Northern Ireland’s new first minister Michelle O’Neill ‘contests’ claim Irish unity is ‘decades’ away

Published

1 year ago

February 3, 2024

admin

Northern Ireland’s new first minister has told Sky News she “absolutely contests” the UK government’s claim that a referendum on Irish unity is decades away.

Sinn Fein‘s Michelle O’Neill, the first nationalist to occupy the office, described her elevation at Stormont as “a historic day, truly representing a new dawn”.

In a document, outlining the basis of the DUP‘s return to power-sharing, the UK government said it saw “no realistic prospect of a border poll”.

But Ms O’Neill said: “I would absolutely contest what the British government have said in that document, in so far as my election to the post of first minister demonstrates the change that’s happening on this island.

“That’s a good thing. It’s a healthy thing because this change I think can benefit us all.

“I believe that we’re in the decade of opportunity and I believe, also equally, that we can do two things at once.

“We can have power-sharing, we can make it stable, we can work together every day in terms of public services, and whilst we also pursue our equally legitimate aspirations.

“There are so many things that are changing. All the old norms, the nature of this state, the fact that a nationalist republican was never supposed to be first minister. That all speaks to the change,” she added.

Ms O’Neill grew up in the “murder triangle” in County Tyrone. Her father was an IRA prisoner and her cousin was shot dead by the SAS.

But having pledged to be a “first minister for all”, she broke with republican tradition by using the term “Northern Ireland” in her acceptance speech.

“I’m somebody who wants to be a unifier. I’m somebody that wants to bring people together.

“We’ve had a difficult past, a turbulent past. A lot of harm was caused in the past and I think it’s so, so important that here in 2024, and we’ve just celebrated the anniversary of the Good Friday Agreement last year, that we very much look towards the future.

“I hope I can represent the future. I believe I can represent the future, as somebody who wants to work with all communities.

“I obviously am a republican, a proud republican, but I think it’s really, really important that I can look towards those people who identify as Irish republicans, but also those of a British identity and unionist identity and tell them that I respect their values, I respect their culture.”

Asked if her pledge meant she would consider attending a Protestant Orange Order march, she said: “I will consider every invitation that comes my way.

“I’m hoping that I get invitations. I want to step into ground that republicanism hasn’t stepped into before,” she added.

Watch the full interview with Michelle O’Neill on Sunday Morning With Trevor Phillips on Sky News from 8.30am.

Politics

AML Bitcoin creator convicted of wire fraud, money laundering

Published

4 hours ago

March 13, 2025

admin

AML Bitcoin creator convicted of wire fraud, money laundering

The founder of a cryptocurrency exchange whose namesake was tied to Anti-Money Laundering (AML) was found guilty of wire fraud and money laundering in a California court.

In a March 12 trial in the US District Court for the Northern District of California, a jury found AML Bitcoin creator Rowland Marcus Andrade guilty of two felony counts as part of a scheme to defraud investors. Authorities initially filed criminal charges against Andrade in June 2020 in parallel to a civil case filed by the US Securities and Exchange Commission (SEC) against the AML Bitcoin creator and the NAC Foundation, for which he was the founder and CEO.

“Mr. Andrade’s outrageous lies lured and scammed individuals into investing their hard-earned money into a new cryptocurrency with fabricated features,” said Linda Nguyen, the IRS Criminal Investigation Oakland Field Office Special Agent in Charge. “But there is nothing advanced about this scheme. Rowland Marcus Andrade stole money from innocent people and used it to further his personal wealth.”

Law, California, AML, Crimes, Money Laundering — *Rowland Marcus Andrade jury verdict on March 12. Source: PACER*

The SEC’s civil case against Andrade was notable for the involvement of political lobbyist Jack Abramoff, who served four years in prison between 2006 and 2010 following his conviction on mail fraud, conspiracy to bribe public officials and tax evasion. A judge agreed to stay the SEC lawsuit in January 2021 until the conclusion of Andrade’s criminal case, suggesting that it may once again proceed soon.

The June 2020 indictment alleged the NAC Foundation claimed a cryptocurrency that AML Bitcoin would launch — it never did — would comply with money laundering and Know Your Customer (KYC) regulations. Andrade used those claims for an initial coin offering between 2017 and 2018. According to the information presented at his trial, the AML Bitcoin creator diverted more than $2 million in proceeds from the sale of the platform, spending it on real estate and luxury automobiles.

“Andrade falsely claimed, among other misrepresentations, that the Panama Canal Authority was close to permitting AML Bitcoin to be used for ships passing through the Panama Canal when no such agreement existed,” said the Justice Department.

