The discovery of Legionella on board the Bibby Stockholm is the latest embarrassing setback in a plan beset with controversy and delay from the very start.
Thankfully, no one on board has developed any symptoms of Legionnaires’ disease, a potentially serious form of pneumonia spread by infected water droplets.
But the timeline of this apparently routine water-testing process – and who in government knew what when – is far from clear.
Sky News understands the initial tests were carried out on Tuesday 25 July. The results came back nearly a fortnight later – on Monday 7 August, the very day the first 15 asylum seekers moved in at the start of this week.
But the Home Office say it was only yesterday – Thursday 10 August – that they were advised by the UK Health Security Agency to remove those on board, and then only the six individuals who boarded the barge yesterday. As a “further temporary precaution”, the decision was taken to remove all 39 individuals on board, which is happening today.
Please use Chrome browser for a more accessible video player
0:47
‘Not right to expect four star hotels’
A Home Office source insists the “final tests” only came back to them yesterday, but that they have been working closely with the UKHSA and following its advice. The reasons for the delay in responding to the initial test results however are as yet unclear.
More on Bibby Stockholm
Related Topics:
Shadow immigration minister Stephen Kinnock has described the Bibby Stockholm as a “floating symbol of the government’s incompetence” and a “complete and utter shambles”.
Certainly the delivery of the plan to house 500 people on barge accommodation has been riven with problems from the beginning.
Local people have always objected to the location. Dorset MP Chris Loder has repeatedly raised concerns over overcrowding, with the Bibby Stockholm set to house double the number of people it was initially designed to accommodate.
The Mayor of Portland, Carralyn Parkes, who was previously a Labour parliamentary candidate, is bringing legal action over claims the Home Office didn’t get the necessary planning permission for the barge.
Please use Chrome browser for a more accessible video player
0:49
Barge reminds migrant of Islamic State
The initial arrival of migrants on board was delayed by health and safety checks – with the Fire Brigades Union describing the vessel as a “potential death trap”.
While a handful more have clearly been arriving throughout the week, it’s clearly going to take time for the vessel to reach the full 500 target – clearly delayed even longer now all those already on board have been evacuated.
The Home Office insists the use of barges to house asylum seekers is a “tried and tested approach” which offers “better value for the British taxpayers” than the £6m daily cost of housing some 50,000 asylum seekers stuck on the backlog in hotels.
The use of more basic accommodation – from barges to disused military barracks – is a key plank of the government’s attempt to deter migrants from crossing the Channel in small boats in the first place. The ultimate deterrent – deporting people to Rwanda – is currently on hold, pending a final decision from the Supreme Court.
This week was meant to be the government’s “small boats week” – showcasing a series of announcements to highlight its tough policies on immigration.
But the latest fiasco on board the Bibby Stockholm is yet another indication of how far the prime minister has to go to deliver on his promise to stop the small boats.
New Hampshire has approved the issuance of a $100 million municipal bond backed by Bitcoin, in what appears to be the first structure of its kind at the US state level.
Minutes from a Nov. 17 meeting of the New Hampshire Business Finance Authority (BFA), the state’s business financing agency, show the board planned “to consider approving a resolution authorizing up to $100,000,000 bonds for a project to acquire and hold digital currency.”
Minutes from the following day record that directors voted to “approve the preliminary official intent, with no reservation, to issue a taxable conduit revenue bond for WaveRose Depositor, LLC of up to $100,000,000.”
According to a Wednesday Crypto in America report, the bond is backed by Bitcoin (BTC) and would let companies borrow against overcollateralized BTC held by a private custodian. The state or taxpayers do not back the bond; instead, BFA approves and oversees a private deal, while Bitcoin — reportedly held in custody by BitGo — covers investors.
According to the report, asset manager Wave Digital Assets and bond specialist Rosemawr Management designed the bond to utilize Bitcoin as collateral under the same rules that govern municipal and corporate bonds. Wave co-founder Les Borsai said the goal is to “bridge traditional fixed income with digital assets” for institutional investors.
The New Hampshire State House in Concord. Source: Wikimedia
“We believe this structure shows how public and private sectors can collaborate to responsibly unlock the value of digital assets and digital asset reserves,” he added.
The borrower is expected to post approximately 160% of the bond’s value in Bitcoin as collateral, and if the price of BTC drops below roughly 130%, a liquidation would ensure that bondholders stay whole. According to BFA Executive Director James Key-Wallace, fees from the transaction will fund the local innovation and entrepreneurship program, the Bitcoin Economic Development Fund.
New Hampshire dives headfirst into crypto
The news follows New Hampshire becoming the first US state to allow its government to invest in cryptocurrencies in May after Governor Kelly Ayotte signed a bill allowing the municipality to “invest in cryptocurrency and precious metals.”
New Hampshire is also working on a bill to deregulate local cryptocurrency mining operations. In late October, a committee voted 4–2 to send the measure for further review in an interim study after it had been deadlocked in the State Senate twice.
