France has cancelled a meeting with the UK to discuss Channel crossings after Boris Johnson asked the French to take back migrants arriving in Britain.
French interior minister Gerald Darmanin has told Home Secretary Priti Patel “she was no longer welcome” at Sunday’s European meeting on migrant issues, a French government spokesman said.
Spokesman Gabriel Attal said it was because of Mr Johnson’s letter to French President Emmanuel Macron.
“That letter was formally poor and its content inappropriate,” Mr Attal told BFMTV.
Image: This is what remains of the boat that capsized in the Channel and resulted in the deaths of 27 people
Mr Darmanin said the letter is a “disappointment” and the fact it was made public was “worse”, according to reports in French media.
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An Interior Ministry statement, reported in French media, said the letter was “unacceptable and contrary to our discussions between counterparts”.
The meeting will now go ahead with just France, Belgium, the Netherlands, Germany and the European Commission.
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Conservative MP Tim Loughton told Sky News the French need to “get read” and realise there are consequences to “turning a blind eye” to Channel crossings.
He added that the PM has “come up with practical solutions” and it is “extraordinary” Paris has cancelled the meeting.
Mr Darmanin and Ms Patel spoke on Thursday, with the Home Secretary’s office saying they emphasised the need for “deeper co-operation” and agreed to remain in touch.
Governments on both sides of the Channel have been blaming each other this week after 27 migrants drowned on Wednesday evening off the coast of France as they tried to get to the UK on a small dinghy.
In the letter to Mr Macron, which he tweeted out, the PM set out five steps he thinks both sides should take “as soon as possible”.
The PM’s five-point plan entails:
• Joint patrols to prevent migrant boats from leaving French beaches • Using more advanced technology such as sensors and radar • Carry out reciprocal maritime patrols in each nation’s territorial waters and utilise airborne surveillance • “Deepening the work” of the Joint Intelligence Cell and ensuring there is better intelligence sharing to drive more arrests and prosecutions • Committing to “immediate work” to strike a bilateral returns agreement between Paris and London, as well as discussions on a UK-EU agreement.
Image: Migrants, including young children, arriving in the UK the day after 27 died
“If those who reach this country were swiftly returned the incentive for people to put their lives in the hands of traffickers would be significantly reduced,” Mr Johnson said.
“This would be the single biggest step we could take together to reduce the draw to Northern France and break the business model of criminal gangs.
“I am confident that by taking these steps and building on our existing cooperation we can address illegal migration and prevent more families from experiencing the devastating loss we saw yesterday.”
Suggestions the number of migrants crossing the Channel has reached record levels this year due to Brexit were dismissed by transport secretary Grant Shapps.
He told Sky News: “I think it’s a bit of a red herring to mix it up with Brexit, it’s not even an argument I’ve heard before.
“There were plenty of people crossing before but in different ways, they tended to do it by lorry but what’s different here is the number of people doing it by sea.
“I think the Europe argument is confusing here because it’s not related to that. It’s heartbreaking to see and I think it’s incumbent on the UK and France to do everything they can do to resolve this and get on top of this human tragedy.”
Banking giant JPMorgan Chase’s decision to cut ties with the CEO of Bitcoin payments company Strike is reigniting concerns about a renewed wave of US “debanking,” an issue that haunted the crypto industry during the 2023 banking turmoil.
Jack Mallers, CEO of the Bitcoin (BTC) Lightning Network payments company Strike, said Sunday on X that JPMorgan closed his personal accounts without explanation.
“Last month, J.P. Morgan Chase threw me out of the bank,” Mallers wrote. “Every time I asked them why, they said the same thing: We aren’t allowed to tell you.”
Cointelegraph has contacted JPMorgan Chase for comment.
“Operation Chokepoint 2.0 regrettably lives on,” said US Senator Cynthia Lummis in a Monday X post. Actions like JP Morgan’s “undermine the confidence in traditional banking” while sending the digital asset industry overseas, she said, adding:
“It’s past time we put Operation Chokepoint 2.0 to rest to make America the digital asset capital of the world.”
Other crypto founders, including Caitlin Long of Custodia Bank, said the debanking efforts targeting crypto may persist until January 2026, pending the appointment of a new Federal Reserve governor.
