Connect with us

Published

on

South Carolina dismisses its staking lawsuit against Coinbase, joining Vermont

South Carolina has become the latest US state to dismiss its lawsuit against crypto exchange Coinbase over its staking services, which had accused the crypto exchange of offering unregistered securities.

The lawsuit was officially dismissed in a joint stipulation between the crypto exchange and the South Carolina Attorney General’s securities division on March 27.

“South Carolina just joined Vermont to dismiss its unfounded staking lawsuit against Coinbase,” the firm’s chief legal officer, Paul Grewal, said in a March 27 X post.

“This is not just a victory for us, but for American consumers and we hope it’s a sign of things to come in the few states left that restrict staking.”

South Carolina dismisses its staking lawsuit against Coinbase, joining Vermont

South Carolina Attorney General and Coinbase’s joint stipulation. Source: South Carolina Attorney General

South Carolina and Vermont were two of 10 US states that took legal action against Coinbase’s staking services on June 6, 2023 — the same day that the federal securities regulator filed its lawsuit against the crypto exchange.

The Securities and Exchange Commission officially dismissed that lawsuit on Feb. 27, 2025.

The other eight US states that filed enforcement action similar to South Carolina were Alabama, California, Illinois, Kentucky, Maryland, New Jersey, Washington and Wisconsin. 

Grewal said he hoped to see other states follow suit, and that South Carolina residents lost an estimated $2 million in staking rewards as a result of the lawsuit.

“The 52 million Americans who own crypto deserve commonsense consumer protections and clear rules,” he said. “We applaud South Carolina for standing up for justice and hope the remaining states with bans on staking will take notice.”

South Carolina introduces Bitcoin reserve bill

Meanwhile, a state lawmaker has just introduced the “Strategic Digital Assets Reserve Act of South Carolina” on March 27, which could see the state treasurer allocate up to 10% of certain state funds to cryptocurrencies such as Bitcoin (BTC).

Unlike most US state crypto reserve bills, North Carolina’s House Bill 4256, introduced by Rep. Jordan Pace, mentioned Bitcoin on several occasions for the Strategic Digital Assets Reserve that the bill seeks to establish.

South Carolina dismisses its staking lawsuit against Coinbase, joining Vermont

Source: Jordan Pace

The bill allows South Carolina’s treasurer, currently Curtis Loftis, to establish a Bitcoin reserve that exceeds no more than 1 million Bitcoin — a high ceiling that the US federal government is also looking to reach or exceed with its recently established Strategic Bitcoin Reserve.

The treasurer would be able to add Bitcoin to South Carolina’s General Fund, the Budget Stabilization Reserve Fund any other investment fund that they manage.

Related: Coinbase files FOIA to see how much the SEC’s ‘war on crypto’ cost

While no mention of stablecoins, non-fungible tokens, Ether (ETH) or any other crypto tokens was made, the House bill said the Strategic Digital Assets Reserve wouldn’t be limited to Bitcoin.

According to Bitcoin Law, 42 Bitcoin reserve bills have been introduced at the state level in 19 states, and 36 of those 42 bills remain live.

Earlier this month, US President Donald Trump signed an executive order to create a Strategic Bitcoin Reserve and a Digital Asset Stockpile, both of which will initially use cryptocurrency forfeited in government criminal cases.

Magazine: Comeback 2025: Is Ethereum poised to catch up with Bitcoin and Solana?

Continue Reading

Politics

Starmer and Trump discuss ‘productive negotiations’ towards US-UK trade deal, Downing Street says

Published

on

By

Starmer and Trump discuss 'productive negotiations' towards US-UK 'prosperity' deal

Sir Keir Starmer and Donald Trump have discussed the “productive negotiations” towards a UK-US “economic prosperity deal”, Downing Street has said.

The two leaders discussed a possible deal in a phone call on Sunday and agreed negotiations will “continue at pace”, according to a statement.

A Downing Street spokesperson said: “The prime minister spoke to president Trump this evening.

“The president opened by wishing His Majesty the King best wishes and good health.

