UK considers joining existing US-Mexico-Canada trade deal as hopes of standalone US agreement fade

Published

3 years ago

September 21, 2021

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Ministers are considering efforts to join an existing free trade agreement between the US, Mexico and Canada – or to strike a series of mini-deals with America – after Boris Johnson appeared to admit a standalone UK-US free trade deal was not an imminent prospect.

On his visit to New York and Washington DC this week, the prime minister has failed to commit to securing a free trade agreement between Britain and America by the time of the next general election in 2024.

He has also acknowledged that US President Joe Biden has “a lot of fish to fry” as he played down the chances of an agreement being struck soon between the two countries.

A senior government figure has suggested that an alternative route to boosting trans-Atlantic trade could be the UK joining the existing free trade agreement between the US, Mexico and Canada, known as USMCA.

Another option could be pursuing a series of smaller UK-US deals on separate issues, they added.

“There are different ways to do this, the ball in their court and it takes two to tango,” the source said.

Asked about the prospects of a US-UK trade deal, as he sat next to Mr Johnson ahead of a White House meeting on Tuesday night, Mr Biden said: “We’re going to talk a little bit about trade today and we’re going to have to work that through.”

And he did not reject the past suggestion, made by former US president Barack Obama, that the UK would be “back of the queue” for a post-Brexit trade agreement.

Mr Biden also issued a warning that post-Brexit arrangements between the UK and EU must not end in a “closed border” on the island of Ireland.

“On the (Northern Ireland) protocols I feel very strongly on those. We spent an enormous amount of time and effort, the United States, it was a major bipartisan effort made,” he added.

“And I would not at all like to see, nor I might add would many of my Republican colleagues like to see, a change in the Irish accords, the end result having a closed border in Ireland.”

The USMCA agreement came into effect in July last year and replaced the North American Free Trade Agreement (NAFTA), which former president Donald Trump had vowed to replace on taking office.

New Foreign Secretary Liz Truss is said to have raised the status of stalled UK-US trade negotiations during her meeting with US Secretary of State Antony Blinken in New York on Monday.

Back in 2017, when Mr Trump was US president, Mr Johnson had said the UK would be “first in line” for a post-Brexit trade agreement with America.

But the prime minister has now appeared to publicly acknowledge that Mr Biden’s administration is less keen on a deal being struck quickly.

“On the FTA [free trade agreement], the reality is that Joe has a lot of fish to fry,” Mr Johnson told reporters travelling with him to New York.

“He’s got a huge infrastructure package, he’s got a build back better package. We want to do it, but what we want is a good FTA, a great FTA.”

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Asked in an interview with Sky News on Tuesday whether he would get a UK-US free trade deal by the time of the next general election, Mr Johnson said: “We will keep going with free trade deals around the world, including in the United States.

“I have plenty of reason to be optimistic about that. But the Americans do negotiate very hard.”

Since leaving the EU, the UK government has struck agreements to rollover those trade deals it previously enjoyed with Mexico and Canada as part of its membership of the bloc.

Ministers also announced their intention to begin talks on upgraded trade deals with the two countries this year, in order for the agreements to be “better tailored to the UK economy”.

The EU does not have a free trade agreement with the US after talks on a proposed agreement were halted under Mr Trump, before later being abandoned.

As part of the post-Brexit ability to pursue an independent trade policy, the UK government is also bidding to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – a free trade agreement between Canada, Mexico, Peru, Chile, New Zealand, Australia, Brunei, Singapore, Malaysia, Vietnam and Japan.

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UK authorizes charges against NCA officer for alleged Bitcoin theft

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3 hours ago

March 14, 2025

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UK authorizes charges against NCA officer for alleged Bitcoin theft

The agency responsible for conducting criminal prosecutions in England and Wales announced that a National Crime Agency (NCA) officer was due to be charged with the alleged theft of Bitcoin worth roughly $75,000 in 2017.

In a March 14 notice, the Crown Prosecution Service said it had authorized the Merseyside Police to charge NCA officer Paul Chowles with 15 offenses related to the alleged Bitcoin (BTC) theft “during an investigation into online organized crime.” Authorities said Chowles could face one count of theft, 11 charges for concealing, disguising, or converting criminal property and three counts for acquiring, using or possessing criminal property.

The 50 Bitcoin, worth roughly $75,000 before the December 2017 bull run, was valued at more than $4.2 million at the time of publication at a BTC price of $84,541. The NCA officer is expected to appear at the Liverpool Magistrates’ Court on April 25.

