Brexit minister Lord Frost claims EU ‘doesn’t always look like it wants UK to succeed’ as he demands N Ireland changes

Published

3 years ago

October 12, 2021

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Brexit minister Lord Frost has accused the EU of being an organisation “that doesn’t always look like” it wants the UK to succeed as he demanded changes to post-Brexit arrangements for Northern Ireland.

In a speech in Lisbon, the cabinet minister called on Brussels to help “tackle the fundamental issues” with the Northern Ireland Protocol – which he claimed was “not working” – and to show “the same ambition and willingness” to solve problems.

He also reiterated a threat to suspend post-Brexit arrangements for Northern Ireland by triggering Article 16 of the Protocol.

But critics attacked Lord Frost for now trashing an agreement he helped negotiate with Prime Minister Boris Johnson less than two years ago, and for risking a new row with the EU.

In his speech on Tuesday, Lord Frost said the Protocol was “the biggest source of mistrust” between the EU and UK and said the border arrangements had “completely lost consent in one community in Northern Ireland”.

“There is a widespread feeling in the UK that the EU did try to use Northern Ireland to encourage UK political forces to reverse the referendum result or at least to keep us closely aligned with the EU,” he added.

“And, moreover, that the Protocol represents a moment of EU overreach when the UK’s negotiating hand was tied, and therefore cannot reasonably last in its current form.

“Whether or not you agree with either analysis – the facts on the ground are what matter above all.

“Maybe there is a world in which the Protocol could have worked, more sensitively implemented.

“But the situation has now moved on. We now face a very serious situation. The Protocol is not working.”

Lord Frost revealed he had shared a new legal text with the European Commission on Tuesday with his planned changes for the Protocol.

These include the removal of the European Court of Justice (ECJ) from oversight of the Protocol.

He spoke ahead of EU vice-president Maros Sefcovic delivering Brussels’ response on Wednesday to the UK government’s suggested changes to the Protocol, which Lord Frost outlined in July.

The Brexit minister said the UK was “really ready” to discuss the EU’s own proposals “whatever they say and we will obviously consider them seriously, fully, and positively”.

But he warned the EU must be ready to agree to “significant change” to the Protocol.

“We need the EU to show the same ambition and willingness – to tackle the fundamental issues at the heart of the Protocol head on,” Lord Frost added.

Senior EU figures – including French President Emmanuel Macron – have previously warned that “nothing is negotiable” with regards to the Protocol.

But, while Lord Frost admitted he understood why the EU “feels it is difficult to come back to an agreement reached only two years ago”, he stressed “that in itself is far from unusual in international relations”.

The last great battle of Brexit

By David Blevins, senior Ireland correspondent

Some are describing this as the last great battle of Brexit.

It’s less about the practicalities of the Northern Ireland Protocol and more about the politics – who has the power to enforce the trading arrangements.

When the UK voted to leave the EU, Northern Ireland became the square peg in the round hole.

How would Northern Ireland exit the EU with the rest of the United Kingdom without the need for a border with the Republic?

In the end the two sides compromised, leaving Northern Ireland in the EU’s single market, much to the angst of Unionists.

Now, there is a new dilemma. How can Northern Ireland remain in the EU’s single market and the European Court of Justice (ECJ) not have oversight here?

It’s too soon to know if Lord Frost’s stance on the ECJ is a negotiating position or a red line for a UK government seriously considering Article 16.

Responding to Lord Frost’s speech, former Conservative minister Gavin Barwell – who was also chief of staff to ex-prime minister Theresa May – accused the Brexit minister of causing new tensions with EU nations.

“The absolute state of David Frost trashing the deal he negotiated + hailed as a triumph – despite many, yours truly included, warning it was a dud – *and worse* now using it to further undermine our relationship with some of our closest friends in an increasingly dangerous world,” he posted on Twitter.

Labour’s shadow Brexit minister, Baroness Chapman, claimed senior Conservatives were “desperate to use a tussle with Brussels to distract from their domestic failures – whether on COVID, the energy crisis, or the needless culling of thousands of pigs”.

