Police chiefs issue warning to Home Secretary Suella Braverman following order to investigate every theft

Published

2 years ago

August 29, 2023

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Police chiefs have warned the home secretary they must have “operational independence” when deciding how to respond to crime.

The National Police Chiefs’ Council (NPCC) was responding to Suella Braverman‘s announcement that police forces in England and Wales must investigate every theft as part of a crackdown on crime.

The home secretary said it was “unacceptable” that crimes such as shoplifting, criminal damage and phone or car theft have been treated as “less important”.

On Monday, forces committed to follow all “reasonable lines of enquiry” following offences such as burglary or theft, in an effort to improve investigations and drive down crime rates.

However, in an open letter to Ms Braverman and policing minister Chris Philp, NPCC chair Gavin Stephens warned that pressures on policing was having an impact on the criminal justice system as a whole and that “more needs to be done together”.

Mr Stephens said that while the NPCC and the College of Policing had worked together to update the guidance on reasonable lines of inquiry, “consistency across forces vary”.

“Growing demand as well as the increasing and changing nature of crime means consistency across forces varies and approximately 21 of 43 forces still have less officers than in 2010,” he wrote.

“It is therefore right that police chiefs have operational independence and are responsible for making difficult decisions around how best to respond to the breadth of priorities of local communities.”

Mr Stephens said that while he welcomed the government’s commitment to recruit 20,000 police officers in England and Wales, he pointed out that since 2010, the first year of the Conservative-Liberal Democrat coalition, the number of police officers has only increased by 2.6% – compared with a 25% increase in recorded crime.

The NPCC chair described neighbourhood policing as the “bedrock”, adding: “We believe that the number of neighbourhood officers should be increased.”

The commitment to follow all reasonable lines of inquiry – agreed by the Home Office, the NPCC and the College of Policing – comes as part of a “crime week” of policy announcements planned by the government.

‘Criminals must have no place to hide’

In her announcement, Ms Braverman said she had “heard too many accounts from victims where police simply haven’t acted on helpful leads because crimes such as phone and car thefts are seen as less important”, adding: “That’s unacceptable.

“It has damaged people’s confidence in policing. Criminals must have no place to hide.”

Labour branded the announcements a “staggering admission of 13 years of Tory failure on policing and crime”.

“Pursuing reasonable leads like CCTV is what the police should be doing, but – because of abysmal Tory management – over 90% of crimes go unsolved, the proportion of crimes prosecuted has dropped by more than two thirds and more criminals are getting off,” a Labour spokesperson said.

“The fact that the Tories are boasting about asking the police to do the basic minimum that victims of crime should rightly expect, whilst failing to tackle the underlying problems they have caused shows how badly they have failed over the last 13 years.”

Politics

Fed’s Powell reasserts support for stablecoin legislation

Published

2 hours ago

April 16, 2025

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<div>Fed's Powell reasserts support for stablecoin legislation</div>

As digital assets gain mainstream adoption, establishing a legal framework for stablecoins is a “good idea,” said US Federal Reserve Chair Jerome Powell.

In an April 16 panel at the Economic Club of Chicago, Powell commented on the evolution of the cryptocurrency industry, which has delivered a consumer use case that “could have wide appeal” following a difficult “wave of failures and frauds,” he said.

Fed's Powell reasserts support for stablecoin legislation

Powell delivers remarks at the Economic Club of Chicago. Source: Bloomberg Television

During crypto’s difficult years, which culminated in 2022 and 2023 with several high-profile business failures, the Fed “worked with Congress to try to get a […] legal framework for stablecoins, which would have been a nice place to start,” said Powell. “We were not successful.”

“I think that the climate is changing and you’re moving into more mainstreaming of that whole sector, so Congress is again looking […] at a legal framework for stablecoins,” he said.

“Depending on what’s in it, that’s a good idea. We need that. There isn’t one now,” said Powell.

This isn’t the first time Powell acknowledged the need for stablecoin legislation. In June 2023, the Fed boss told the House Financial Services Committee that stablecoins were “a form of money” that requires “robust” federal oversight.

Support for stablecoin legislation is growing

The election of US President Donald Trump has ushered in a new era of pro-crypto appointments and policy shifts that could make America a digital asset superpower.

Washington’s formal embrace of cryptocurrency began earlier this year when Trump established the President’s Council of Advisers on Digital Assets, with Bo Hines as the executive director.

Hines told a digital asset summit in New York last month that a comprehensive stablecoin bill was a top priority for the current administration. After the Senate Banking Committee passed the GENIUS Act, a final stablecoin bill could arrive at the president’s desk “in the next two months,” said Hines.

Bo Hines (right) speaks of “imminent” stablecoin legislation at the Digital Asset Summit on March 18. Source: Cointelegraph

Stablecoins pegged to the US dollar are by far the most popular tokens used for remittances and cryptocurrency trading.

