The Scottish government says it will hold an independent public inquiry into how it has handled the COVID pandemic by the end of the year, following pressure from bereaved families.
The government has said the inquiry will be established by the end of this year to “scrutinise decisions taken in the course of this pandemic, and learn lessons for future pandemics”.
People in Scotland have until the end of September to email the government about what they think the aims and principles of the inquiry should be.
Image: Nicola Sturgeon said the inquiry will be ‘people-centred’
First Minister Nicola Sturgeon’s government had promised to take the “necessary steps” to establish a public inquiry within its first 100 days in office after calls for one by the families of those who died with COVID-19.
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Discussions are under way to identify and appoint a judge to chair the inquiry.
As Scotland experienced its largest-ever daily number of COVID cases, Ms Sturgeon said the inquiry “will take a person-centred, human rights approach”.
More on Covid-19
She said the inquiry will look into “all matters”, including how the situation in care homes was handled.
The first minister said she will be talking to the UK, Welsh and Northern Irish governments about the likely terms of a UK-wide inquiry.
“It will be important to avoid duplication and overlap but co-operation with other governments is no reason to delay an inquiry,” she added.
“This inquiry has an important role to play in scrutinising decisions we took, and continue to take, and to identify lessons for the future.”
Image: Scotland’s COVID situation has got worse this week
Aamer Anwar, a lawyer representing members of the Scottish branch of the COVID-19 Bereaved Families for Justice, said: “The families are grateful that the Scottish government has listened to their demands and an independent Scottish public inquiry into the circumstances surrounding the deaths and the subsequent handling of the COVID pandemic will now take place.
“Today is the first important step in establishing accountability for 10,421 lives lost to COVID-19 in Scotland.
“Boris Johnson should take note that his government can no longer be allowed to hold the process back from asking difficult questions.
“There were 154,811 COVID-19 deaths in the UK, every single death represents failure and public inquiries cannot be delayed any longer by a UK government, whether it be in England, Wales or Northern Ireland.”
Image: Scotland has been under different COVID rules than England as health is devolved
He added that the Scottish inquiry must be “truly independent and leave no stone unturned” and the families of those who have died “must be at the heart of the inquiry process to get to the truth of what happened”.
The public can email COVID-19publicinquirysetupteam@gov.scot with their ideas and comments about what the basis of the inquiry should be.
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A growing demand for US dollar-tied crypto stablecoins could help push down the interest rate, says US Federal Reserve Governor Stephen Miran.
The Donald Trump-appointed Miran told the BCVC summit in New York on Friday that the dollar-pegged crypto tokens could be “putting downward pressure” on the neutral rate, or r-star, that doesn’t stimulate or impede the economy.
If the neutral rate drops, then the central bank would also react by dropping its interest rate, he said.
The total current market cap of all stablecoins sits at $310.7 million according to CoinGecko data, and Miran suggested that Fed research found the market could grow to up to $3 trillion in value in the next five years.
Stephen Miran speaking at a conference in New York on Friday. Source: BCVC
“My thesis is that stablecoins are already increasing demand for US Treasury bills and other dollar-denominated liquid assets by purchasers outside the United States and that this demand will continue growing,” Miran said.
“Stablecoins may become a multitrillion-dollar elephant in the room for central bankers.”
Organizations, including the International Monetary Fund, have warned that stablecoins pose a threat to traditional financial assets and services, as they could potentially compete for customers. US banking groups have also urged Congress to tighten oversight of stablecoins with yield, arguing they could attract would-be bank users.
During his speech, Miran praised the GENIUS Act for setting out clear guidelines and consumer protections, as he indicated that the regulatory framework will play a key role in spurring broader adoption of stablecoins.
“While I tend to view new regulations skeptically, I’m greatly encouraged by the GENIUS Act. This regulatory apparatus for stablecoins establishes a level of legitimacy and accountability congruent with holding traditional dollar assets,” he said, adding:
“For the purposes of monetary policy, the most important aspect of the GENIUS Act is that it requires U.S.-domiciled issuers to maintain reserves backed on at least a one-to-one basis in safe and liquid US dollar–denominated assets.”
The crypto market could soon see some much-needed relief after the US Senate reached an agreement on a three-part budget deal to end the government shutdown, Politico reports.
Pending legislation to fund the US government has more than enough support to pass the 60-vote threshold, Politico reported on Sunday, citing two people familiar with the matter.
It was Republican Senate Majority Leader John Thune’s 15th attempt to win Democratic support for a House-approved bill, putting the record 40-day government shutdown within reach of being lifted.
An official vote is still needed to finalize the agreement.
Ongoing uncertainty over when the US government would reopen has been a key factor holding back Bitcoin (BTC) and the broader crypto market from mounting a rebound.
Bitcoin initially rallied to a new high of $126,080 six days into the government shutdown on Oct. 6, but has since fallen over 17% to $104,370, CoinGecko data shows.
Bitcoin’s fall over the past month saw it drop by double-digit percentage points on Oct. 10 after US President Donald Trump’s announcement of 100% tariffs on China sent shockwaves throughout the markets.
Bitcoin’s change in price since Oct. 1. Source: CoinGecko
Bitcoin rallied 266% after last government shutdown lifted
The last US government shutdown occurred between late December 2018 and late January the following year in Trump’s first term.
After it ended on Jan. 25, 2019, Bitcoin rose over 265% from $3,550 to $13,000 over the next five months.
Prediction markets back shutdown to end this week
Bettors on prediction market Polymarket are backing that the government shutdown will be lifted on Thursday, with the market showing a 54% chance it will happen between Tuesday and Friday.