Axios

Sen. Elizabeth Warren (D-Mass.) and her allies are looking ahead to the Minnesota Senate Democratic primary to build on the win they lodged against the cryptocurrency industry this week in Illinois.

Why it matters: Crypto is wading into Democratic primaries to boost pro-crypto candidates with the industry's colossal war chest. Warren is showing up to fight back personally.

House Republicans blanched at the Pentagon's reported $200 billion price tag for Iran, but many are embracing the eye-popping number to help energize a stalled reconciliation process.

Why it matters: GOP leaders have struggled to build consensus around a "reconciliation 2.0" package. But injecting a must-pass defense spending bill into the equation will give Speaker Mike Johnson the urgency he needs to bring it to the floor.

Two senators held a fundraiser today for Graham Platner's Senate campaign — with tickets as high as $5,000 — as part of a D.C. tour this week where he picked up another endorsement and met with roughly 10 House lawmakers, Axios has learned.

Why it matters: Senate Minority Leader Chuck Schumer is backing his opponent, Gov. Janet Mills, but Platner is making inroads in Schumer's D.C. turf, with private fundraisers and meetings.

The Iran war is driving markets down and energy prices up — and the duration and direction of the conflict will partially be determined by what takes place in a few key locations.

Why it matters: Escalating tensions could all shape how and when the war ends. Any attack or strategic move could push the war into a new phase.

Following strikes hitting military targets on Iran's Kharg Island last week, President Trump is escalating threats to take the island in an effort to reopen the Strait of Hormuz.

The big picture: Just 15 miles off Iran's coast, Kharg Island handles about 90% of the country's crude oil exports — and a direct hit on the export terminal would shut down most of that flow.

The White House is considering lifting sanctions on Iranian oil that's at sea to keep oil prices down, Treasury Secretary Scott Bessent said Thursday.

Why it matters: The administration is pulling out all the stops — even easing up an economic threat to its enemy in war — to keep down oil prices.

Former counterterrorism official Joe Kent catapulted into headlines this week after he claimed in his resignation letter that Iran posed "no imminent threat" to the U.S.

Why it matters: Despite the Trump administration's immediate attacks on his credibility, Kent has typically aligned himself with conservative values and the MAGA brand, previously earning praise from President Trump.

Reckitt Catalyst entrepreneur-in-residence Serena Williams told founders at Axios House during SXSW that one of the toughest hurdles for early-stage entrepreneurs is learning how to sell themselves.

Why it matters: You could have the best idea, product and strategy, but if you can't communicate it effectively, you're unlikely to attract the talent and funding needed to be successful.

America's financial regulators released a package of proposals on Thursday that would ease regulations for the nation's banks.

Why it matters: This is the biggest swing yet at bank deregulation efforts in the Trump 2.0 era, which administration officials see as key to moving its economic agenda forward.

Eight states sued to block the massive $6.2 billion merger of Nexstar and Tegna that could create the largest local broadcast company in the country by far.

Why it matters: The deal, which would require lifting the limit on television station ownership, is a litmus test for the Federal Communications Commission's deregulation drive.