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In every major litigation, there comes a moment when you realize it’s time to settle. A ruling doesn’t go your way, a juror gives your legal team the side eye, the judge makes it clear it’s time for a settlement conference. After Judge Analisa Torres’ decision in SEC v. Ripple, the time has come for the United States Securities and Exchange Commission to settle the remainder of its case against Ripple Labs — as well as its case against Coinbase.

The SEC’s attack on crypto has used a flexible legal definition of what constitutes a security that must register with the SEC under a legal test established by the Supreme Court in the 1946 case SEC v. Howey. Through most of its history, the SEC used this tool to go after outright frauds and scams with little economic reality behind them. You can understand why judges tended to give the SEC the benefit of the doubt and made the test increasingly flexible over a series of historical scam cases. Using this flexible test to attach legitimate crypto projects is different and, ultimately, leaves crypto projects with no way to register.

Torres ruled that sales to retail investors of the XRP (XRP) token were not necessarily linked to the entrepreneurial efforts of Ripple as a firm and, thus, failed one element of the Howey test. This is a unique crypto twist on the Howey test. Linking the investment to the entrepreneurial efforts of whoever is selling the interest is going to be harder in crypto because tokens don’t represent an equity interest in the issuer. Thus, the purchaser of a crypto token is not as closely linked to the efforts of the founder of a new blockchain as equity investors in traditional firms.

Related: The Supreme Court could stop the SEC’s war on crypto

This turns the SEC’s case against Coinbase on its head — and Coinbase knows it. It sent a strong message to the SEC when Coinbase relisted the XRP token within hours of Torres’ decision. This victory was only a partial victory, but it makes it very difficult for the SEC to target secondary markets in crypto securities like secondary trading on Coinbase’s platform.

All of this analysis doesn’t even begin to explore the challenges the SEC will face with the Supreme Court eager to reign in administrative agencies with the evolving major questions doctrine that could dramatically curtail the SEC’s war on crypto.

The SEC’s best move now is to settle and make a deal with Coinbase. Coinbase already extended the olive branch to the SEC a year ago by filing a request for rulemaking to create an adapted listing process for crypto assets. I suggested the same about six months earlier after a hearing of the SEC’s investor advisory committee — which I led. The committee found that crypto tokens could not feasibly register with the SEC without adaptation of the listing process.

There is no shortage of crypto lawyers ready to work with the SEC to figure out an adaptive regulatory regime for crypto tokens. There are hundreds of securities lawyers who are SEC alumni or big law alumni working in crypto right now who could help the SEC adapt their rules in the same way the SEC has adapted its rules in the past for asset-backed securities, master limited partnership, real estate investment trusts and dozens of other hybrid assets and asset vehicles.

Related: Demand is driving the price of Bitcoin to $130K

Many of the disclosure requirements in the SEC’s disclosure rules about boards of directors, executive compensation, shareholder proposals and financial statements simply don’t fit crypto projects. Who would “register” Ethereum today? It has no board and no CEO.

What assets and liabilities would be on the balance sheet of an entity filing documents about Ethereum, given that no entity actually controls the well-decentralized Ethereum blockchain? None of that is clear.

And things crypto asset buyers want to know, such as tokenomics or audits of blockchain security or the smart contracts underlying decentralized finance (DeFi) exchanges, aren’t mentioned in SEC disclosure rules.

The game of chicken that the SEC has been playing with Coinbase and Ripple needs to end because the SEC is about to get run off the road. There is a better path consistent with the rule of law. It’s time for the SEC to work with crypto lawyers to develop a workable crypto asset listing and disclosure regime and quit the blithe “just come in and register” talking points. This alternative approach will better protect crypto asset buyers.

J.W. Verret is an associate professor at George Mason University’s Antonin Scalia Law School. He is a practicing crypto forensic accountant and also practices securities law at Lawrence Law LLC. He is a member of the Financial Accounting Standards Board’s Advisory Council and a former member of the SEC Investor Advisory Committee. He also leads the Crypto Freedom Lab, a think tank fighting for policy change to preserve freedom and privacy for crypto developers and users.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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Hundreds of NHS quangos to be axed – as plans unveiled for health funding to be linked to patient feedback

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Hundreds of NHS quangos to be axed - as plans unveiled for health funding to be linked to patient feedback

NHS funding could be linked to patient feedback under new plans, with poorly performing services that “don’t listen” penalised with less money.