She added: “Today was an opportunity for the government to reset relations with our partners in the EU after a fractious start to our new relationship.

“Instead of approaching the occasion with maturity and in the spirit of cooperation, Lord Frost has effectively asked to rip up the agreement he negotiated – and the Prime Minister signed – just two years ago.”

And Liberal Democrat MP Alistair Carmichael, the party’s Northern Ireland spokesperson, said: “This Conservative government is playing out like a badly-written farce.

“The same minister who just months ago was trumpeting the government’s botched Brexit deal now says it’s intolerable and has to be changed.

“After all the upheaval British businesses have suffered and all the challenges they face now, they need certainty and support from the government, not more pointless posturing.”

Politics

Stablecoins are the best way to ensure US dollar dominance — Web3 CEO

Published

9 hours ago

April 6, 2025

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Stablecoins are the best way to ensure US dollar dominance — Web3 CEO

Stablecoins are the single best tool for the United States government to maintain the US dollar’s hegemony in global financial markets, according to LayerZero Labs CEO and founder Bryan Pellegrino.

In an interview with Cointelegraph, the CEO of LayerZero Labs, which created the LayerZero interoperability protocol recently chosen by Wyoming to be the distribution partner for the Wyoming stablecoin, said that the cross-border accessibility of dollar-pegged tokens makes them an obvious choice to drive US dollar demand. Pellegrino added:

“Stablecoins for the US dollar are the single best tool — the last Trojan Horse or vampire attack on every single other currency in the world — whether it is Argentina, whether it is Venezuela, whether it is all of the countries that have massive inflation.”

The CEO said he expects support for stablecoins on both the federal and state levels to grow because of the obvious boost stablecoins give to the US dollar in foreign exchange markets and the financial moat stablecoin-driven demand will create around the US dollar’s global reserve currency status.

Dollar, US Government, Stablecoin — *Stablecoin market overview. Source:* *RWA.XYZ*

US government looks to stablecoins to protect US dollar

Pellegrino cited Tether’s emerging role as one of the largest buyers of US Treasury bills in the world as evidence of the demand for US debt instruments from stablecoin issuers.

Tether recently became the seventh-largest holder of US Treasuries, beating out Canada, Germany, Norway, Hong Kong, and Saudi Arabia.

Speaking at the White House Crypto Summit on March 7, US Treasury Secretary Scott Bessent said the Trump administration would leverage stablecoins to extend US dollar hegemony and indicated this would be a top priority for officials in 2025.

According to a 2023 report from Chainalysis, over 50% of all the digital asset value transferred to countries in the Latin American region, including Argentina, Brazil, Columbia, Mexico, and Venezuela was denominated in stablecoins.

The low transaction fees, relative stability, and near-instant settlement times for dollar-pegged stablecoins make these real-world tokenized assets ideal for remittances and stores of value for residents in developing countries suffering from high inflation and capital controls.

Magazine: Bitcoin payments are being undermined by centralized stablecoins

Politics

CFPB likely to step back from crypto regulation — Attorney

Published

11 hours ago

April 6, 2025

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CFPB likely to step back from crypto regulation — Attorney

The Consumer Financial Protection Bureau (CFPB) will likely see a reduced role in crypto regulations as other federal agencies like the Securities and Exchange Commission (SEC) and state-level regulators assume a bigger role in crypto policy, according to Ethan Ostroff, partner at the Troutman Pepper Locke law firm.

“I think with the current administration, my sense is, we are highly likely to see a significant pullback by the CFPB in the context of the activity by other regulators,” Ostroff told Cointelegraph in an interview.

State regulators also have the authority under the Consumer Financial Protection Act (CFPA) to assume some of the regulatory roles of the CFPB, the attorney said but also added that some regulatory functions will continue to fall within the purview of the CFPB as a matter of established law.

