PM says solution to NI Protocol row ‘easily doable’ as EU says its patience with UK ‘wearing very, very thin’
Discussions between the UK and the EU over post-Brexit rules in Northern Ireland have ended without an agreement being reached.
Brexit Minister Lord Frost said he and European Commission vice president Maros Sefcovic had broken up their discussions with “no breakthroughs and no breakdowns” with the EU on the implementation of the Northern Ireland protocol.
Mr Sefcovic described the EU as having reached “a crossroads” with the EU after Wednesday’s talks and said the bloc’s patience is “wearing very, very thin”.
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GB chilled meats ‘no risk’ to N Ireland
In a statement following the meeting between the pair, the government acknowledged the “urgent need for further discussions in order to make real progress”.
“The UK will continue to put forward detailed proposals, as we have throughout this year, and looks forward to discussing any proposals the EU may put forward,” it said.
The showdown comes as Boris Johnson is battling to avoid a sausage trade war with Brussels which could see chilled meats barred from shops in Northern Ireland from the end of this month.
Ahead of the talks, which took place in London, Lord Frost warned that time was running out for an agreement to be reached and had called for “common sense” to prevail.
Mr Sefcovic has said there have been “numerous and fundamental gaps in the UK’s implementation” of the two sides’ trade deal and that the EU will act “firmly” if the UK does not agree on deadlines for complying with its obligations.
Speaking after the three-and-a-half hour talks on Wednesday, Lord Frost said the “frank and honest discussions” had not resulted in a resolution, but that the two sides had agreed to carry on communicating.
The talks between Lord Frost and Maros Sefcovic lasted three-and-a-half hours on Wednesday.
“The problem we’ve got is the protocol is being implemented in a way which is causing disruption in Northern Ireland and we had some pretty frank and honest discussions about that situation today,” he said.
“There weren’t any breakthroughs. There aren’t any breakdowns either and we’re going to carry on talking.
“What we really now need to do is very urgently find some solutions which support the Belfast Good Friday Agreement, support the peace process in Northern Ireland and allow things to return to normal.”
Calling for “pragmatic solutions” to be found, Lord Frost maintained that the EU is insisting the protocol is implemented in an “extremely purist way”.
“What the EU is insisting on is we should operate the protocol in an extremely purist way. The reality is that it’s a very balanced document that’s designed to support the peace process and deal with the very sensitive politics in Northern Ireland,” the Brexit minister said.
But Mr Sefcovic said Brussels has engaged “creatively and tirelessly” to find solutions for businesses and those living in Northern Ireland.
“There are still numerous and fundamental gaps in the UKs implementation of our agreement.
European Commission vice president Maros Sefcovic has said the EU will act ‘firmly’ if the UK does not agree on deadlines for complying with its obligations.
“These gaps need to be filled by a mutually agreed compliant path with concrete deadlines and milestones for the UK to fulfil its existing obligations.
“If the UK were to take further unilateral action in the coming weeks the EU will not be shy in acting swiftly, firmly and resolutely to ensure the UK abides by its international obligations,” he told reporters.
The Northern Ireland Protocol was put in place to avoid the introduction of a hard border between Ireland and Northern Ireland in the event of a no-deal Brexit.
It states that Northern Ireland will remain part of the UK’s customs territory – so if the UK signs a free trade deal with another country, Northern Irish goods would be included.
However, Northern Ireland will have to stick to some EU rules to allow goods to move freely into the Republic.
Under the protocol, a ban will come into force if the UK and EU cannot agree on new regulatory standards to cover the sale of some products after a “grace period” allowed under the agreement.
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Sausage row threatens post-Brexit trade deal
In March, the UK unilaterally extended the grace period for supermarket goods and parcels for another six months, after it was due to finish at the end of that month.
The EU launched legal action against the UK for extending that grace period.
It is understood British ministers are now considering a unilateral extension for chilled meats, including sausages and mince, which is due to end on 30 June.
After the grace period, chilled meats produced in Great Britain will not be allowed to be sold in Northern Ireland as they are not from the EU, which has strict restrictions on food products.
Mr Sefcovic said retaliation by the EU would be so extreme it would ensure the UK “abides by its international law obligations”.
Boris Johnson’s spokesman has said there is “no case whatsoever” for blocking the sale of chilled meats.
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.
Related: New York bill proposes legalizing Bitcoin, crypto for state payments
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.
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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.
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.
Related: Stablecoins are the best way to ensure US dollar dominance — Web3 CEO
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
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.
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.
Related: SEC dropping Ripple case is ‘final exclamation mark’ that XRP is not a security — John Deaton
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
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