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It was the prime minister’s day in court today, and he really needed a win.

Instead, the linchpin of his immigration plan – to send asylum seekers to Rwanda – is not just loose but lost.

For a leader who has said, on repeat, that he will stop the boats, Rishi Sunak had little option after this almighty setback to double down on the plan.

Politics latest: Labour frontbenchers resign over Starmer’s Gaza stance

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Sunak presses ahead with Rwanda plan

Appearing before the media after losing this case in the Supreme Court, Mr Sunak sounded determined and tough: Rwanda not safe for migrants? No matter – parliament will pass emergency laws to declare it safe and will disapply international law, such as the European Convention on Human Rights, when it comes to the government’s Rwanda policy.

And then there was this promise to voters: “Flights will be heading off in the spring as planned.”

It was tough talk and a clear plan but stop for a few minutes and you ask yourself: is this a prime minister on rinse and repeat, trying to change laws only to get bogged down, again?

First, if the Supreme Court says Rwanda isn’t a safe country, you can’t simply pass a law that says it is.

The prime minister might be able to push it through the Commons with his majority, but the House of Lords may well not want to vote to put anyone in harm’s way.

The suggestion by Mr Sunak that this is all straightforward is disingenuous to say the least.

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Beth Rigby on the Rwanda ruling

When I suggested to one government adviser that the prime minister might not be able to guarantee flights next spring given the legislative hoops he needs to jump through, they argued: “The Lords question is a question for Labour, not us – will they accept the will of parliament and the people that we must stop the boats?”

I suspect the answer to that will be a “no” and this will be neither a quick or easy process.

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Then there is the question of any domestic laws the prime minister does pass being challenged in the European Court of Human Rights in Strasbourg.

Read more:
Rwanda plan ruled unlawful by Supreme court
Explainer – how did the government policy end up in the courts?

Now, on that, the UK-Rwanda treaty might help, says former head government lawyer Jonathan Jones.

That’s because Strasbourg could issue an interim “rule 39” order to say the UK can’t allow flights to take off – as it did earlier this year – but it sounds like the prime minister would ignore it.

But what all of the above points to is that this is no quick fix and that matters politically, because the one big takeaway I heard from that media conference was that the flights will get off the ground next spring.

Those on the right of the party will be led by Suella Braverman agitating for the prime minister to withdraw from the ECHR now and get the flights going or face a new Tory civil war. The stakes could not be higher.

A prime minister’s announcement on next steps today raises more questions than it answers, while his new promise still, for now, looks extremely hard to keep.

When the history of the Sunak government is written, will “stop the boats” be remembered as an election-winning slogan or Mr Sunak’s political epitaph?

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MEV trading returns to court in Pump.fun class-action lawsuit

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MEV trading returns to court in Pump.fun class-action lawsuit

A US court is once again being asked to weigh in on maximal extractable value practices after a judge allowed new evidence to be added to a class-action lawsuit tied to a memecoin platform.

The judge granted a motion to amend and refile to include new evidence a class-action lawsuit against memecoin launch platform Pump.fun, the maximal extractable value (MEV) infrastructure company Jito Labs, the Solana Foundation, which is the nonprofit organization behind the Solana ecosystem, and others.

The motion said over 5,000 pieces of evidence in the form of internal chat logs were submitted by a “confidential informant” in September that were previously unavailable. The filing said:

“Plaintiffs assert that the logs contain contemporaneous discussions among Pump.fun, Solana Labs, Jito Labs, and others concerning the alleged scheme, and that they materially clarify the enterprise’s management, coordination, and communications.”

Solana
The first page of the motion to amend the case to include new evidence, which was granted. Source: Burwick Law

The lawsuit, originally filed in July, alleges that the Pump.fun platform deliberately misled retail investors by marketing memecoin launches as “fair,” but engaged in a scheme with Solana validators to front-run retail participants through maximal extractable value (MEV).

Maximal extractable value is a technique that involves reordering transactions within a block to maximize profit for MEV arbitrageurs and validators. 

The plaintiffs allege that Pump.fun used MEV techniques to give insiders preferential access to new tokens at a low value, which were then pumped and dumped onto retail participants, who were used as exit liquidity by insiders.

Cointelegraph reached out to Burwick Law, the legal firm representing the plaintiffs, as well as Pump.fun, Jito Labs and the Solana Foundation, but did not receive any responses by the time of publication.

Solana
The allegations in the original lawsuit filing. Source: Burwick Law

The lawsuit could set a precedent for MEV cases in the United States, as the ethics of the practice continue to be debated within the crypto industry and legal bodies struggle to define proper regulations about the highly technical subject.

Related: Pump.fun co-founder denies $436M cash out, claims it was ‘treasury management’

The MEV bot trial leaves questions unanswered

Anton and James Peraire-Bueno, the brothers accused of using a MEV trading bot to make millions of dollars in profit, went to trial in November in the US.

Prosecutors argued that the brothers tricked victims out of their funds, but defense attorneys said that they were executing a legitimate trading strategy and did not do anything illegal.

The jury struggled to reach a verdict in the case, and several jurors requested additional information to clarify the complexities surrounding the technical specifics of blockchain technology.

The case ended in a mistrial after the jury was deadlocked and failed to reach a verdict, highlighting the complexity of adjudicating legal disputes surrounding the application of nascent financial technology.

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