Infected blood scandal victims ‘could receive more than £2m compensation’

Published

11 months ago

May 22, 2024

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People infected with deadly viruses due to the tainted blood scandal could receive more than £2m in compensation, according to government documents.

“Illustrative figures” have been published on the Infected Blood Compensation Authority section of the government website, which show “the compensation award that an infected person living with a single infection or co-infection may expect to receive”.

The documents say that people living with HIV as a result of the scandal could receive between £2.2m and £2.6m.

Payments for those with hepatitis vary from £35,500 for an “acute” infection up to £1,557,000 for the most severe illnesses caused by the virus, according to the figures.

People with both viruses could be paid up to £2.7m, according to the tables.

More than 30,000 people were infected with deadly viruses between the 1970s and early 1990s through blood transfusions or blood products while receiving NHS care.

The report from the Infected Blood Inquiry, published on Monday, found the scandal, which has so far claimed the lives of around 3,000 people, “could largely have been avoided” and there was a “pervasive” cover-up to hide the truth.

The illustrative figures were published as the government set out more details of the compensation scheme, although they are not the final numbers.

Cabinet Office minister John Glen said he recognised that “time is of the essence” as he confirmed that the first full compensation payments to victims will be made before the end of the year.

In the meantime, some victims will receive a £210,000 interim payment before the end of the summer, he said.

Mr Glen also announced that family members of those infected would also be eligible for compensation.

The illustrative figures also show how much family members may expect to receive.

They suggest the partner of someone infected with HIV who is still alive today could receive around £110,000, while a child could get £55,000, and siblings could receive £30,000.

He told MPs: “Those who have been infected or affected as a result of this scandal will receive compensation.

“When a person with an eligible infection has been accepted on to the scheme, their affected loved ones will be able to apply for compensation in their own right.

“That means partners, parents, siblings, children, friends and family who have acted as carers of those who are infected are all eligible to claim.

“Our expectation is that final payments will start before the end of the year.”

He confirmed that anyone already registered with one of the existing support schemes will automatically be considered eligible for compensation.

Mr Glen said there will be five categories under which compensation will be awarded – injury, social impact, autonomy, care and financial loss – and multiple awards will be provided where applicable.

The illustrative tables calculate the possible payouts based “across all categories of award”.

Jason Evans, director of the Factor 8 campaign group, called for more clarity on the scheme, adding: “Taken together, the government’s announcement today creates fresh disparity. Some estates may have received £310,000 in total interim payments by the summer, while most may have received nothing.”

Richard Angell, chief executive at the Terrence Higgins Trust, said: “The priority now must be ensuring that everyone who is entitled to compensation gets it and gets it quick.”

Politics

Panama’s capital to accept crypto for taxes, municipal fees

Published

9 hours ago

April 16, 2025

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<div>Panama's capital to accept crypto for taxes, municipal fees</div>

Panama’s capital city will accept cryptocurrency payments for taxes and municipal fees, including bus tickets and permits, Panama City mayor Mayer Mizrachi announced on April 15, joining a growing list of jurisdictions globally that have voted to accept such payments.

Panama City will begin accepting Bitcoin (BTC), Ether (ETH), Circle’s USDC (USDC), and Tether’s USDt (USDT) stablecoin for payment once the crypto-to-fiat payment rails are established, Mizrachi posted on the X platform.

Mizrachi said previous administrations attempted to push through similar legislation but failed to overcome stipulations requiring the local government to accept funds denominated in US dollars.

In a translated statement, the Panama City mayor said that the local government partnered with a bank that will immediately convert any digital assets received into US dollars, allowing the municipality to accept crypto without introducing new legislation.

Panama City joins a growing list of global jurisdictions on the municipal and state level accepting cryptocurrency payments for taxes, exploring Bitcoin strategic reserves to protect public treasuries from inflation and passing pro-crypto policies to attract investment.

Taxes, Panama, Bitcoin Adoption — *Source:* *Mayer Mizrachi*

Municipalities and states embrace digital assets

Several municipalities and territories around the globe already accept crypto for tax payments or are exploring various implementations of blockchain technology for government spending.

The US state of Colorado started accepting crypto payments for taxes in September 2022. Much like Panama City said it will do, Colorado immediately converts the crypto to fiat.

In December 2023, the city of Lugano, Switzerland, announced taxes and city fees could be paid in Bitcoin, which was one of the developments that earned it the reputation of being a globally recognized Bitcoin city.

The city council of Vancouver, Canada, passed a motion to become “Bitcoin-friendly city” in December 2024. As part of that motion, the Vancouver local government will explore integrating BTC into the financial system, including tax payments.

