UK-France migrant returns deal comes into force
Sir Keir Starmer and Emmanuel Macron’s migrant deal comes into force today, with detentions set to begin by the end of the week.
The “one in, one out” pilot scheme – which allows the UK to send some people who have crossed the Channel back to France in exchange for asylum seekers with ties to Britain – was signed last week, and has now been approved by the European Commission.
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It comes as 2025 is on course to be a record year for crossings.
Approximately 25,436 people have already made the journey this year, according to PA news agency analysis of Home Office figures – 49% higher than at the same point in 2024.
The prime minister and the French president hailed the deal as a “good agreement” when it was first announced during the latter’s visit to the UK last month.
The scheme also means that anyone arriving in a small boat can be detained immediately, with space set aside at immigration removal centres in anticipation of their arrival.
Sir Keir said the ratification of the treaty will “send a clear message – if you come here illegally on a small boat you will face being sent back to France”.
Ministers have so far declined to say how many people could be returned under the deal, however, there have been reports that under the scheme only 50 people a week will be returned to France.
Analysis: Deal will need to go much further to work
Sky News political correspondent Rob Powell said while it was a “policy win” for the government, the numbers must eventually “go a lot higher” than 50 per week if it is to work as a deterrent.
“The average crossing rate is about 800 a week, so this will need to go up by a sizeable factor for that message to start seeping through to people trying to make that crossing,” Powell added.
The aim will be to make asylum seekers believe the “risk of going back to France is so big that they shouldn’t bother parting with their cash and paying smugglers” to make the crossing.
Read more:
What is the UK-France migrant returns deal?
Clampdown on social media ads for Channel crossings unveiled
Migrants in Dunkirk, France, preparing to cross the English Channel.
The Conservatives have branded the agreement a “surrender deal” and said it will make “no difference whatsoever”.
Under the terms of the agreement, adults arriving on small boats will face being returned to France if their asylum claim is inadmissible.
In exchange, the same number of people will be able to come to the UK on a new legal route, provided they have not attempted a crossing before and subject to stringent documentation and security checks.
The pilot scheme is set to run until June 2026, pending a longer-term agreement.
Home Secretary Yvette Cooper will face questions on the agreement on Sky News Breakfast this morning.
Acting Chair of the US Commodity Futures Trading Commission (CFTC) Caroline Pham is in talks with regulated US crypto exchanges to launch leveraged spot crypto products as early as next month.
In a Sunday X post, Pham confirmed that she is pushing to allow leveraged spot crypto trading in the US and that she is in talks with regulated US crypto exchanges to launch leveraged crypto spot products next month.
Pham also confirmed that she continued meeting with industry representatives despite the government shutdown. The regulator is also currently considering issuing guidance for leveraged spot crypto products.
The news comes after the CFTC launched an initiative in early August to enable the trading of “spot crypto asset contracts” on exchanges registered with the regulator. In an announcement at the time, Pham invited comment on the rules that governed “retail trading of commodities with leverage, margin, or financing.”
According to the Federal Register, the Commodity Exchange Act “provides that a retail commodity transaction entered into with a retail person which is executed on a leveraged or margined basis” is “subject to the Commission’s jurisdiction, unless the transaction results in actual delivery of the commodity within 28 days of the transaction.” Consequently, leveraged crypto spot positions would only be allowed if their duration were limited to 28 days or they would be illegal.
Related: Republican Senator Says There’s a Small Time Frame for Passing Crypto Bill
Crypto pushes forward despite shutdown
A US government shutdown occurs when Congress fails to pass an annual spending bill or a short-term continuing resolution, blocking much of the federal government’s spending. In such situations, non-essential services are paused, some workers are furloughed, and others work without pay.
The current shutdown started on Oct. 1. However, Sunday reports suggest that the shutdown is likely nearing its end as the Senate moves to consider a continuing resolution to fund the government.
Related: Michael Selig Confirms CFTC Nomination, but Questions Linger
The report follows speculation about the impact of the government shutdown on progress in US crypto regulation. Early October reports noted that the SEC began its shutdown by announcing that it would “not engage in ongoing litigation,” except for emergency cases.
Despite this, at the end of October, many US senators reportedly moved to advance a bill on crypto market structure rules, despite the shutdown. Reports from earlier this month also suggest that meetings on the bill are still taking place in the US Senate despite the shutdown.
Magazine: US risks being ‘front run’ on Bitcoin reserve by other nations: Samson Mow
The United Kingdom’s central bank is moving toward stablecoin regulation by publishing a consultation paper proposing a regulatory framework for the asset class.
The Bank of England (BoE) on Monday released a proposed regulatory regime for sterling-denominated “systemic stablecoins,” or tokens it said are widely used in payments and therefore potentially pose risks to the UK financial stability.
Under the proposal, the central bank would require stablecoin issuers to back at least 40% of their liabilities with unremunerated deposits at the BoE, while allowing up to 60% in short-term UK government debt.
The consultation paper seeks feedback on the proposed regime until Feb. 10, 2026, with the BoE planning to finalize the regulations in the second half of the year.
Holding limits, backing and oversight
As part of the proposal, the central bank suggested capping individual stablecoin holdings at 20,000 British pounds ($26,300) per token, while allowing exemptions from the proposed 10,000 pound ($13,200) for retail businesses.
“We propose that issuers implement per-coin holding limits of 20,000 GBP for individuals and 10 million pounds for businesses,” the BoE stated, adding that businesses could qualify for exemptions if higher balances are needed in the course of normal operations.
Regarding stablecoin backing, the BoE suggested that issuers that are considered systemically important could be allowed to hold up to 95% of their backing assets in UK government debt securities as they scale.
Related: Bank of England pledges to keep pace with US on stablecoin regulations
“The percentage would be reduced to 60% once the stablecoin reaches a scale where this is appropriate to mitigate the risks posed by the stablecoin’s systemic importance without impeding the firm’s viability,” it added.
The BoE noted that His Majesty’s Treasury determines which stablecoin payment systems and service providers are deemed systemically important. Once designated, these systems would fall under the proposed regime and the BoE’s supervision.
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