“Trump won’t have the ability to appoint a new Fed governor until January. So, therefore, you can see the breadcrumbs leading up to a potentially big fight,” Long said during Cointelegraph’s Chainreaction daily X show on March 21.
Long’s Custodia Bank was repeatedly targeted by US debanking efforts, which cost the company months of work and “a couple of million dollars,” she said.
The collapse of crypto-friendly banks in early 2023 sparked the first allegations of Operation Chokepoint 2.0, during which at least 30 technology and cryptocurrency founders were reportedly denied access to banking services under the administration of former President Joe Biden.
In August 2025, President Donald Trump signed an executive order related to debanking, aiming to prevent banks from cutting off services to politically unfavorable industries, including the cryptocurrency sector.
Debanking concerns took another turn in January, when Lummis’s office was contacted by an anonymous whistleblower, alleging that the Federal Deposit Insurance Corporation (FDIC) was “destroying material” related to Operation Chokepoint 2.0.
“The FDIC’s alleged efforts to destroy and conceal materials from the U.S. Senate related to Operation Chokepoint 2.0 is not only unacceptable, it is illegal,” said Lummis in a letter published on Jan. 16, threatening “swift criminal referrals” if the wrongdoing was uncovered.
Senator Lummis’s open letter to FDIC Chair Marty Gruenberg. Source: Lummis.senate.gov
Traditional financial institutions have long criticized crypto firms for enabling illicit finance. But US banks have themselves paid more than $200 billion in fines over the past two decades for compliance failures, according to data compiled by Better Markets and the Financial Times.
Fines and penalties paid by the six leading US banks over the past 20 years. Source: Better Markets/FT
Bank of America reportedly accounted for about $82.9 billion of those penalties, while JPMorgan Chase paid more than $40 billion.
A new financial law in the United Arab Emirates is set to bring decentralized finance (DeFi) and broader Web3 into regulatory parameters, signaling an important shift for the industry.
The UAE’s new central bank law, Federal Decree Law No. 6 of 2025, introduces “one of the most consequential regulatory shifts” for the crypto industry in the region, Irina Heaver, a local crypto lawyer and founder of NeosLegal, told Cointelegraph.
“It brings protocols, DeFi platforms, middleware, and even infrastructure providers into scope if they enable activities such as payments, exchange, lending, custody, or investment services,” Heaver said.
According to the lawyer, industry projects building or operating in the UAE should treat this as a pivotal regulatory milestone and align their systems before the September 2026 transition deadline.
“We’re just code” is no longer a defence
Issued in the Official Gazette and legally effective since Sept. 16, 2025, the UAE’s Federal Decree Law No. 6 is a central bank law that regulates financial institutions, insurance business as well as digital asset-related activities.
Its key provisions, Article 61 and Article 62, provide a list of activities that require a license from the Central Bank of the UAE (CBUAE), including crypto payments and digital stored value.
“Article 62 states that any person who carries on, offers, issues, or facilitates a licensed financial activity ‘through any means, medium, or technology’ falls under the regulatory perimeter of the CBUAE,” Heaver said.
An excerpt from the UAE’s Federal Decree Law No. 6. Source: CBUAE
In practice, this means DeFi projects can no longer avoid regulation by claiming they are “just code,” the lawyer said, adding that the argument of “decentralization” does not exempt a protocol from compliance.
Protocols that support stablecoins, real-world assets (RWA), decentralized exchange (DEX) functions, bridges, or liquidity routing “may require a license,” Heaver said. The enforcement is already active, she added, with penalties for unlicensed activity including fines of up to 1 billion dirhams ($272.3 million) and potential criminal sanctions.
The law does not ban self-custody
As the UAE’s new central bank law is directly related to providing “stored value services,” the legislation is likely to affect cryptocurrency wallet providers, Kokila Alagh, founder and managing partner of Karm Legal Consultants, told Cointelegraph.
According to Alagh, there has been a “fair bit of confusion” around whether the law affects self-custody, or non-custodial wallets, which are designed to enable users to store their assets independently from any third party.
Although some industry observers like Trading Strategy’s Mikko Ohtamaa have suggested that the law translates to the “de facto ban” of crypto and self-custodial wallet apps in the UAE, Alagh and Heaver said that’s not the case.
An excerpt from the UAE’s Federal Decree Law No. 6. Source: CBUAE
“The law does not ban self-custody, nor does it restrict individuals from using their own wallets,” Alagh said, adding that it “simply expands” the regulatory perimeter for companies.
“If a wallet provider enables payments, transfers, or other regulated financial services for UAE users, licensing requirements may apply,” she noted.
Alagh mentioned that Karm Legal has received a significant number of queries regarding the issue, adding:
“Further clarification from the Central Bank is expected as the law moves through implementation, but for now, individuals remain unaffected while companies should assess whether their activities fall within regulated scope.”
Ironically, Ohtamaa’s post specifically criticized UAE lawyers, arguing that their business is “free of interest in the UAE.”
“For independent law firms, anything that makes the UAE less attractive for crypto is a loss of income, and these lawyers are happy to obfuscate facts and legal texts just to secure their yearly bonuses,” Ohtamaa argued.
Karm Legal’s Alagh told Cointelegraph that the firm is actively following up with CBUAE regarding the issue, but there is no set date for the authority to provide a clarification.
The SEC has just issued its second “no-action letter” toward a decentralized physical infrastructure network (DePIN) crypto project in recent months, giving its native token “regulatory cover” from enforcement.
The no-action letter was sent to the Solana DePIN project Fuse, which issues a network token, FUSE, as a reward to those actively maintaining the network.
Fuse initially submitted a letter to the SEC’s Division of Corporation Finance on Nov. 19, asking for official confirmation that it would not recommend the SEC take enforcement action if the project continues to offer and sell FUSE tokens.
Fuse also outlined in its letter that FUSE is designed for network utility and consumptive purposes, not for speculation. They can only be redeemed for an average market price via third parties.
“Based on the facts presented, the Division will not recommend enforcement action to the Commission if, in reliance on your opinion as counsel, Fuse offers and sells the Tokens in the manner and under the circumstances described in your letter,” the Division of Corporation Finance’s deputy chief counsel, Jonathan Ingram, wrote on Monday.
SEC’s no-action letter to Fuse Crypto. Source: SEC
The latest SEC no-action letter comes just a few months after the SEC issued a similar “highly coveted” letter to Double Zero, which was seen as a result of a new, more crypto-friendly leadership at the SEC.
At the time, DoubleZero co-founder Austin Federa said such letters are common in TradFi but are “very rare” in the crypto space.
“It was a months long process, but we found the SEC to be quite receptive, we found them to be quite professional, quite diligent, there was no crypto animosity.”
The SEC was put under new leadership in April, after Paul Atkins was sworn in as the 34th chairman, and the agency has since been seen taking a more balanced approach to crypto. As part of the leadership, crypto-friendly Hester Peirce also heads up the agency’s crypto task force.
SEC no-action letters are a form of regulatory clarity
Adding to the discussion on X, Rebecca Rettig, a legal representative of Solana MEV infrastructure platform Jito Labs, said that no-action letters are sought after by many crypto projects.
“Why do crypto teams want them? ‘Regulatory clarity.’ If you’re planning to issue a token, a NAL provides reasonable assurance you won’t face immediate enforcement for violations of securities laws. It’s a kind of ‘regulatory cover,’” she wrote.
SEC giving a pass to Fuse wasn’t unexpected: Crypto lawyer
The no-action letter doesn’t necessarily set any new precedents, however.
Commenting on the subject via X on Monday, Consensys lawyer Bill Hughes said this was “an easy case,” given the nature of Fuse’s token.
“The take away is that there is not a lawyer in crypto that would have thought this token was a security. And maybe not even any lawyer who is merely familiar with Howey,” Hughes said.
The same month that Double Zero secured its no-action letter, the SEC also issued a similar no-action letter for crypto-custodians that don’t qualify as banks.
While they still have to meet strict conditions, the no-action letter provides clear guidelines for acceptable ways for these types of firms to operate and deal with crypto, something which the industry has been begging for over the past few years.