As part of the “10 Year Health Plan” to be unveiled next week, a new scheme will be trialled that will see patients asked to rate the service they received – and if they feel it should get a funding boost or not.

It will be introduced first for services that have a track record of very poor performance and where there is evidence of patients “not being listened to”, the government said.

This will create a “powerful incentive for services to listen to feedback and improve patients’ experience”, it added.

Sky News understands that it will not mean bonuses or pay increases for the best performing staff.

NHS payment mechanisms will also be reformed to reward services that keep patients out of hospital as part of a new ‘Year of Care Payments’ initiative and the government’s wider plan for change.

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Do you want AI listening in on chats with your doctor?

Speaking to The Times, chief executive of the NHS Confederation Matthew Taylor expressed concerns about the trial.

He told the newspaper: “Patient experience is determined by far more than their individual interaction with the clinician and so, unless this is very carefully designed and evaluated, there is a risk that providers could be penalised for more systemic issues, such as constraints around staffing or estates, that are beyond their immediate control to fix.”

He said that NHS leaders would be keen to “understand more about the proposal”, because elements were “concerning”.

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Health Secretary Wes Streeting said: “We will reward great patient care, so patient experience and clinical excellence are met with extra cash. These reforms are key to keeping people healthy and out of hospital, and to making the NHS sustainable for the long-term as part of the Plan for Change.”

In the raft of announcements in the 10 Year Health Plan, the government has said 201 bodies responsible for overseeing and running parts of the NHS in England – known as quangos – will be scrapped.

These include Healthwatch England, set up in 2012 to speak out on behalf of NHS and social care patients, the National Guardian’s Office, created in 2015 to support NHS whistleblowers, and the Health Services Safety Investigations Body (HSSIB).

The head of the Royal College of Nursing described the move as “so unsafe for patients right now”.

Professor Nicola Ranger said: “Today, in hospitals across the NHS, we know one nurse can be left caring for 10, 15 or more patients at a time. It’s not safe. It’s not effective. And it’s not acceptable.

“For these proposed changes to be effective, government must take ownership of the real issue, the staffing crisis on our wards, and not just shuffle people into new roles. Protecting patients has to be the priority and not just a drive for efficiency.”

Elsewhere, the new head of NHS England Sir Jim Mackey said key parts of the NHS appear “built to keep the public away because it’s an inconvenience”.

“We’ve made it really hard, and we’ve probably all been on the end of it,” he told the Daily Telegraph.

“The ward clerk only works nine to five, or they’re busy doing other stuff; the GP practice scrambles every morning.”

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Carrie Johnson admitted to hospital over ‘severe dehydration’

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Carrie Johnson admitted to hospital over 'severe dehydration'

Carrie Johnson – the wife of former prime minister Boris Johnson – has revealed she was admitted to hospital with severe dehydration, as she offered advice to other breastfeeding mothers in the hot weather.

Mrs Johnson, 37, posted a picture of herself and her newborn daughter Poppy Eliza Josephine on Friday in a hospital bed.

“Being hospitalised for two nights for severe dehydration was not on my postpartum bingo card,” she captioned the Instagram post.

Mrs Johnson urged other “breastfeeding mums” to make sure they eat and drink enough “in this heat”, especially those who are “clusterfeeding”.

Poppy was born on 21 May, becoming the couple’s fourth child after their son Frank, born in July 2023, daughter Romy, born in December 2021, and son Wilfred, born in April 2020.

Boris Johnson with his new daughter Poppy Eliza Josephine Johnson. Pic: Carrie Johnson/Instagram
Image:
Boris Johnson with newborn daughter Poppy Eliza Josephine Johnson. Pic: Carrie Johnson/Instagram

In a separate Instagram story, Mrs Johnson described an “honestly brutal week”.

“Mastitis (me), reflux (her), dehydration (me). What a pair we are!,” she said.

