washington and Tel Aviv to achieve their military objectives and challenged key pillars of US power.
Two US service members killed, one missing following Iranian strikes in Jordan
Two US service members were killed and one is missing in action, US Central Command announced Saturday, marking the first American military deaths in the Iran war since March.
Trump rejects Iran blame for Minnesota cyberattack, points finger at 'corrupt' political foe
Trump dismissed claims that Iranian hackers targeted Minnesota water systems, instead blaming the state's governor for what he called gross incompetence.
BRICS Condemns Attacks on Iran’s Nuclear Facilities: President
TEHRAN (Tasnim) – Iranian President Masoud Pezeshkian said the BRICS members have condemned attacks on Iran’s nuclear facilities and civilian infrastructure and have also stressed the need for restraint and respect for the sovereignty and territorial integrity of Middle Eastern countries.
What to know about Natalie Harp, the Trump aide whom Ossoff put in the spotlight
The president’s executive assistant was among a small group of people who secretly switched planes with Trump over a potential Iranian threat, as noted by Sen. Jon Ossoff.
Iranian operatives used AI to plant fake stories in multiple US media outlets
Operatives in Iran used OpenAI models and fake personas to help plant news articles critical of the US war against Iran in multiple US media outlets, OpenAI said on Thursday.
Millions of barrels of Iranian oil sit beyond Trump blockade as he vows ‘zero leakage’
Nearly 40 million barrels of Iranian crude sit on tankers near Malaysia, posing a test for Trump's "zero-leakage" sanctions campaign against Tehran.
Iran meeting with Gulf countries to discuss Strait of Hormuz deal without the US
Gulf diplomats and Iranian officials will meet without US involvement to discuss an Omani plan for re-opening the Strait of Hormuz to regular tanker traffic.
US removes all Air Force bombers from Fairford base amid terrorism concerns
The United States has moved long-range bombers back to their American home stations days after the British government arrested a number of individuals in connection with an alleged Iranian plot to target the UK airbase where the planes had been stationed.
Iranian Kurdistan Political Coalition Calls for Strike on September 16
The Coalition of Iranian Kurdistan Political Forces has called on the public to participate in a general strike on Wednesday, September ...
Qalibaf Mocks Bessent’s ‘Liftoff’ Claims, Highlights US Economic Pressures
TEHRAN (Tasnim) – Iranian Parliament Speaker Mohammad Baqer Qalibaf responded to US Treasury Secretary Scott Bessent’s remarks about the US economy and oil prices, highlighting mounting economic and financial pressures facing Washington.
Max Amini says comedy can bridge divide between Iran and America
The L.A.-based Iranian American comedian, who is touted as being the world's most watched comedian on the internet, comes home to the Dolby Theatre for six shows starting this weekend.
Trump's 60-day Iran deal reaches halfway mark as ceasefire collapses into escalating war
Halfway through the 60-day negotiating window, the U.S. has struck over 300 Iranian targets while Tehran attacks commercial vessels in the strait.
Exclusive: Meta disrupts Iran-linked AI operation targeting politicians, journalists
Meta takes down Iranian influence operation that used AI
At typically tranquil Camp David, Trump publicly lashes out at political enemies
The president criticized a GOP senator, Democratic governor and Iranian leaders at what he said was the first televised Cabinet meeting from the retreat.
Politics and football crossed path at the 2026 FIFA World Cup
Two Tampa Bay Iranians share how football brought people together despite global tensions on and off the field.
Iran targets Kuwait in retaliation for U.S. bombardments
It came after U.S. allies Bahrain and Jordan said their air defense systems also intercepted several Iranian air attacks Wednesday
Iran Praises Turkey’s Push for Regional Peace, Security
TEHRAN (Tasnim) – Iranian Foreign Minister Abbas Araqchi lauded Turkey’s efforts to strengthen peace and security in the region, calling for greater regional cooperation and mutual trust in the face of foreign intervention.
How savvy is the Iranian regime about U.S. politics?
NPR's A Martinez speaks to Holly Dagres, senior fellow at the Washington Institute, about how the Iranian regime's understanding of U.S. politics informs its war strategy.
Iran Condemns Attacks on Yemen’s Civilian Targets
TEHRAN (Tasnim) – The Iranian Foreign Ministry strongly condemned military attacks on various parts of Yemen that have killed and wounded scores of civilians and caused extensive damage to the country’s infrastructure, particularly deadly airstrikes on a market in Taiz.
Political cartoons for August 16
Sunday’s political cartoons include Iranian hackers, thorny issues, and more
US Reimposes Blockade on Iranian Ports, Launches New Strikes
Gharibabadi said Tehran no longer considers itself bound by the memorandum of understanding, including on the Strait of Hormuz.
Iraqi PM makes first official visit to Iran to deepen ties
Ali al-Zaidi will hold talks with senior Iranian officials on cooperation, shared interests and security.
Iran YouTube Stories: How Rash Decisions Have Plagued Iranian Politics
In an interview with Sobhan Yahyaei on the Panorama website, Morad Saghafi, a political science researcher and civic activist, argued th ...
Bessent says China's Iranian oil purchases have decreased- Fox Business
U.S. Treasury Secretary Scott Bessent said on Tuesday that there has been a substantial decrease in China's purchases of Iranian oil.
