Trident missiles are reliable and nuclear weapons can be fired if needed, government says

Published

1 year ago

February 21, 2024

admin

The UK’s nuclear deterrent “remains effective, dependable and formidable” – despite a Trident missile misfiring during a recent test and crashing into the ocean in Florida, the government has said.

In a statement, Defence Secretary Grant Shapps confirmed “an anomaly did occur” when a rare operation was held on HMS Vanguard on 30 January – but stressed this was “event specific”.

“Nor are there any implications for our ability to fire our nuclear weapons, should the circumstances arise in which we need to do so,” Mr Shapps said.

His statement added: “The Trident missile system remains the most reliable weapons system in the world, having successfully completed more than 190 tests.”

Mr Shapps said the government had “absolute confidence” in the UK’s nuclear deterrent – and that there were “no implications for the reliability of the wider Trident missile systems and stockpiles”.

He went on to warn: “The UK’s resolve and capability to use its nuclear weapons, should we ever need to do so, remains beyond doubt.”

The fault had something to do with it being a test-firing, with a source saying that the launch would have been successful had it been carried out for real with a nuclear warhead.

The Sun newspaper first revealed the drama, saying Mr Shapps had been onboard the submerged submarine at the time.

Malfunction sends wrong kind of message

Deborah Haynes

Security and Defence Editor

@haynesdeborah

The UK’s nuclear deterrent submarines have one core mission – to maintain a continuous ability to launch a strike at any moment upon the order of the prime minister, without failure.

Any suggestion of vulnerability with one of the boats, the Trident missiles or their nuclear warheads undermines the protective blanket that this multiple-times-of-multiple-billions-of-pounds insurance policy is meant to provide to the UK and its NATO allies.

It is why confirmation of an “anomaly” in the test-firing of a US-made Trident II missile by a Vanguard-class submarine off the coast of Florida is more than just an embarrassing blow.

Read Deborah’s full analysis here.

It is the second Trident missile failure in a row for the Royal Navy‘s ageing nuclear weapons fleet after a problem with another test-firing in 2016, when a missile flew in the wrong direction.

The UK has four nuclear-armed submarines. The country’s nuclear deterrent requires at least one of them to be continuously at sea to deter nuclear threats from enemies such as Russia and to be ready to respond should the worst happen and the UK or its allies face a nuclear attack.

Mr Shapps said a routine “Demonstration and Shakedown Operation” had been held, which is when a ballistic missile submarine completes scheduled deep maintenance.

A series of weapons and sub-system tests are performed to assess the submarine and crew – and this culminates in the firing of an unarmed Trident II D5 missile.

While details surrounding submarine operations are not normally disclosed, Mr Shapps said his statement was in recognition “of the level of interest” in what happened, all while protecting national security.

He added there was continued investment in the next generation of ballistic submarines, extending the lifespan of Trident missiles and replacing warheads.

“Sustaining the deterrent and renewing it for the future is a truly national endeavour,” Mr Shapps said – describing it as “the ultimate security insurance policy”.

On 30 January, first-stage boosters did not ignite and the 60-tonne missile – fitted with dummy warheads – splashed into the Atlantic Ocean and sank.

A source told The Sun: “It left the submarine but it just went plop, right next to them.”

A search was immediately initiated to recover the highly sensitive munition.

HMS Vanguard, which has just completed a £500m overhaul, was undergoing a final round of tests before it returns to nuclear patrols.

Politics

SEC’s Crenshaw says agency playing ‘regulatory Jenga’ with crypto

Published

4 hours ago

May 20, 2025

admin

SEC’s Crenshaw says agency playing ‘regulatory Jenga’ with crypto

The US Securities and Exchange Commission’s sole Democratic Commissioner has said the agency is “playing a game of regulatory Jenga” with its approach to the crypto industry and market regulation under the Trump administration.

In May 19 remarks at the SEC Speaks event, Commissioner Caroline Crenshaw cautioned against what she described as a dangerous dismantling of “discrete but interrelated rules” on crypto and the wider market.

She likened market stability to a “Jenga tower” that the agency’s rules had “carefully developed over the years,” which could topple if some rules were removed.

In addition to a lamentable loss of staff, Crenshaw said the SEC has used staff guidance to effectively reverse rules without proper analysis or public comment, particularly around crypto

“Our statements on these crypto-related issues are the equivalent of a wink and nod intended to convey that we do not plan to rigorously apply our laws in certain, specific situations.”

She added that the regulator has abandoned enforcement actions, especially in crypto markets, creating what she calls “regulation by non-enforcement.”

“I am deeply troubled by the Commission’s abandonment of swaths of our enforcement program,” she said.

Crenshaw, the SEC’s last remaining Democrat commissioner, said the agency’s “about-face” is problematic for a host of reasons, such as corroding its reputation in court, undermining its credibility, and casting doubt on the state of “longstanding and fundamental case law.”

