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Boris Johnson is being warned against triggering Article 16 of the Northern Ireland Protocol to suspend parts of post-Brexit arrangements for the Irish border.

There is growing speculation that the prime minister could soon trigger Article 16 as ongoing talks between the EU and UK continue to fail to resolve problems such as the “sausage war” and other issues.

Sky News revealed last month how ministers are holding discussions inside a key cabinet committee about the repercussions of such a move.

British Prime Minister Boris Johnson leaves an art exhibition on The Mall in London, Britain, November 5, 2021. REUTERS/Henry Nicholls
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There is growing speculation that Boris Johnson could trigger Article 16

However, Mr Johnson has been given fresh warnings about the impact of invoking Article 16.

Sinn Fein president Mary Lou McDonald said the activation of Article 16 by the UK could put at risk the entire Brexit withdrawal deal.

“It would demonstrate just again colossal bad faith and demonstrate again that Ireland, the north of Ireland in particular, is collateral damage in the Tory Brexit as they play games and play a game of chicken with the European institutions,” she told BBC One Northern Ireland’s Sunday Politics programme.

“I would also say that if the British government imagine that they hold all of the cards they are wrong, and they’re playing a very, very dangerous game, up to and including perhaps jeopardising the entire withdrawal agreement.”

Ms McDonald called on the UK government to “act in good faith” and “adopt a position that is serious and that has a long-term view” as she warned of “very grave” consequences.

Meanwhile, Labour leader Sir Keir Starmer said that suspending parts of the Northern Ireland Protocol would not solve the UK-EU dispute.

“I don’t think that triggering Article 16 will resolve the dispute in relation to the protocol in Northern Ireland,” he told the BBC’s Andrew Marr Show.

“That isn’t in the interests of the communities in Northern Ireland or businesses in Northern Ireland. What is in their interests is resolving the issues.

“Because of the way the protocol was drafted, because of what the Prime Minister signed, it is perfectly true that there are checks from Great Britain to Northern Ireland – we want to reduce those.”

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What is the Northern Ireland Protocol?

Sir Keir added: “What I am saying is don’t rip up the protocol because that has that very important central purpose, which is to protect the no border in Northern Ireland.”

The Labour leader also suggested that Mr Johnson was “constantly trying to pick a fight on things like this, so he hopes people don’t look elsewhere in the forest, which are things like the Owen Paterson affair”.

The Northern Ireland Protocol was agreed between the UK and EU as a means of avoiding a hard border on the island of Ireland, and is a key part of the UK’s divorce deal with the EU.

However, the prime minister has said the current implementation of the protocol – which keeps Northern Ireland within much of the EU’s single market and customs rules – is having a “damaging impact” on the people of Northern Ireland.

One flashpoint includes a possible ban on chilled meats – such as sausages – moving from Great Britain to Northern Ireland.

File photo dated 10/11/2020 of Lord David Frost
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Brexit minister Lord Frost is due to hold more talks with the EU this week

The oversight role of the European Court of Justice in the operation of the Protocol also remains a key sticking point in UK-EU talks.

Brexit minister Lord Frost is due to meet again with European Commission vice-president Maros Sefcovic in London next week.

Following talks between the pair in Brussels on Friday, the UK government said that “progress had been limited” but that “gaps could still be bridged through further intensive discussions”.

Prior to Friday’s meeting with Mr Sefcovic, Lord Frost said: “We’re not going to trigger Article 16 today, but Article 16 is very much on the table and has been since July.”

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XRP rallies on US shutdown nearing end, ETF tickers landing on DTCC

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XRP rallies on US shutdown nearing end, ETF tickers landing on DTCC

Excitement in the crypto community is growing over the potential launch of XRP funds, as the US Senate advances a deal aimed at ending the longest-ever government shutdown.

The Senate reportedly reached a deal on a budget bill to end the government shutdown on Sunday, sending a bullish signal to numerous markets, including crypto.

The XRP (XRP) community is anticipating multiple XRP exchange-traded funds (ETFs) to launch shortly, with several already appearing on the Depository Trust and Clearing Corporation (DTCC) website ahead of a possible launch this month.

The price of XRP has rallied more than 12% on the bullish news over the past 24 hours, with the token trading at $2.56 at the time of publication, according to CoinGecko.

11 XRP products listed on DTCC

As of Monday, the DTCC website featured 11 XRP ETF products on its “active and pre-launch” listing, including those by 21Shares, ProShares, Bitwise, Canary Capital, Volatility Shares, REX-Osprey, CoinShares, Amplify and Franklin Templeton.

Although a DTCC listing does not equal actual launch and does not guarantee regulatory approval, it signals that the ETF infrastructure is ready to be traded on US markets.

The list of XRP products listed on the DTCC as of Monday. Source: DTCC

It’s worth noting that Grayscale’s XRP Trust (GXRP) has not yet appeared on the DTCC website, and the list also does not currently include an XRP fund from WisdomTree.

“Government shutdown ending = spot crypto ETF floodgates opening,” ETF expert Nate Geraci wrote in an X post on Sunday, adding: “In the meantime, could see first ‘33 Act spot xrp ETF launch this week.”

Related: End to US gov’t shutdown sparks institutional buying, ETF ‘floodgate’ hopes

Bloomberg ETF analyst Eric Balchunas also posted on X on Sunday, noting that the “shutdown is over” and highlighting a subsequent uptick in US equity futures.

“The SEC had open litigation against Ripple for the past five years, up until three months ago. IMO, the launch of spot XRP ETFs represents the final nail in the coffin for the previous wave of anti-crypto regulators,” he wrote in an X post on Nov. 2.

Ripple, SEC, XRP, ETF, Policy
Source: Nate Geraci

He also highlighted a post from Canary Capital, which claimed last Friday that its XRP ETF is “coming soon,” speculating that the product could go live by the end of this week.