North Carolina lawmaker Neal Jackson introduced legislation titled “The North Carolina Digital Asset Freedom Act” on April 10. If passed, the bill will recognize cryptocurrencies as an official form of payment that can be used to pay taxes.

Magazine: Crypto City: The ultimate guide to Miami

Politics

Fed’s Powell reasserts support for stablecoin legislation

Published

11 hours ago

April 16, 2025

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<div>Fed's Powell reasserts support for stablecoin legislation</div>

As digital assets gain mainstream adoption, establishing a legal framework for stablecoins is a “good idea,” said US Federal Reserve Chair Jerome Powell.

In an April 16 panel at the Economic Club of Chicago, Powell commented on the evolution of the cryptocurrency industry, which has delivered a consumer use case that “could have wide appeal” following a difficult “wave of failures and frauds,” he said.

Fed's Powell reasserts support for stablecoin legislation

Powell delivers remarks at the Economic Club of Chicago. Source: Bloomberg Television

During crypto’s difficult years, which culminated in 2022 and 2023 with several high-profile business failures, the Fed “worked with Congress to try to get a […] legal framework for stablecoins, which would have been a nice place to start,” said Powell. “We were not successful.”

“I think that the climate is changing and you’re moving into more mainstreaming of that whole sector, so Congress is again looking […] at a legal framework for stablecoins,” he said.

“Depending on what’s in it, that’s a good idea. We need that. There isn’t one now,” said Powell.

This isn’t the first time Powell acknowledged the need for stablecoin legislation. In June 2023, the Fed boss told the House Financial Services Committee that stablecoins were “a form of money” that requires “robust” federal oversight.

Support for stablecoin legislation is growing

The election of US President Donald Trump has ushered in a new era of pro-crypto appointments and policy shifts that could make America a digital asset superpower.

Washington’s formal embrace of cryptocurrency began earlier this year when Trump established the President’s Council of Advisers on Digital Assets, with Bo Hines as the executive director.

Hines told a digital asset summit in New York last month that a comprehensive stablecoin bill was a top priority for the current administration. After the Senate Banking Committee passed the GENIUS Act, a final stablecoin bill could arrive at the president’s desk “in the next two months,” said Hines.

Bo Hines (right) speaks of “imminent” stablecoin legislation at the Digital Asset Summit on March 18. Source: Cointelegraph

Stablecoins pegged to the US dollar are by far the most popular tokens used for remittances and cryptocurrency trading.

The combined value of all stablecoins is currently $227 billion, according to RWA.xyz. The dollar-pegged USDC (USDC) and USDt (USDT) account for more than 88% of the total market.

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

Politics

Court grants 60-day pause of SEC, Ripple appeals case

Published

13 hours ago

April 16, 2025

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Court grants 60-day pause of SEC, Ripple appeals case

An appellate court has granted a joint request from Ripple Labs and the Securities and Exchange Commission (SEC) to pause an appeal in a 2020 SEC case against Ripple amid settlement negotiations.

In an April 16 filing in the US Court of Appeals for the Second Circuit, the court approved a joint SEC-Ripple motion to hold the appeal in abeyance — temporarily pausing the case — for 60 days. As part of the order, the SEC is expected to file a status report by June 15.

Law, Ripple, SEC, Court — *April 16 order approving a motion to hold an appeal in abeyance. Source: PACER*

The SEC’s case against Ripple and its executives, filed in December 2020, was expected to begin winding down after Ripple CEO Brad Garlinghouse announced on March 19 that the commission would be dropping its appeal against the blockchain firm. A federal court found Ripple liable for $125 million in an August ruling, resulting in both the SEC and blockchain firm filing an appeal and cross-appeal, respectively.

However, once US President Donald Trump took office and leadership of the SEC moved from former chair Gary Gensler to acting chair Mark Uyeda, the commission began dropping multiple enforcement cases against crypto firms in a seeming political shift. Ripple pledged $5 million in XRP to Trump’s inauguration fund, and Garlinghouse and chief legal officer Stuart Alderoty attended events supporting the US president.

Despite support for the end of the case coming from both Ripple and the SEC, the August 2024 judgment and appellate cases leave some legal entanglements. Alderoty said in March that Ripple would drop its cross-appeal with the SEC and receive a roughly $75 million refund from the lower court judgment. It’s unclear what else may result from negotiations over a settlement in appellate court.

New leadership at SEC incoming

Acting chair Uyeda is expected to step down following the US Senate confirming Paul Atkins as SEC chair on April 9.

During his confirmation hearings, lawmakers questioned Atkins about his ties to crypto, which could create conflicts of interest in his role regulating the industry. In financial disclosures, Atkins stated he had millions of dollars in assets through stakes in crypto firms, including Securitize, Pontoro and Patomak.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered