Less than 1% of small boat arrivals returned home since 2020 – as cost of Bibby Stockholm revealed

Published

1 year ago

December 13, 2023

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Less than 1% of people who have arrived in the UK on small boats since 2020 have been returned to their home country, new statistics reveal.

The numbers showed that when Albanians were taken out of the figures – as the UK has signed a separate returns agreement with the country – just 408 people had been sent home in the past three years, despite 109,117 arriving via Channel crossings, an equivalent of 0.37%.

The government’s new illegal migration minister, Michael Tomlinson, said he wanted to see the return figure “as high as possible”, adding: “I am reading the same chart and, as far as I am concerned the numbers need to be significantly higher than that.”

But he and his colleague, legal migration minister Tom Pursglove, were slammed by the Home Affairs Select Committee for not being across the figures themselves.

During the committee hearing, it was also revealed the cost of housing asylum seekers on the Bibby Stockholm barge was more than £22m.

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The figures were handed over to the committee late on Tuesday in a letter from Home Office permanent secretary, Sir Matthew Rycroft.

He had appeared in front of the cross-party group of MPs two weeks ago but was attacked for being “disrespectful” by its chair, Dame Diana Johnson, when he struggled to answer questions on the specifics of immigration statistics.

The Labour chair then had to chase Sir Matthew for answers, which only appeared the night before Wednesday’s hearing, and which neither Mr Tomlinson nor Mr Pursglove seemed to be aware of.

Dame Diana put the returns number to the ministers early on in the hearing and they claimed to not recognise that figure.

However, when pressed, they could not give what they believed to be the correct number.

This was the last straw for Dame Diana, who said after the “disaster” of the hearing with Sir Matthew, she expected better.

“I appreciate you are very new in post,” she said. “But equally, this committee is now getting to the point where I think it is incredibly disrespectful in the way the Home Office is treating members of parliament.”

Mr Tomlinson tried to defend himself, saying while he aimed to be “constructive” with the committee, they should put forward “specific questions” ahead of appearances.

But this got short shrift from the chair, who said: “Asking questions on how many people have been returned who came by small boats is not the kind of thing I would expect to have to give notice of to the Home Office for.

“If you come in front of a committee, we are going to ask you those questions, we all know this is a really typical issue, we are all concerned about it, we all want to know.

“You are grown-ups, you are politicians, you have been around, you know what the issues are.”

Sir Matthew’s letter also revealed the exact cost of housing asylum seekers on the Bibby Stockholm – a total of £22,450,772.

The permanent secretary also said an updated assessment of whether it was “value for money” would be released in the new year.

But Dame Diana said she was “flabbergasted” such an assessment had not taken place already when the vessel is already in use.

Mr Pursglove said the word “updated” was important, insinuating assessments had already taken place.

But pushed for details on that, he again did not have the data, and just said using a barge was “undoubtedly a more cost-effective way” to house people than using hotels.

Speaking after the hearing, Labour’s shadow home secretary, Yvette Cooper, said: “Today’s admissions from the Home Office show the truly appalling scale of Tory failure and chaos including a disastrously low level of enforcement in the asylum system.

“We can’t continue with this damaging and costly chaos.”

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SEC drops investigation into PayPal’s stablecoin

Published

3 hours ago

April 30, 2025

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SEC drops investigation into PayPal’s stablecoin

PayPal says the US Securities and Exchange Commission has abandoned its investigation into the payment giant’s US-dollar stablecoin.

PayPal said in an April 29 regulatory filing that the SEC concluded its investigation into PayPal USD (PYUSD) and wouldn’t be taking any action.

The company said it received a subpoena from the SEC’s Division of Enforcement over its stablecoin in November 2023.

“The subpoena requests the production of documents. We are cooperating with the SEC in connection with this request,” PayPal stated at the time.

In its latest filing, the firm said the SEC notified it in February that the agency “was closing this inquiry without enforcement action.”

PayPal has said its stablecoin is 100% redeemable for US dollars and “fully backed” by dollar deposits, including short-term treasuries and cash equivalents.

However, the stablecoin has struggled to gain momentum in a crowded market dominated by rivals Tether and Circle. PYUSD has a market capitalization of just $880 million, less than 1% of Tether’s (USDT) $148.5 billion.

PayPal’s stablecoin has seen better growth this year with a 75% increase in PYUSD circulating supply since the beginning of 2025, according to CoinGecko. It remains down 14% from its peak supply of just over $1 billion in August 2024.

Earnings on PYUSD, Coinbase partnership

That growth could be bolstered by a company announcement on April 23 introducing rewards for PYUSD in a new loyalty offering that will enable US users to earn 3.7% annually for holding the asset on the platform.

Meanwhile, on April 24, PayPal announced a partnership with Coinbase to increase the adoption of PYUSD.

“We are excited to drive new, exciting, and innovative use cases together with Coinbase and the entire cryptocurrency community, putting PYUSD at the center,” said Alex Chriss, PayPal President and CEO.

The payments giant also reported robust first-quarter earnings and the completion of significant share repurchase activities.

The firm beat Wall Street estimates, earning $1.33 per share in the first quarter, topping analyst expectations of $1.16. Revenue rose 1% from a year before to $7.8 billion.

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BlackRock files to create digital shares tracking one of its money market funds

Published

4 hours ago

April 30, 2025

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BlackRock files to create digital shares tracking one of its money market funds

Asset manager BlackRock has filed to create digital ledger technology shares from one of the firm’s money market funds, which will leverage blockchain technology to maintain a mirror record of share ownership for investors.

The DLT shares will track BlackRock’s BLF Treasury Trust Fund (TTTXX), which may only be purchased from BlackRock Advisors and The Bank of New York Mellon (BNY), the firm said in its April 29 Form N-1A filing with the Securities and Exchange Commission.

The money market fund holds over $150 million worth of assets, invested almost entirely in US Treasury bills and cash.

BlackRock said that the shares “are expected to be purchased and held through BNY, which intends to use blockchain technology to maintain a mirror record of share ownership for its customers.”

Unlike the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), DLT shares won’t be tokenized but will instead be used as a transparency tool to verify ownership.

BlackRock will continue to maintain traditional book-entry records as the official ownership ledger.

BlackRock didn’t propose a ticker or set a management fee for the DLT shares in its filing.

A minimum initial investment of $3 million worth of DLT is required for institutions seeking to purchase the digital shares.

BlackRock follows Fidelity’s March 21 filing to list an Ethereum-based OnChain share class, which seeks to track the Fidelity Treasury Digital Fund (FYHXX) — an $80 million fund consisting almost entirely of US Treasury bills.

While the OnChain share class filing is pending regulatory approval, Fidelity expects it to take effect on May 30.

Wall Street heavyweights continue to explore blockchain use cases

Asset managers have increasingly turned to blockchain to tokenize Treasury bills, bonds and private credit over the past few years.

The treasury tokenization market is currently valued at $6.16 billion, led by BlackRock’s BUIDL at $2.55 billion, while the Franklin Templeton-issued Franklin OnChain US Government Money Fund (BENJI) secures over $700 million worth of real-world assets, according to rwa.xyz.

Ethereum remains the chain of choice for tokenizing treasury assets, and currently houses over $4.55 billion worth, while the Stellar network and Solana round out the top three at $474.9 million and $274.5 million, respectively.

The potential of RWA tokenization has also been championed by BlackRock’s CEO, Larry Fink, who believes the technology could revolutionize investing.

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US Treasury’s OFAC can’t restore Tornado Cash sanctions, judge rules

Published

5 hours ago

April 30, 2025

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US Treasury’s OFAC can’t restore Tornado Cash sanctions, judge rules

The US Treasury Department’s Office of Foreign Assets Control can’t restore or reimpose sanctions against the crypto mixing service Tornado Cash, a US federal court has ruled.

Austin federal court judge Robert Pitman said in an April 28 judgment that OFAC’s sanctions on Tornado Cash were unlawful and that the agency was “permanently enjoined from enforcing” sanctions.

Tornado Cash users led by Joseph Van Loon had sued the Treasury, arguing that OFAC’s addition of the platform’s smart contract addresses to its Specially Designated Nationals and Blocked Persons (SDN) list was “not in accordance with law.”

OFAC had sanctioned Tornado Cash in August 2022, accusing the protocol of helping launder crypto stolen by the North Korean hacking collective, the Lazarus Group.

The agency dropped the platform from the sanctions list on March 21 and argued that the matter was “moot” after a court ruled in favor of Tornado Cash in January.

This latest amended ruling prevents OFAC from re-sanctioning Tornado Cash or putting it back on the blacklist.

Initially, the court denied a motion for partial summary judgment and granted in favour of the Treasury. However, the Fifth Circuit reversed the decision and instructed the lower court to grant partial summary judgment to the plaintiffs, which led to the sanctions being revoked.

In March, the Treasury argued there was no need for a final court judgment in the lawsuit.

Crypto body petitions White House over Tornado Cash

On April 28, the DeFi Education Fund petitioned White House crypto czar David Sacks to have prosecutors drop charges against Tornado Cash co-founder Roman Storm.

Storm was charged in August 2023 with helping launder over $1 billion in crypto through the protocol, and his trial is still set for July.

The group said that the Department of Justice was attempting to hold software developers criminally liable for how others use their code, which they argued was “not only absurd in principle, but it sets a precedent that potentially chills all crypto development in the United States.”

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