“But thank you for all the kind messages, especially all the brilliant advice on reflux. Really appreciate it and made me feel way less alone going thru (sic) it all. And as ever, thanks to our amazing NHS.”

Carrie and Boris Johnson outside Number 10 Downing Street after his resignation in 2022. Pic: PA
Image:
Carrie and Boris Johnson after his resignation in 2022. Pic: PA

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Hundreds of NHS quangos to be axed
‘Most effective’ protection to avoid sunburn (and it isn’t suncream)

The NHS recommends drinking plenty of fluids while breastfeeding – and avoiding caffeine and alcohol to stop their effects being passed on to the baby.

Having a drink nearby when mothers stop to feed is advised, as is water, lower-fat milk, and low-sugar drinks.

The UK Health Security Agency (UKHSA) has issued an amber heat health alert for the next four days.

Although not a public weather warning, it advises health and social care organisations of possible dangers to their patients and facilities.

Temperatures could reach 34C on Monday – with a 20% chance of beating the hottest June day on record of 35.6C from 1976.

The likelihood of record-breaking temperatures could increase over the weekend as the day approaches.

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Fixing welfare a ‘moral imperative’, Starmer says, after government U-turn

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Fixing welfare a 'moral imperative', Starmer says, after government U-turn

Sir Keir Starmer has said fixing the UK’s welfare system is a “moral imperative” after the government’s U-turn.

The prime minister faced a significant rebellion over plans to cut sickness and disability benefits as part of a package he said would shave £5bn off the welfare bill and get more people into work.

The government has since offered concessions ahead of a vote in the Commons on Tuesday, including exempting existing Personal Independence Payment claimants (PIP) from the stricter new criteria, while the universal credit health top-up will only be cut and frozen for new applications.

Speaking at Welsh Labour’s annual conference in Llandudno, North Wales, on Saturday, Sir Keir said: “Everyone agrees that our welfare system is broken, failing people every day.

“Fixing it is a moral imperative, but we need to do it in a Labour way, conference, and we will.”

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Starmer defends welfare U-turn

Sir Keir also warned of a “backroom stitch up” between the Conservatives, Reform UK and Plaid Cymru ahead of next year’s Senedd elections.

He said such a deal would mark a “return to the chaos and division of the last decade”.

But opposition parties have hit back at the prime minister’s “imaginary coalitions”, with Plaid Cymru accusing Labour of “scraping the barrel”.

Reform UK said the NHS “isn’t safe in Labour’s hands” and people are “left waiting in pain” while ministers “make excuses”.

Voters in Wales will head to the polls next May and recent polls suggest Labour are in third place, behind Reform and Plaid.

Labour have been the largest party at every Senedd election since devolution began in 1999.

Conservative Party leader Kemi Badenoch has not ruled out making deals with Plaid Cymru or Reform at the Senedd election.

Read more:
This has been the PM’s most damaging U-turn yet
Is Starmer at the mercy of his MPs?

At the conference, the prime minister was joined on stage by Wales Secretary Jo Stevens, First Minister Eluned Morgan and deputy leader of Welsh Labour Carolyn Harries.

He described Baroness Morgan as a “fierce champion for Wales” and “the best person to lead Wales into the future”.

Sir Keir said the £80m transition board to support Port Talbot steelworkers after the closure of the plant’s blast furnaces was a result of “two Labour governments working together for the people of Wales”.

He described Nigel Farage as a “wolf in Wall Street clothing” who has “no idea what he’s talking about” on the issue.

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The PM said the Reform UK leader “isn’t interested in Wales” and has no viable plan for the blast furnaces at Port Talbot.

“When you ask him about Clacton, he thinks he’s running in the 2.10 at Ascot,” Sir Keir joked.

“He’s a wolf in Wall Street clothing.”

Mr Farage has said his party wants to restart the blast furnaces at Port Talbot.

Around 20 tractors were parked on the promenade in Llandudno ahead of the speech, as farmers gathered outside the conference to stage a protest.

It was later followed by a pro-Palestine demonstration of around 200 people, with around a dozen counter-protestors also in attendance.

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