US says foreign financial institutions doing business with Iran may be sanctioned without notice
WASHINGTON, Oct 5 (Reuters) - The US Treasury Department said on Monday it was alerting foreign financial institutions that continue to do business with Iran or its financial sector that they may be sanctioned by Washington without advance notice. DETAILS: • "Foreign financial institutions continuing to transact with sanctioned Iranian financial institutions could be targeted at any time without advance notification and should take immediate action to terminate such activity and relationship
US military fended off Iranian drones as it escorted a record amount of oil through Strait of Hormuz, sources say
The US military escorted 40 commercial vessels carrying 18 million barrels of oil through the Strait of Hormuz, marking a wartime high as Iran and the US exchanged a new round strikes on Tuesday, two US officials familiar with the operations told CNN.
How savvy is the Iranian regime about U.S. politics?
NPR's A Martinez speaks to Holly Dagres, senior fellow at the Washington Institute, about how the Iranian regime's understanding of U.S. politics informs its war strategy.
Ukraine’s Strike on Iranian Ship Shows How Two Wars Could Spiral
Iran sent military aid to Russia for its war against Ukraine. Now the question is whether that conflict and the U.S.-Israeli war against Iran are converging.
Iranian authorities’ execution of protesters and political dissidents violate international…
Human Rights Watch and the Abdorrahman Boroumand Center for Human Rights in Iran said in a joint report Thursday that Iranian authorities were unlawfully executing protesters and political dissidents...
WATCH: Trump says U.S. would have to 'take care' of potential Houthi blockade of Red Sea
Asked about his level of concern about a blockade of the Red Sea by the Iranian-backed Houthi rebels, President Donald Trump suggested Tuesday it wasn’t an immediate problem.
US strikes Iranian island where forces were preparing to launch mines, official says
The US military on Sunday struck Iran’s Larak Island, where forces were observed preparing to launch mines into the Strait of Hormuz, according to a US official, marking the first strikes in the war in over a month.
Iranian president claims Mojtaba Khamenei is in good health, able to govern
Iranian President Masoud Pezeshkian discusses Supreme Leader Mojtaba Khamenei’s health and his conversations with him on ‘Special Report.’
Trump calls Iranian plan to reopen Strait of Hormuz not 'acceptable'
President Trump said he was rejecting an Iranian plan to reopen the Strait of Hormuz. The Iranian proposal is similar to a memorandum of understanding agreed upon by the U.S. and Iran back in June.
Trump secretly transferred planes in Turkey amid security concerns, reports say
President Donald Trump secretly flew out of Turkey last month on a smaller aircraft as part of an elaborate ruse prompted by an Iranian threat, according to news reports.
A Century of Iranian Politics: Veteran Left-Wing Figure Babak Amir-Khosravi Dies in Paris
“If I had the opportunity to live life over again and possessed even a fraction of my current experience, I certainly would never have ...
Trump Switched to Old Air Force One at NATO Summit After Credible Iranian Threat
The threat led the Secret Service to urge President Trump to fly out of Turkey on the old plane, raising questions about the security of the Qatari-donated jet.
Iran downplays indirect talks with U.S.
Iranian President Masoud Pezeshkian is scheduled to speak at the UN General Assembly Wednesday
Developing Nations Urged to Counter US Unilateralism
TEHRAN (Tasnim) – Iranian Foreign Minister Abbas Araqchi called on developing countries to safeguard their common interests and counter the destructive US unilateralism and violations of international law.
Pezeshkian Congratulates Turkmenistan on Independence Day
TEHRAN (Tasnim) – Iranian President Masoud Pezeshkian congratulated Turkmenistan on the anniversary of its Independence Day.
U.S. strikes Iranian rocket launchers on the Strait of Hormuz
Iran swiftly vowed to retaliate for what it called a deadly attack
Maine doctor of Iranian descent sues after being denied reentry into the US
Behnoosh Dashti, MD, lives and works as a family medicine physician in the state of Maine. She crossed into Canada, where she is a citizen, only to renew a visa stamp necessary for her driver’s license.
Iranian strikes have damaged hundreds of structures at U.S. bases, watchdog says
The report by the Pentagon's inspector general also detailed the extent of munitions shortfalls in the first comprehensive public accounting of the cost and military impact of the war with Iran.
Houthis seize 2 strategic Red Sea islands
The move bolsters the Iranian-backed rebels’ ability to control a key maritime shipping route.
Spiraling health costs force Iranians to delay care
A single chemotherapy session in Iran can cost six times the monthly minimum wage. As drug prices soar and medicine is in short supply, doctors say more patients are delaying or abandoning treatment.
Islamic World Science and Technology Exchange Office unveiled
TEHRAN - The Islamic World Science and Technology Exchange Office (STEP-AUT) has been unveiled with the aim of developing and systematizing scientific and technological exchanges, expanding scientific diplomacy, and connecting Iranian researchers with a network of scientists, scholars, and universities across the Islamic world.
I had a simple meal-prep idea. My company now makes millions.
David Rabie grew up in an Iranian immigrant family full of entrepreneurs. Their experience shaped his tolerance for risk as he built Tovala.
Iran war casualty count eclipses 600 as Pentagon quietly changes accounting
The Pentagon updated its war casualty database Saturday, recording more than 140 new wounded and restoring the four soldiers killed due to Iranian strikes last weekend.
US issues sweeping sanctions against Iranian airlines, foreign businesses
The Trump administration on Tuesday announced new sanctions against all of Iran’s airlines and nearly a dozen foreign companies doing business with Iran’s Mahan Air, which had earlier been sanction…