The combined value of all stablecoins is currently $227 billion, according to RWA.xyz. The dollar-pegged USDC (USDC) and USDt (USDT) account for more than 88% of the total market.

Magazine: Unstablecoins: Depegging, bank runs and other risks loom

Politics

Court grants 60-day pause of SEC, Ripple appeals case

Published

3 hours ago

April 16, 2025

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Court grants 60-day pause of SEC, Ripple appeals case

An appellate court has granted a joint request from Ripple Labs and the Securities and Exchange Commission (SEC) to pause an appeal in a 2020 SEC case against Ripple amid settlement negotiations.

In an April 16 filing in the US Court of Appeals for the Second Circuit, the court approved a joint SEC-Ripple motion to hold the appeal in abeyance — temporarily pausing the case — for 60 days. As part of the order, the SEC is expected to file a status report by June 15.

Law, Ripple, SEC, Court — *April 16 order approving a motion to hold an appeal in abeyance. Source: PACER*

The SEC’s case against Ripple and its executives, filed in December 2020, was expected to begin winding down after Ripple CEO Brad Garlinghouse announced on March 19 that the commission would be dropping its appeal against the blockchain firm. A federal court found Ripple liable for $125 million in an August ruling, resulting in both the SEC and blockchain firm filing an appeal and cross-appeal, respectively.

However, once US President Donald Trump took office and leadership of the SEC moved from former chair Gary Gensler to acting chair Mark Uyeda, the commission began dropping multiple enforcement cases against crypto firms in a seeming political shift. Ripple pledged $5 million in XRP to Trump’s inauguration fund, and Garlinghouse and chief legal officer Stuart Alderoty attended events supporting the US president.

Despite support for the end of the case coming from both Ripple and the SEC, the August 2024 judgment and appellate cases leave some legal entanglements. Alderoty said in March that Ripple would drop its cross-appeal with the SEC and receive a roughly $75 million refund from the lower court judgment. It’s unclear what else may result from negotiations over a settlement in appellate court.

New leadership at SEC incoming

Acting chair Uyeda is expected to step down following the US Senate confirming Paul Atkins as SEC chair on April 9.

During his confirmation hearings, lawmakers questioned Atkins about his ties to crypto, which could create conflicts of interest in his role regulating the industry. In financial disclosures, Atkins stated he had millions of dollars in assets through stakes in crypto firms, including Securitize, Pontoro and Patomak.

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

Politics

Italy finance minister warns US stablecoins pose bigger threat than tariffs

Published

12 hours ago

April 16, 2025

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Italy finance minister warns US stablecoins pose bigger threat than tariffs

Italy’s minister of economy and finance warned that US stablecoin policies are more concerning than President Donald Trump’s tariffs, citing the potential for these crypto assets to undermine the euro’s dominance in cross-border payments.

Speaking at an event in Milan, Giancarlo Giorgetti said that while trade tariffs dominate headlines, new US policies on dollar-backed stablecoins present an “even more dangerous” threat to European financial stability, according to a Reuters report.

US stablecoins allow users to invest in a widely accepted method for cross-border payments without opening a US bank account, Giorgetti said. He warned that the growing appeal of US stablecoins to Europeans should not be underestimated.

Giorgetti urged European Union lawmakers to take more steps to boost the euro’s position as an international currency. He added that the digital euro under development by the European Central Bank (ECB) will be essential to minimize the need for Europeans to resort to foreign solutions.

US lawmakers advance stablecoin bills

Presently, stablecoin regulation in the US remains fragmented. Instead of a unified framework, multiple agencies apply existing laws to regulate stablecoins. However, lawmakers are working to implement changes, with several pieces of stablecoin legislation progressing.

On April 2, the US House Financial Services Committee passed the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act. The bill is now headed to the House floor for a full vote.

The bill was introduced on Feb. 6 by Committee Chair French Hill and the Digital Assets Subcommittee Chair Bryan Steil. It would ensure that stablecoin issuers provide information on their businesses, including how their tokens are backed.

In addition, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act establishes rules that require issuers to maintain reserves backed one-to-one, comply with Anti-Money Laundering (AML) laws, protect consumers and boost dollar dominance in the global economy.

The GENIUS Act still requires approval by both chambers of Congress and a presidential signature before becoming law.

ECB exec renews digital euro push

Apart from Giorgetti, ECB Executive Board member Piero Cipollone also urged European lawmakers to intensify their efforts to combat dollar-backed stablecoin dominance in Europe. On April 8, Cipollone wrote an article expressing concerns about the growing popularity of US stablecoins.

The official suggested launching a central bank digital currency to combat this threat to the euro. He said this would aid in preserving the monetary sovereignty of the eurozone.