In April 2024, amendments to the UK’s Economic Crime and Corporate Transparency Act authorized NCA officers and local police to seize crypto from suspected criminals without arresting them. The Crown Prosecution Service did not mention how Chowles allegedly stole the Bitcoin or whether the funds were connected to illicit activities.

Crypto policies across the pond

The NCA said in December 2024 that it had seized roughly $26 million in cash and crypto and arrested 84 people as part of a global campaign to fight money laundering and organized crime. Some of the crypto addresses targeted by UK authorities at the time “showed regular exposure to Garantex.” The founder of the Russian crypto exchange was arrested in India in March and is expected to be extradited to the US to face criminal charges.

The UK government is expected to move forward on creating a comprehensive regulatory framework for digital assets in 2025 following the Labour government’s election victory. The country remains a significant market for crypto users, with Coinbase securing approval to operate from the financial regulatory body in February.

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US House kills IRS DeFi broker rule, Solana won’t cut 80% inflation rate: Finance Redefined

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5 hours ago

March 14, 2025

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US House kills IRS DeFi broker rule, Solana won’t cut 80% inflation rate: Finance Redefined

In a significant regulatory development for the crypto industry, the United States House of Representatives voted to nullify a bill that threatened the privacy-preserving properties of decentralized finance (DeFi) protocols.

In the wider crypto space, one of the Solana network’s most significant governance proposals was rejected; it sought to implement a mechanism to reduce Solana’s inflation rate by about 80%.

US House follows Senate in passing resolution to kill IRS DeFi broker rule

The US House of Representatives voted to nullify a rule requiring decentralized finance (DeFi) protocols to report to the Internal Revenue Service.

On March 11, the House of Representatives voted 292 for and 132 against a motion to repeal the so-called IRS DeFi broker rule that aimed to expand existing IRS reporting requirements to crypto.

All 132 votes to keep the rule were Democrats. However, 76 Democrats joined with the Republicans to repeal it.

This followed the Senate’s March 4 vote on the motion, which saw it pass 70 to 27.

The rule would have forced DeFi platforms, such as decentralized exchanges, to disclose gross proceeds from crypto sales, including information regarding taxpayers involved in the transactions.

After the vote, Republican Representative Mike Carey, who submitted the repeal motion, said, “The DeFi broker rule invades the privacy of tens of millions of Americans, hinders the development of an important new industry in the United States and would overwhelm the IRS.”

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Solana proposal to cut inflation rate by up to 80% fails

A proposal to dramatically change Solana’s inflation system was rejected by stakeholders but is being hailed as a victory for the network’s governance process.

“Even though our proposal was technically defeated by the vote, this was a major victory for the Solana ecosystem and its governance process,” commented Multicoin Capital co-founder Tushar Jain on March 14.

Around 74% of the staked supply voted on proposal SIMD-228 across 910 validators, but just 43.6% voted in favor of it, with 27.4% voting against it and 3.3% abstaining, according to Dune Analytics. It needed 66.67% approval from participating votes to pass and only received 61.4%.

Jain added that this was the biggest crypto governance vote ever, by the number of participants and the participating market cap, of any ecosystem, chain or network.

“This was a meaningful scaling stress test — a social, rather than technical, stress test — and the network passed despite a wide stratification of diverging opinions and interests.”

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Bitcoin $70,000 retracement part of “macro correction” in bull market — Analysts

Bitcoin’s potential retracement to $70,000 may be an organic part of the current bull market, despite crypto investor fears of an early arrival of a bear market cycle.

Bitcoin (BTC) fell more than 14% during the past week to close at around $80,708 after investors were disappointed with the lack of direct federal Bitcoin investments in President Donald Trump’s March 7 executive order. It outlined a plan to create a Bitcoin reserve using cryptocurrency forfeited in government criminal cases.

Despite the drop in investor sentiment, cryptocurrencies and global markets remain in a “macro correction” as part of the bull market, according to Aurelie Barthere, principal research analyst at the Nansen crypto intelligence platform.

Most cryptocurrencies have broken key support levels, making it hard to estimate the next key price levels, the analyst told Cointelegraph, adding:

“This is a macro correction (US tech will be down by 3% in the future, as discussed), so we have to monitor BTC. Next level will be $71,000 – $72,000, top of the pre-election trading range.”

The analyst added: “We are still in a correction within a bull market: Stocks and crypto have realized and are pricing; a period of tariff uncertainty and fiscal cuts, no Fed put. Recession fears are popping up.”