The local administration is viewed as particularly welcoming to the cryptocurrency industry. In early February, Brendan Cochrane, an Anti-Money Laundering specialist at YK Law in New York City, argued that it could become an alternative for crypto companies relocating to the Bahamas.
The latest moves build on a longer history of crypto engagement. Back in 2015, New Hampshire was already working on a bill that would have allowed the state government to accept tax and fee payments in Bitcoin.
Global bank regulators are preparing to revisit their most stringent crypto rules after the United States and the United Kingdom refused to implement them, a move that threatens to unravel the long-standing consensus of the Basel Committee.
In an interview with the Financial Times, Erik Thedéen, the governor of the Swedish central bank and chair of the Basel Committee on Banking Supervision (BCBS), said they may need a “different approach” to the current 1,250% risk weighting for crypto exposures.
According to global law firm White & Case, the application of the 1,250% risk weight means that credit institutions must hold their own funds of at least equal value to the amount of the respective crypto-asset exposure.
Under the existing framework, crypto assets issued on a permissionless blockchain, which includes stablecoins such as USDt (USDT) and USDC (USDC), receive the same 1,250% risk weighting used for the riskiest venture investments.
However, Thedéen acknowledged that the rapid growth of regulated stablecoins has changed the policy landscape. “What has happened has been fairly dramatic,” Thedéen told the Financial Times, adding that there is a strong increase in stablecoins and that the amount of assets in the system calls for a new approach.
“We need to start analysing. But we need to be fairly quick on it,” Thedéen added, floating questions over stablecoin risks and if there was an argument that could approach the assets in “a different way.”
Explicit resistance from major economies
The resistance felt from major economies is now more explicit. According to the FT report, the US Federal Reserve does not plan to implement the Basel crypto rules as written, with policymakers calling the capital charges unrealistic.
The Bank of England also signaled that it will not apply the framework in its current form. At the same time, the European Union has only partially implemented the 2022 standard, excluding key provisions that cover permissionless blockchains.
Citing anonymous sources, Bloomberg previously reported that the Basel Committee is preparing to revise its 2022 guidance next year to be more favorable to banks participating in crypto markets.
The report said that many banks interpreted the framework as a deterrent to engaging with cryptocurrency or stablecoin services.
The talks reportedly intensified as regulated stablecoins gained traction in the US, supported by US President Donald Trump and the passage of the GENIUS Act, which formally authorized the use of these assets in payments.
Stablecoin boom requires rethink of rules
Thedéen echoed the concerns in the FT report, saying that the increase in stablecoin adoption requires fresh analysis and a potentially more lenient stance.
However, he also said that reaching an agreement may be difficult as regulators are divided on core assumptions about crypto’s risk profile and the role of bank-issued digital assets.
“Going further than that at this point in time is difficult, because I’m the chair and there are so many different views in this committee,” he said
The divergence in policies creates a competitive imbalance for global banks. If EU banks remain bound by these mandates while the US and the UK operate under more lenient frameworks, the playing field becomes significantly tilted.
This imbalance would influence which jurisdictions can build bank-issued stablecoin products, tokenized deposits or even crypto custody solutions.
Ondo Global Markets, a US-based tokenization platform, has received regulatory approval to offer tokenized stocks to European investors.
Liechtenstein Financial Market Authority (FMA) has granted Ondo approval to launch its tokenized stocks and exchange-traded funds (ETFs) in the European Union and the broader European Economic Area (EEA), the company announced on Tuesday.
“With this milestone, more than 500 million investors in 30 European countries can soon access regulated exposure to US markets directly onchain,” Ondo said.
The news came a few weeks after Ondo partnered with Boerse Stuttgart Group’s digital asset arm BX Digital to enable the tokenized stock trading in Switzerland on Nov. 3.
Liechtenstein adopts MiCA despite not being EU member state
Liechtenstein’s approval positions Ondo to offer tokenized stocks and ETFs to retail investors across all 30 EEA countries, including all 27 EU nations plus Iceland, Liechtenstein and Norway.
The regulatory milestone positions Ondo to operate within a “unified, regulated European framework consistent with established investor-protection standards,” the company said.
Ondo did not specify the framework under which it secured approval to offer tokenized stocks in Europe, but highlighted Liechtenstein’s passporting regime, which extends across the EEA.
Following the expiry of the transitional regime on Dec. 31, 2025, crypto asset service providers (CASPs) must hold MiCA authorization from Liechtenstein’s FMA.
Cointelegraph approached Ondo and the FMA for comment regarding the nature of the approval but had not received a response at the time of publication.
The news arrives amid rising tensions within the EU over the extent of supervisory authority that member states should retain under MiCA. According to reports, EU officials are drafting plans to designate the European Securities and Markets Authority as the direct regulator for all CASPs across the bloc.