“They discussed the productive negotiations between their respective teams on a UK-US economic prosperity deal, agreeing that these will continue at pace this week.

“Discussing Ukraine, the prime minister updated the president on the productive discussions at the meeting of the Coalition of Willing in Paris this week. The leaders agreed on the need to keep up the collective pressure on Putin.

“They agreed to stay in touch in the coming days.”

Earlier this week, Mr Trump announced a new 25% tariff on all imported cars – threatening UK producers’ largest single export market.

Signing an executive order on Wednesday, Mr Trump said the tax would kick in on 2 April – what he has called “liberation day”.

British manufacturers such as Jaguar Land Rover, Bentley, Aston Martin and Rolls-Royce stand to be worst affected by the tariffs.

Please use Chrome browser for a more accessible video player

Trump ‘wants lasting peace in Ukraine’

But the government has signalled it would not retaliate – mirroring its response to the tariffs on steel and aluminium imposed globally by the Trump administration earlier this month.

Tariffs are a key part of Mr Trump’s efforts to reshape global trade relations.

He plans to impose what he calls “reciprocal” taxes on “liberation day” that would match tariffs and sales taxes levied by other nations. The extent of potential tariffs and countries affected remains unclear.

He has already placed a 20% tax on all imports from China.

He also placed 25% tariffs on Mexico and Canada, with a lower 10% tariff on Canadian energy products in addition to the duties on all steel and aluminium imports, including those from the UK.

The two leaders spoke last Sunday in a “brief call” about the economic prosperity deal, and again nearly three weeks ago ahead of the US-Ukraine talks in Saudi Arabia.

Mr Starmer and Mr Trump appeared to have a warm personal relationship when they met in the Oval Office last month.

But just a day later, the US president along with vice president JD Vance delivered a dressing down to Ukrainian president Volodymyr Zelenskyy – marking a major shift in the US approach to Ukraine and cementing Mr Starmer’s position as a bridge between Europe and the US in the peace talks.

Mr Starmer and Mr Trump also spoke twice before they met in person.

Continue Reading

Politics

‘Two-tier justice’ row: Government plans to change law to overrule Sentencing Council

Published

on

By

'Two-tier justice' row: Government plans to change law to overrule Sentencing Council

The government plans to change the law so it can overrule Sentencing Council guidelines following a row over “two-tier justice”, Sky News understands.

The independent Sentencing Council, which sets out sentencing guidance to courts in England and Wales, has been at odds with Justice Secretary Shabana Mahmood for weeks after it updated its guidance.

It said that from April, a pre-sentence report, the results of which are taken into account when considering a criminal’s sentence, will “usually be necessary” before handing out punishment for someone from an ethnic, cultural or faith minority, alongside other groups such as young adults aged 18 to 25, women and pregnant women.

Conservative shadow justice minister Robert Jenrick called the guidance “two-tier justice” and said there was “blatant bias” against Christians and straight white men, as he said it would make “a custodial sentence less likely for those from an ethnic minority, cultural minority, and/or faith minority community”.

Ms Mahmood had called on the Sentencing Council to reverse the guidance, but it refused, which Sir Keir Starmer said he was “disappointed” with, and the justice secretary called “unacceptable”.

British Prime Minister Keir Starmer attends a press conference at the UK Ambassador's Residence after a meeting with European leaders on strengthening support for Ukraine in Paris, France, March 27, 2025. REUTERS/Stephanie Lecocq/Pool
Image:
Sir Keir Starmer said he was ‘disappointed’ the Sentencing Council will not reverse its guidelines. File pic: Reuters

Before the weekend, Sir Keir said “all options are on the table” over how the government might respond.

But sources have now told Sky News the Ministry of Justice plans to legislate at the “earliest opportunity” to be able to overrule sentencing guidelines.

Ministers could introduce the legislation as early as Monday so they can “push it through parliament”, so the current guidelines can be changed quickly.

Until the law is changed so the government can dismiss the Sentencing Council guidelines, the body can plough ahead with the changes as it is independent of the state.

Read more:
Sentencing Council rejects minister’s call for guidance rethink

What are pre-sentence reports and why the controversy?

Please use Chrome browser for a more accessible video player

‘Blatant bias against straight, white men’

In reply to Ms Mahmood’s letter calling for a reversal, the Sentencing Council’s chair, Lord Justice William Davis, said on Friday that the reforms reflect evidence of disparities in sentencing outcomes, disadvantages faced within the criminal justice system and complexities in the circumstances of individual offenders.

He said pre-sentence reports allow judges to be “better equipped” to “avoid a difference in outcome based on ethnicity”.

“The cohort of ethnic, cultural and faith minority groups may be a cohort about which judges and magistrates are less well informed,” he added.

Sky News has contacted the Sentencing Council for a comment on the potential law changes.

Continue Reading

Politics

Trump’s trade war pressures crypto market as April 2 tariffs loom

Published

on

By

Trump’s trade war pressures crypto market as April 2 tariffs loom

Trump’s trade war pressures crypto market as April 2 tariffs loom

Concerns over a global trade war continue to pressure traditional and cryptocurrency markets as investors brace for a potential tariff announcement from US President Donald Trump on April 2 — a move that could set the tone for Bitcoin’s price trajectory throughout the month.

Trump first announced import tariffs on Chinese goods on Jan. 20, the day of his inauguration as president.

Global tariff fears have led to heightened inflation concerns, limiting appetite for risk assets among investors. Bitcoin (BTC) has fallen 18%, and the S&P 500 (SPX) index has fallen more than 7% in the two months following the initial tariff announcement, according to TradingView data, TradingView data shows.

“Going forward, April 2 is drawing increased attention as a potential flashpoint for fresh US tariff announcements,” Stella Zlatareva, dispatch editor at digital asset investment platform Nexo, told Cointelegraph.

Trump’s trade war pressures crypto market as April 2 tariffs loom

S&P 500, BTC/USD, 1-day chart. Source: TradingView 

Investor sentiment took another hit on March 29 after Trump pressed his senior advisers to take a more aggressive stance on import tariffs, which may be seen as a potential escalation of the trade war, the Washington Post reported, citing four unnamed sources familiar with the matter.

The April 2 announcement is expected to detail reciprocal trade tariffs targeting top US trading partners. The measures aim to reduce the country’s estimated $1.2 trillion goods trade deficit and boost domestic manufacturing.

Related: Bitcoin ‘more likely’ to hit $110K before $76.5K — Arthur Hayes

Bitcoin ETFs, whales continue accumulating

Despite mounting uncertainty, large Bitcoin holders — known as “whales,” with between 1,000 BTC and 10,000 BTC — have continued to accumulate.

Addresses in this category have remained steady since the beginning of 2025, from 1,956 addresses on Jan. 1 to over 1,990 addresses on March 27 — still below the previous cycle’s peak of 2,370 addresses recorded in February 2024, Glassnode data shows.

Trump’s trade war pressures crypto market as April 2 tariffs loom

Whale address count. Source: Glassnode

“Risk appetite remains muted amid tariff threats from President Trump and ongoing macro uncertainty,” according to Iliya Kalchev, dispatch analyst at Nexo, who told Cointelegraph:

“Still, BTC accumulation by whales and a 10-day ETF inflow streak point to steady institutional demand. But hawkish surprises — from inflation or trade — may keep crypto rangebound into April.”

Related: $1T stablecoin supply could drive next crypto rally — CoinFund’s Pakman

The US spot Bitcoin exchange-traded funds halted their 10-day accumulation streak on March 28 when Fidelity’s ETF recorded over $93 million worth of outflows, while the other ETF issuers registered no inflows or outflows, Farside Investors data shows.

Trump’s trade war pressures crypto market as April 2 tariffs loom

Bitcoin ETF Flows. Source: Farside Investors

Despite short-term volatility concerns, analysts remained optimistic about Bitcoin’s price trajectory for late 2025, with price predictions ranging from $160,000 to above $180,000.

Magazine: SCB tips $500K BTC, SEC delays Ether ETF options, and more: Hodler’s Digest, Feb. 23 – March 1

Continue Reading

Trending