Crenshaw, who had also opposed the SEC’s settlement with Ripple, said in her latest remarks that the 2022 FTX collapse was an example of what a “large-scale crypto crisis” can look like.

“Those risks have not gone away, but the calls for serious regulatory scrutiny are a lot quieter these days,” she said.

“Failing to appreciate and address these risks and complexities destines us to repeat hard lessons with high stakes as crypto becomes increasingly entangled with traditional finance.”

In comparison, remarks from the SEC’s Republican commissioners welcomed the agency’s embrace of the crypto sector.

Crypto was “languishing in SEC limbo”

SEC chair Paul Atkins said at the SEC Speaks event that “crypto markets have been languishing in SEC limbo for years,” adding that the agency should not be in the business of stifling innovation of crypto companies.

Commissioner Hester Peirce, who heads the SEC’s Crypto Task Force, said in remarks that the agency’s approach under the Biden administration has “evaded sound regulatory practice and must be corrected.”

She also claimed that crypto did not come under the purview of securities laws because “most currently existing crypto assets in the market” are not securities.

“Even if a broad swath of the crypto assets trading in secondary markets today were initially offered and sold subject to an investment contract, they clearly are no longer bought and sold in securities transactions. Many of these crypto assets are functional.”

Commissioner Mark Uyeda echoed the sentiment of his peers, stating that the SEC “should undertake efforts to provide assurances that regulation by enforcement will not be a tool used for future policymaking.”

Magazine: Arthur Hayes $1M Bitcoin tip, altcoins ‘powerful rally’ looms: Hodler’s Digest

Politics

US Senate moves forward with GENIUS stablecoin bill

Published

5 hours ago

May 20, 2025

admin

US Senate moves forward with GENIUS stablecoin bill

The US Senate has voted to advance a key stablecoin-regulating bill after Democrat Senators blocked an attempt to move the bill forward earlier in May over concerns about President Donald Trump’s sprawling crypto empire.

A key procedural vote on the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, passed in a 66-32 vote on May 20.

Several Democrats changed their votes to pass the motion to invoke cloture, which will now set the bill up for debate on the Senate floor.

Republican Senator Cynthia Lummis, one of the bill’s key backers, said on May 15 that she thinks it’s a “fair target” to have the GENIUS Act passed by May 26 — Memorial Day in the US.

Government, United States, Stablecoin — *The US Senate voted 66-32 to advance debate on the GENIUS stablecoin bill. Source:* *US Senate*

The GENIUS Act was introduced on Feb. 4 by US Senator Bill Hagerty and seeks to regulate the nearly $250 billion stablecoin market — currently dominated by Tether (USDT) and Circle’s USDC (USDC).

The bill requires stablecoins be fully backed, have regular security audits and approval from federal or state regulators. Only licensed entities can issue stablecoins, while algorithmic stablecoins are restricted.

Several Democratic senators withdrew support for the bill on May 8, blocking a motion to move it forward, citing concerns over potential conflicts of interest involving Trump’s crypto ventures and anti-money laundering provisions.

The bill was revised soon after to receive enough bipartisan support to proceed to a vote.

Hagerty’s stablecoin bill builds on the discussion draft he submitted for former Representative Patrick McHenry’s Clarity for Payment Stablecoins Act in October.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Politics

DOJ is investigating Coinbase data breach— Report

Published

9 hours ago

May 19, 2025

admin

DOJ is investigating Coinbase data breach— Report

The US Department of Justice is reportedly conducting a probe over Coinbase’s contracted customer service agents in India, who accepted bribes in exchange for allowing criminals access to user data.

According to a May 19 Bloomberg report, DOJ investigators are looking into the data breach, which Coinbase disclosed to the public on May 15. The exchange reported that a group of customer support contractors — subsequently fired — “abused their access to […] systems to steal the account data for a small subset of customers.”

“We have notified and are working with the DOJ and other US and international law enforcement agencies and welcome law enforcement’s pursuit of criminal charges against these bad actors,” said Coinbase’s chief legal officer, Paul Grewal, according to Bloomberg.

Though “no passwords, private keys, or funds were exposed” according to Coinbase, the data breach resulted in social engineering attacks targeting users, including a Sequoia Capital partner, with losses estimated at up to $400 million. The attackers also attempted to extort $20 million from Coinbase in exchange for not disclosing the breach, which the company refused.

Backlash in the courts

The attempted social engineering attacks have resulted in Coinbase users filing several lawsuits against the exchange, alleging that the company mishandled their personal data. One user, a retired artist named Ed Suman, reported losing $2 million to the scammers.

Coinbase’s stock price fluctuated following the news of the breach and an unrelated probe from the US Securities and Exchange Commission over its reported “verified user” numbers. Cointelegraph reached out to Coinbase for comment but had not received a response at the time of publication.