Connect with us

Published

on

Scotland’s new first minister has told Sky News that the controversial gender recognition reforms “cannot be implemented.”

John Swinney, who became first minister this week, has faced questions over his stance on gender recognition after MSPs voted in 2022 to pass a bill to make it simpler for people to change their gender without having to obtain a medical diagnosis.

The UK government blocked the bill from being made into law and the Supreme Court rejected a request by the Scottish government for a judicial review.

Politics latest: Starmer sets out plan to tackle small boat crossings

Asked if he would be fighting to push the bill through, Mr Swinney told Sky News: “The reality of the situation we face is that the Supreme Court has said that we can’t legislate in that area. We can’t take forward that legislation.”

His predecessor Humza Yousaf had previously suggested he wanted to work with the UK Labour Party to amend the laws ahead of the general election.

Scottish ministers said the scheme, dubbed self-ID, was aimed at making life easier for the trans community but women’s campaigners said it threatened their rights.

Mr Swinney made former leadership contestant Kate Forbes his deputy this week, which has caused some consternation within the party as she previously said she would have voted against gay marriage but would not seek to overturn the law if she became first minister.

But Mr Swinney sought to reassure the LGBT community, saying he had voted for gay marriage and introduced inclusive education into schools when he was education secretary.

Kate Forbes arrives at Bute House, Edinburgh, after newly appointed First Minister of Scotland John Swinney was sworn in at the Court of Session. Picture date: Wednesday May 8, 2024.
Image:
Kate Forbes said she would have voted against gay marriage

Read more:
Elphicke defection ‘like being punched in the gut’, says MP
Can British farming survive?
Failed asylum seeker pays smuggler to return him to France

Mr Swinney said: “I think what’s the most important thing that I can see is that to LGBT people in our society, the Scottish government is on their side.

“We have been on their side and we will be on their side in the years to come.”

A Scottish government spokeswoman said: “The Gender Recognition Reform Bill was passed by the Scottish Parliament.

“If the UK government lifted its legal block – the section 35 order – it would become law.

“The problem is that the current UK government has said they will not.

“The Scottish government’s position is simple – UK government should lift their section 35 order.

“They have made clear however that they will not, and until they do, it is simply not legal to implement the legislation.”

Follow Sky News on WhatsApp
Follow Sky News on WhatsApp

Keep up with all the latest news from the UK and around the world by following Sky News

Tap here

Independence ‘can be achieved in five years’

Mr Swinney also said he believes Scotland could split from the rest of the UK in five years thanks to Brexit and the cost of living crisis.

He told Sky News: “I think independence can be delivered in that timescale because the arguments for it are compelling.

“If we look at two of the biggest issues we face as a country in Scotland; the effect of the cost of living and the implications of Brexit.

“Both of those are major strategic factors that are doing severe economic and social damage to Scotland because of bad decisions taken in Westminster.

“And independence is the answer to that.”

Please use Chrome browser for a more accessible video player

‘Independence can be delivered in five years’

He said Scotland was “forced out of the European Union against our will” as a majority in the country voted to remain.

“If we’d been an independent country, we will be able to take part in Europe and not have all the damaging disruption that we faced,” he added.

Mr Swinney was deputy first minister under Nicola Sturgeon, who was leader of the SNP and first minister from 2014 to 2023 when she stepped down.

Ms Sturgeon wanted to use the next general election as a de facto second referendum on independence after the Supreme Court ruled a vote cannot be held without the UK government’s consent – but it is yet to be seen what Mr Swinney favours.

Continue Reading

Politics

Bitcoin Policy Institute reps sound alarm on de minimis tax exclusion

Published

on

By

Bitcoin Policy Institute reps sound alarm on de minimis tax exclusion

Representatives of the Bitcoin Policy Institute (BPI), a nonprofit Bitcoin advocacy organization, warned that US lawmakers have not included a de minimis tax exemption for Bitcoin transactions below a certain threshold.

“De Minimis tax legislation may be limited to only stablecoins, leaving everyday Bitcoin transactions without an exemption,” Conner Brown, BPI’s head of strategy, said on X, adding that the decision to exclude Bitcoin (BTC) is a “severe mistake.”

In July, Wyoming Senator Cynthia Lummis introduced a bill proposing a de minimis tax exemption for crypto transactions of $300 or less, with a $5,000 annual limit on tax-free transactions and sales.

The bill proposal also included tax exemptions for digital assets used for charitable donations and tax deferment for crypto earned through mining proof-of-work (PoW) protocols or staking to secure blockchain networks.

Allowing a tax exemption for small Bitcoin transactions would increase its use as a medium of exchange rather than just as a store of value asset, allowing a new financial system built on a Bitcoin standard, BTC advocates say.

Bitcoin Regulation, Cash
Source: Conner Brown

The discussion around de minimis tax exemptions has also raised questions about whether such relief should apply to stablecoins, which are designed to maintain a stable value.

“Why would you even need a De Minimis tax exemption for stablecoins,” Marty Bent, founder of media company Truth for The Commoner (TFTC), wrote on X. “They don’t change in value. This is nonsensical.”

Cointelegraph reached out to BPI about the proposed legislation, but had not received a response at time of publication. 

Related: Japan’s new crypto tax could wake ‘sleeping giant’ of retail investors

Bitcoin is gaining value, but it isn’t being used as peer-to-peer electronic cash

The Bitcoin white paper, authored by its pseudonymous creator Satoshi Nakamoto in 2019, describes Bitcoin as a “peer-to-peer electronic cash system.”

However, relatively high transaction fees, average block times of about 10 minutes, and capital gains taxes on Bitcoin stifle BTC’s use as a payment method for goods and services.

Many Bitcoin investors choose to hold BTC for the long term, sometimes borrowing fiat currency against their BTC holdings to pay expenses and fund everyday purchases.

Bitcoin Regulation, Cash
The Bitcoin white paper was published by Satoshi Nakamoto in 2009. Source: Satoshi Nakamoto Institute

The Bitcoin Lightning Network is a second-layer protocol designed for BTC payments, which works by locking a specific amount of BTC in a payment channel between two or more people.

Users connected through a payment channel can conduct multiple transactions offchain, with only the final net balance recorded on the Bitcoin ledger for settlement once the channel is closed.

This makes Bitcoin transactions faster and cheaper, as the users in the payment channel do not have to wait for new blocks to be mined or pay a network fee for each transaction between parties in the channel.

Magazine: The one thing these 6 global crypto hubs all have in common…