Ostroff cited the New York Department of Financial Services (NYDFS) and the California Department of Financial Protection and Innovation (DFPI) as regulators to keep an eye on as potential leaders of crypto regulations at the state level.

However, the attorney clarified that while the CFPB may see a diminished role during the Trump administration, the agency would not be outright dismantled during the current regime due to “statutorily mandated obligations and requirements” that require acts of Congress to change.

Trump administration targets CFPB in efficiency push

The Trump administration targeted the CFPB as part of a broader push by the Department of Government Efficiency (DOGE) to slash government spending and reduce the federal debt.

Russell Vought, the recently appointed head of the CFPB, announced major funding cuts to the agency and scaled back operations within days of assuming the helm at the CFPB in February 2025.

Bitcoin Regulation, US Government, United States, Donald Trump — *Source:* *Russell Vought*

Massachusetts Senator Elizabeth Warren criticized Elon Musk for dismantling the CFPB, which the US senator co-founded back in 2007.

Warren characterized Musk as a “bank robber” and claimed that the Trump administration dismantled the CFPB to undo consumer protection rules and have greater control over the financial system.

In a February 12 interview with Mother Jones, the senator stressed that the Executive Branch of government does not have the statutory authority to fully dismantle the CFPB, which can only be done through Congressional approval.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered

Politics

Nearly 400,000 FTX users risk losing $2.5 billion in repayments

Published

18 hours ago

April 6, 2025

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Nearly 400,000 FTX users risk losing .5 billion in repayments

Nearly 400,000 creditors of the bankrupt cryptocurrency exchange FTX risk missing out on $2.5 billion in repayments after failing to begin the mandatory Know Your Customer (KYC) verification process.

Roughly 392,000 FTX creditors have failed to complete or at least take the first steps of the mandatory Know Your Customer verification, according to an April 2 court filing in the US Bankruptcy Court for the District of Delaware.

FTX users originally had until March 3 to begin the verification process to collect their claims.

“If a holder of a claim listed on Schedule 1 attached thereto did not commence the KYC submission process with respect to such claim on or prior to March 3, 2025, at 4:00 pm (ET) (the “KYC Commencing Deadline”), 2 such claim shall be disallowed and expunged in its entirety,” the filing states.

Nearly 400,000 FTX users risk losing $2.5 billion in repayments — *FTX court filing. Source:* *Bloomberglaw.com*

The KYC deadline has been extended to June 1, 2025, giving users another chance to verify their identity and claim eligibility. Those who fail to meet the new deadline may have their claims permanently disqualified.

According to the court documents, claims under $50,000 could account for roughly $655 million in disallowed repayments, while claims over $50,000 could amount to $1.9 billion — bringing the total at-risk funds to more than $2.5 billion.

The next round of FTX creditor repayments is set for May 30, 2025, with over $11 billion expected to be repaid to creditors with claims of over $50,000.

Under FTX’s recovery plan, 98% of creditors are expected to receive at least 118% of their original claim value in cash.

How FTX users can complete KYC

Many FTX users have reported problems with the KYC process.

However, users who were unable to submit their KYC documentation can resubmit their application and restart the verification process, according to an April 5 X post from Sunil, FTX creditor and Customer Ad-Hoc Committee member.

Impacted users should email FTX support (support@ftx.com) to receive a ticket number, then log in to the support portal, create an account, and re-upload the necessary KYC documents.

FTX’s Bahamian subsidiary, FTX Digital Markets, processed the first round of repayments in February, distributing $1.2 billion to creditors.

The crypto industry is still recovering from the collapse of FTX and more than 130 subsidiaries launched a series of insolvencies that led to the industry’s longest-ever crypto winter, which saw Bitcoin’s (BTC) price bottom out at around $16,000.

While not a “market-moving catalyst” in itself, the beginning of the FTX repayments is a positive sign for the maturation of the crypto industry, which may see a “significant portion” reinvested into cryptocurrencies, Alvin Kan, chief operating officer at Bitget Wallet, told Cointelegraph.