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Calls for stricter rules on political memecoins after $4 billion Libra collapse

Industry voices warned that politically endorsed cryptocurrencies must adopt stronger investor protections and liquidity safeguards to prevent another significant market collapse.

Investor sentiment remains shaken after the Libra (LIBRA) token, which was endorsed by Argentine President Javier Milei, suffered a $4 billion market cap wipeout due to insider cash-outs.

According to blockchain analytics firm DWF Labs, at least eight insider wallets withdrew $107 million in liquidity, triggering the massive collapse.

To avoid a similar meltdown, tokens with presidential endorsements will need more robust safety and economic mechanisms, such as liquidity locking or making the tokens in the liquidity pool non-sellable for a predetermined period, DWF Labs wrote in a report shared with Cointelegraph.

The report stated that tokens from high-profile leaders also need launch restrictions to limit participation from crypto-sniping bots and large holders or whales.

“Limiting bot and whale activity is essential in limiting the impact of individuals acting on insider information to corner a large percentage of the token supply,” according to Andrei Grachev, managing partner at DWF Labs.

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Hyperliquid ups margin requirements after $4 million liquidation loss

Hyperliquid, a blockchain network specializing in trading, increased margin requirements for traders after its liquidity pool lost millions of dollars during a massive Ether (ETH) liquidation, the network said.

On March 12, a trader intentionally liquidated a roughly $200 million Ether long position, causing Hyperliquid’s liquidity pool, HLP, to lose $4 million, unwinding the trade.

Starting March 15, Hyperliquid will require traders to maintain a collateral margin of at least 20% on certain open positions to “reduce the systemic impact of large positions with hypothetical market impact upon closing,” Hyperliquid said in a March 13 X post.

The incident highlights the growing pains confronting Hyperliquid, which has emerged as Web3’s most popular platform for leveraged perpetual trading.

Hyperliquid said the $4 million loss was not from an exploit but rather a predictable consequence of the mechanics of its trading platform under extreme conditions.

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DeFi market overview

According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the red.

Of the top 100, the Hedera (HBAR) token fell over 24%, marking the biggest weekly decrease, followed by JasmyCoin (JASMY) down over 21% over the past week.

Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.

Politics

Crypto influencer sentenced to 45 months in prison for wire fraud

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5 hours ago

March 14, 2025

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Crypto influencer sentenced to 45 months in prison for wire fraud

Thomas John Sfraga, also known as “TJ Stone,” received 45 months in prison for wire fraud and was ordered to pay more than $1.3 million in forfeiture as part of a scheme targeting crypto investors.

In a March 14 notice, the US Justice Department said Sfraga was sentenced in the US District Court for the Eastern District of New York (EDNY) for wire fraud following a May 2024 guilty plea. Court filings stated that the influencer and podcaster claimed he was the owner of businesses — including Vandelay Contracting, a name based on a running joke from the television series Seinfeld — and the emcee of many crypto events in New York City.

“[…] Sfraga convinced a victim to invest in a fictitious cryptocurrency ‘virtual wallet,’” said the Justice Department. “He promised the victims returns on their investments as high as 60% in three months. In reality, however, Sfraga used the money entrusted to him by the victims for his own benefit, to pay expenses, and to pay earlier victims and business associates.”

Sfraga’s case was one of many involving crypto-related crimes continuing to be pursued in the jurisdiction following the appointment of John Durham as interim US Attorney by President Donald Trump. Braden John Karony, former CEO of SafeMoon, who also faces EDNY criminal charges, requested in February that his criminal trial for securities fraud conspiracy, wire fraud conspiracy and money laundering conspiracy be pushed based on the administration’s approach to crypto enforcement.

The “Seinfeldian” scheme, according to Durham, was not the first time the crypto industry was connected to the popular sitcom. Comedian Larry David, co-creator of the show, starred in a Super Bowl ad for defunct cryptocurrency exchange FTX in 2022. He later said he was “an idiot” for endorsing the company and lost a lot of money after the price of specific tokens dropped.

Since Trump took office on Jan. 20, some high-profile defendants in criminal cases involving cryptocurrency have reportedly been looking into appealing to the US president for a pardon. Among those reportedly seeking pardons were former FTX CEO Sam Bankman-Fried, currently serving a 25-year sentence following a 2023 conviction, and former Binance CEO Changpeng Zhao, who served a four-month sentence in 2024 — though he denied reports of a potential pardon.

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