PM says it’s ‘highly probable’ worst of pandemic is over – but warns against ‘throwing caution to the winds’
Boris Johnson has claimed it is “highly probable” the worst of the coronavirus pandemic is over – on the day the UK recorded its highest number of daily cases for six months.
The prime minister urged people not to “throw caution to the winds” when most legal restrictions in England end on Monday, as he acknowledged there would be more hospital admissions and deaths in the “difficult days and weeks ahead”.
Latest figures show there had been a further 48,553 cases of COVID-19 as of 9am on Thursday.
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Minister: COVID is now a ‘personal responsibility’
A further 63 people have died within 28 days of testing positive for the virus.
A total of 49 deaths were recorded on Wednesday, making this increase the highest day-on-day rise since 26 March.
Mr Johnson has said recently that daily cases could reach 50,000 by Monday, while Health Secretary Sajid Javid has spoken of case numbers topping 100,000 this summer.
But speaking on Thursday, he said the success of the UK’s vaccination programme, which has seen more than two-thirds of adults receive two doses, meant the government could go ahead with step four of its roadmap out of restrictions.
“If we are careful and if we continue to respect this disease and its continuing menace then it is highly probable – almost all the scientists are agreed on this – the worst of the pandemic is behind us,” the PM said.
“There are difficult days and weeks ahead as we deal with the current wave of the Delta variant and there will be sadly more hospitalisation and more deaths but with every day that goes by we build higher the wall of vaccine-acquired immunity.”
Monday’s lifting of most coronavirus rules will see ministers seek to shift the emphasis from government diktat to people weighing up risks and taking their own decisions.
A range of guidance has been published ahead of 19 July, but ministers have been accused of sending “mixed messages” to people and businesses about what they should do beyond that date, in particular concerning face masks.
Despite the legal requirement to wear face masks on public transport and in shops being lifted, guidance for businesses issued on Wednesday states the government still “expects and recommends that people continue to wear a face covering in crowded, enclosed spaces”.
Critics have said the guidelines are a “recipe for chaos”, but the PM said businesses were “perfectly capable” of understanding new guidance on face coverings and guidelines.
“We are moving away from legal compulsion but we are saying that of course the pandemic is not over and sadly people have to remain cautious,” he said.
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 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.
Following his conviction on federal fraud charges on Nov. 2, former FTX CEO Sam “SBF” Bankman-Fried will not pursue any post-trial motions.
In a Dec. 1 letter to Judge Lewis Kaplan in United States District Court for the Southern District of New York, lawyers representing Bankman-Fried said they had “decided not to file any post-trial motions” but reserved their rights to pursue claims on appeal. The filing was the latest following SBF’s conviction on Nov. 2 as he awaits sentencing on March 28.
It’s unclear whether prosecutors plan to move forward with Bankman-Fried’s second trial in March. The former FTX CEO’s indictment was split in order for him to face 7 counts in October and 5 charges in March, but following a guilty verdict in November, SBF could already be looking at decades behind bars.
Related: What’s next for the ‘crypto king’ Sam Bankman-Fried?
After the jury verdict was handed down, Bankman-Fried returned to the Brooklyn Metropolitan Detention Center, where he is expected to remain until sentencing. On Nov. 30, crypto blogger Tiffany Fong interviewed a former mob enforcer, Gene Borrello, who reported on some of SBF’s experiences in jail. Borrello claimed another inmate attempted to extort the former FTX CEO.
Bankman-Fried was one of the first high-profile crypto executives to face criminal charges in the United States. Authorities arrested former Celsius CEO Alex Mashinsky in July, and at the time of publication, he remains free on bail until his September 2024 criminal trial. Changpeng Zhao, who stepped down as CEO and pleaded guilty to one felony charge as part of a settlement between U.S. officials and Binance, will be sentenced in February.
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