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The prime minister has been criticised for travelling to the G7 summit in Cornwall by plane, instead of taking the train.

Boris Johnson arrived in Cornwall for the gathering of some of the world’s most developed economies, with climate change set to be high on the agenda.

A picture of the PM stepping off on a jet was posted on his Twitter account, alongside the caption: “I’ve arrived in Cornwall for this year’s @G7 where I’ll be asking my fellow leaders to rise to the challenge of beating the pandemic and building back better, fairer and greener.

“It will be a busy and important Summit, and I can’t wait to get started.”

Labour’s shadow environment secretary Luke Pollard labelled the move “plane stupid”.

“There’s no train line from Cornwall to Washington or Tokyo but there is to London. The prime minister should have taken the train, not got a plane,” he said.

Asked about his decision to fly into the summit, Mr Johnson said: “If you attack my arrival by plane, I respectfully point out that the UK is actually in the lead in developing sustainable aviation fuel.

More on Boris Johnson

“One of the points in the 10-point plan of our green industrial revolution is to get to jet zero as well as net zero.”

US President Joe Biden and First Lady Jill Biden arrive on Air Force One at RAF Mildenhall in Suffolk, ahead of the G7 summit in Cornwall. Picture date: Wednesday June 9, 2021.
Image:
US President Joe Biden and First Lady Jill Biden arrive on Air Force One at RAF Mildenhall in Suffolk, ahead of the G7 summit in Cornwall.

Other world leaders arrived in Cornwall on Wednesday, with Joe Biden landing at RAF Mildenhall in Suffolk on Air Force One.

Rather than using making the train journey from Paddington to London, Mr Johnson took the 250 miles (400km) trip From Stansted airport to Newquay in Cornwall.

Taking a plane creates almost five times more greenhouse gas emissions than the equivalent train journey, according to the government’s own emission figures.

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One of the key policy priorities of this year’s summit is to “create a greener, more prosperous future”.

The summit’s website adds: “We will protect the future of our planet by moving to net zero and providing financial support for developing countries to do the same.”

In November, Glasgow will host COP26, where parties are expected to commit to enhanced ambitions.

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The SEC is facing another defeat in its recycled lawsuit against Kraken

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The SEC is facing another defeat in its recycled lawsuit against Kraken

The legal duel between the United States Securities and Exchange Commission (SEC) and Kraken, a leading cryptocurrency exchange, looks like another misguided attempt by the SEC to exert control over an industry that fundamentally challenges an outdated regulatory playbook. The agency’s lawsuit, filed in November, accuses Kraken of operating as an unregistered securities exchange.

The lawsuit isn’t just a repeat of the SEC’s past failures. It’s also a glaring example of regulatory overreach that fails to grasp the essence of cryptocurrency. It mirrors the agency’s actions against Coinbase, which mark a pattern of aggressive regulation that is both ineffectual and counterproductive. In its case against Coinbase, the SEC allegations similarly involved operating as an unregistered securities exchange. The approach fundamentally misunderstands the nature of cryptocurrency exchanges.

The lawsuit isn’t just a repeat of the SEC’s past failures. It’s also a glaring example of regulatory overreach that fails to grasp the essence of cryptocurrency. It mirrors the agency’s actions against Coinbase, which mark a pattern of aggressive regulation that is both ineffectual and counterproductive. In its case against Coinbase, the SEC allegations similarly involved operating as an unregistered securities exchange. The approach fundamentally misunderstands the nature of cryptocurrency exchanges.

Unlike traditional securities exchanges, platforms like Kraken offer a diverse range of digital assets that do not fit neatly into the securities framework. This misclassification by the SEC reveals a lack of understanding of the unique characteristics of cryptocurrencies, which function as decentralized assets, often with utility or currency-like features rather than conventional securities.

Related: Expect some crypto companies to fail in the wake of Bitcoin’s halving

One of the most striking issues is the absence of technological neutrality — the principle that regulatory frameworks should apply equally to all forms of technology, without favoring or penalizing any particular one. By forcing cryptocurrencies into the traditional securities mold, the SEC is not only misapplying laws but also showing a clear bias against digital assets. This lack of neutrality not only hinders innovation but also unfairly targets platforms that are striving to work within the regulatory landscape.

The SEC lawsuit against Kraken shamed the exchange for telling users they could attempt to profit by dollar-cost averaging into Solana. Source: Securities & Exchange Commission

The aggressive stance of the SEC risks driving innovation and business away from the U.S. to more crypto-friendly jurisdictions. This phenomenon, known as regulatory arbitrage, could result in the U.S. losing its position as a leader in technological innovation. The crypto industry is global, and excessive regulation in one country simply pushes businesses to relocate, taking their economic benefits and innovations with them.

Related: 3 theses that will drive Ethereum and Bitcoin in the next bull market

The Kraken lawsuit is set to become another example of the SEC’s failure to successfully regulate the crypto industry, akin to the outcome of its actions against Coinbase. This repetitive cycle of aggressive and misinformed regulation is not only futile but also harmful to the credibility of the SEC. It sends a message that the regulatory body is more interested in flexing its regulatory muscle than in understanding and adapting to new technological paradigms.

The case isn’t just an isolated legal battle. It is indicative of a broader issue within the U.S. regulatory framework’s approach to cryptocurrencies. The SEC must move beyond its current, outdated tactics and engage with the crypto industry in a more informed and constructive manner. Regulation is necessary, but it must be reasonable, well-informed, and designed to foster innovation, not stifle it.

It looks the SEC is set for another resounding defeat, which will serve as one more reminder of the need for a new approach by regulators.

Daniele Servadei is the 20-year-old founder and CEO of Sellix, an Italian e-commerce platform that has processed more than $75 million in transactions for more than 2.3 million customers worldwide. He’s attending the University of Parma for a degree in computer science.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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Nayib Bukele steps down as El Salvador’s President ahead of re-election bid

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Nayib Bukele steps down as El Salvador’s President ahead of re-election bid

El Salvador President Nayib Bukele, who was behind legislation recognizing Bitcoin (BTC) as legal tender in the country, has stepped down from office to campaign.

On Dec. 1, Bukele resigned as the President of El Salvador following approval from the country’s Legislative Assembly, allowing him to take a leave of absence to focus on his 2024 re-election campaign. He was succeeded by Acting President Claudia Rodríguez de Guevara, who is expected to serve until June 2024. The next general election will take place in February 2024.

“Current state of democracy in El Salvador: the office of the President of the Republic will be occupied by a person for whom no one has ever voted,” said Héctor Silva, candidate for the mayor’s office of San Salvador, on X.

Bukele, who first took office in June 2019, quickly became known for his attempts to reduce the homicide rate in El Salvador — one of the highest in the world at the time — as well as his pro-crypto policies. He advocated for the Salvadoran government to adopt Bitcoin as legal tender in September 2021 and pushed for the creation of a volcano-powered ‘Bitcoin City’ in the country.

Related: Salvadoran pro-Bitcoin President Nayib Bukele launches reelection bid

Though the homicide rate under Bukele has dropped significantly, many critics have pointed to El Salvador violating laws on human rights in its attempts to crack down on gang activity. A United Nations human rights office report from March said the country had implemented “mass detentions” since 2022, in which many people were mistreated or had died in custody.

The President of El Salvador serves for a five-year term. Before September 2021, the country’s constitution required presidents to wait ten years before running for re-election. However, El Salvador’s Supreme Court ruled at that time that a president may serve two consecutive terms.

Magazine: What it’s actually like to use Bitcoin in El Salvador