The AML Bitcoin creator is scheduled to return to court for a sentencing hearing on July 22, having remained free on a $75,000 bond since 2020 with some travel restrictions. He faces a maximum penalty of 20 years in prison for the wire fraud count and 10 years for the money laundering count.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

Politics

Senate Banking Committee advances GENIUS stablecoin bill

Published

4 hours ago

March 13, 2025

admin

Senate Banking Committee advances GENIUS stablecoin bill

The United States Senate Banking Committee elected to advance the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act in an 18-6 vote.

None of the amendments proposed by Senator Elizabeth Warren made it into the bill, including her proposal to limit stablecoin issuance to banking institutions.

“Without changes, this bill will supercharge the financing of terrorism. It will make sanctions evasion by Iran, North Korea, and Russia easier,” Warren argued.

US Government, Stablecoin — *Senator Warren argues for amendments to be included in the bill. Source:* *US Senate Banking Committee GOP*

Senator Tim Scott, chairman of the Senate Banking Committee, characterized the bill as a victory for innovation. The Senator said:

“The GENIUS Act establishes Common Sense rules that require stablecoin issuers to maintain reserves backed one-to-one, comply with anti-money laundering laws, and ultimately protect American consumers while promoting the US dollar’s strength in the global economy.”

The bill must still pass a vote in both chambers of Congress before it is turned over to President Trump and ultimately signed into law.

However, the Senate Banking Committee advancing the bill represents the first step in clear, comprehensive legislation requested by the crypto industry.

GENIUS Act gets overhaul to feature stricter provisions

Senator Bill Hagerty, who introduced the bill in February 2025, defended the legislation against the proposed amendments from Senator Warren, arguing that the bill already includes provisions for consumer protection, Anti-Money Laundering, and crime prevention.

On March 10, Hagerty announced that the bill was updated to include stricter reserve requirements for stablecoin issuers, AML provisions, safeguards against terrorist financing, transparent risk management procedures, and stipulations for sanctions compliance.

According to Dom Kwok, founder of the Web3 learning platform Easy A, the newly added provisions will make it harder for foreign stablecoin issuers to comply, giving US-based firms a competitive edge.

Attorney Jeremy Hogan said the GENIUS Act signals an impending merger of the traditional financial system with stablecoins.

“The legislation is explicitly making plans for stablecoins to interact with the traditional digital banking system. The ‘merge’ is being planned,” the attorney wrote in a March 10 X post.

During the March 7 White House Crypto Summit, US Treasury Secretary Scott Bessent explicitly said that the Trump administration would leverage stablecoins to protect the US dollar’s global reserve status.

Magazine: Bitcoin payments are being undermined by centralized stablecoins

Politics

Banks push to block stablecoin legislation over market share fears

Published

5 hours ago

March 13, 2025

admin

Banks push to block stablecoin legislation over market share fears

Bankers and their allies in the US Senate are pushing back against the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act over fears that stablecoins will disintermediate banks and erode banking market share.

According to an article from American Banker, the bill requires 60 votes to pass in the Senate, meaning that at least seven Democrats will have to vote with Republicans to push through the Act.

This could prove a difficult proposition, as US Senator Elizabeth Warren, one of crypto’s staunchest political critics, is proposing an amendment prohibiting tech firms from issuing stablecoins. Warren wrote:

“If these firms want to engage in payments, they must partner with, or facilitate transactions among, regulated financial institutions. But this stablecoin bill breaks that status quo by green-lighting big tech companies and other commercial conglomerates to issue their own stablecoins.”

Digital assets continue to be a disruptive force in finance and banking due to near-instant settlement times and cheaper transaction fees, which significantly reduce the burden of cross-border payments and introduce peer-to-peer transactions.

Banking, Banks, US Government, Stablecoin — *Page one of the GENIUS Act of 2025. Source:* *US Senate*

Stablecoins: The way forward for USD in the 21st century?

The GENIUS stablecoin bill was introduced by Senator Bill Hagerty on Feb. 4 as a comprehensive regulatory framework for tokenized US dollars.

Shortly after the bill was introduced to the US Senate, Federal Reserve Bank Governor Christopher Waller said non-banks should be allowed to issue stablecoins.

Waller argued that stablecoins could expand payment use cases, particularly in the developing world, due to their cost-savings and efficiency.

Bank of America CEO Brian Moynihan told an audience at the Economic Club of Washington DC that the bank may enter the stablecoin business — likely launching its own dollar-pegged stable token.

During the first White House Crypto Summit on March 7, Treasury Secretary Scott Bessent said the US will use stablecoins to extend US dollar dominance.

Overcollateralized stablecoin issuers are collectively the 18th largest buyers of US government debt in the world — putting these firms ahead of countries like Germany and South Korea.

By adopting pro-stablecoin policies and promoting stablecoin usage worldwide, the US government can use stablecoins as a sponge to soak up inflation and protect the dollar’s status as the global reserve currency.

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