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The levelling up agenda is “steaming ahead”, a government minister has insisted – despite being unable to say whether the HS2 rail link will go to Manchester as planned.

Policing minister Chris Philp said there were “spades in the ground” and “track being laid” for the rail line that will link London to the North in phases – but he said did not know “exactly what is or is not being considered”.

Speaking to Sky News, Mr Philp said: “I’m a Home Office minister, so I’m afraid I don’t know about exactly what is or is not being considered. But I do know that work is ongoing as we speak to construct the line.”

JULY 26 Undated handout photo issued by HS2 Ltd of the 2,000-tonne massive tunnel boring machine (TBM) named 'Dorothy' completing its one-mile dig under Long Itchington Wood in Warwickshire.

Pressed on why he did not know the details as a member of the government, he said: “Well, I can tell you that work on the line is ongoing at the moment. It is being built and those trains are going to go very fast from London, going North as soon as the line is finished.”

Fresh doubts have been thrown over the future of HS2 after Downing Street refused to guarantee the high speed line will run to Manchester – amid reports that Rishi Sunak and Jeremy Hunt are considering scrapping the second stage.

The questions marks over Manchester have prompted anger from politicians – including Greater Manchester Mayor Andy Burnham, who said: “The southern half of England gets a modern rail system and the North left with Victorian infrastructure. Levelling up? My a***.”

Asked about Mr Burnham’s comments on Sky News this morning. Mr Philp said: “There is £3bn this year being invested in levelling up in the North.

More on Hs2

“There are new rail projects, more local rail projects being invested in the North.”

“The government is moving departments up into the North. So the levelling up agenda is steaming ahead.”

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HS2 delays to cost at least £266m

It comes after The Independent reported ministers were considering shelving the northern phase amid concerns about spiralling costs and severe delays.

The Independent said a cost estimate revealed that the government has already spent £2.3bn on stage two of the railway from Birmingham to Manchester, but that ditching the northern phase could save up to £34bn.

The newspaper said the documents were discussed at a meeting in Downing Street on Tuesday and suggested the £2.3bn was now not recoverable even if it is cancelled.

The prime minister’s official spokesman said: “I can’t comment on speculation around a leaked document. It is obviously standard process for departments to discuss the phasing of major projects like HS2 … but the work is already under way,” he said.

Asked whether the prime minister was committed to the line going to Manchester, the spokesman said: “We are committed to HS2, to the project.

“I can’t comment on the speculation that’s a result of a photograph. We are as you know looking at the rephasing of the work in the best interests of passengers and taxpayers.”

Read more:
HS2 explained: What is it and why are parts being delayed?

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HS2 unearths unexpected treasure

Signs that the leg to the northern city may be in trouble came when the DfT confirmed in March that work on the crucial leg between Birmingham and Crewe – which is then due to continue to Manchester – would have to be put on hold because of the impact of inflation.

It meant that services were not going to extend to Manchester until the 2040s.

Delivery of the high-speed railway has been a core pledge of the Conservative government, but it has been plagued by delays and ever-increasing costs.

The initial opening date of 2026 has fallen back to 2033, while cost estimates have spiralled from about £33bn in 2010 to £71bn in 2019 – excluding the final eastern leg from the West Midlands to the East Midlands.

It is not just the northern section of the project that has encountered trouble, as there are also doubts about the future of Euston station in London.

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

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

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.

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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Italy finance minister warns US stablecoins pose bigger threat than tariffs

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Italy finance minister warns US stablecoins pose bigger threat than tariffs

Italy finance minister warns US stablecoins pose bigger threat than tariffs

Italy’s minister of economy and finance warned that US stablecoin policies are more concerning than President Donald Trump’s tariffs, citing the potential for these crypto assets to undermine the euro’s dominance in cross-border payments.

Speaking at an event in Milan, Giancarlo Giorgetti said that while trade tariffs dominate headlines, new US policies on dollar-backed stablecoins present an “even more dangerous” threat to European financial stability, according to a Reuters report.

US stablecoins allow users to invest in a widely accepted method for cross-border payments without opening a US bank account, Giorgetti said. He warned that the growing appeal of US stablecoins to Europeans should not be underestimated. 

Giorgetti urged European Union lawmakers to take more steps to boost the euro’s position as an international currency. He added that the digital euro under development by the European Central Bank (ECB) will be essential to minimize the need for Europeans to resort to foreign solutions. 

US lawmakers advance stablecoin bills

Presently, stablecoin regulation in the US remains fragmented. Instead of a unified framework, multiple agencies apply existing laws to regulate stablecoins. However, lawmakers are working to implement changes, with several pieces of stablecoin legislation progressing. 

On April 2, the US House Financial Services Committee passed the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act. The bill is now headed to the House floor for a full vote. 

The bill was introduced on Feb. 6 by Committee Chair French Hill and the Digital Assets Subcommittee Chair Bryan Steil. It would ensure that stablecoin issuers provide information on their businesses, including how their tokens are backed. 

In addition, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act establishes rules that require issuers to maintain reserves backed one-to-one, comply with Anti-Money Laundering (AML) laws, protect consumers and boost dollar dominance in the global economy. 

The GENIUS Act still requires approval by both chambers of Congress and a presidential signature before becoming law.

Related: Stablecoins are the best way to ensure US dollar dominance — Web3 CEO

ECB exec renews digital euro push

Apart from Giorgetti, ECB Executive Board member Piero Cipollone also urged European lawmakers to intensify their efforts to combat dollar-backed stablecoin dominance in Europe. On April 8, Cipollone wrote an article expressing concerns about the growing popularity of US stablecoins. 

The official suggested launching a central bank digital currency to combat this threat to the euro. He said this would aid in preserving the monetary sovereignty of the eurozone. 

Magazine: Memecoin degeneracy is funding groundbreaking anti-aging research

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OKX reenters US market following $505M DOJ settlement

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OKX reenters US market following 5M DOJ settlement

OKX reenters US market following 5M DOJ settlement

Seychelles-based cryptocurrency exchange OKX announced that it is reentering the US market.

According to an April 16 blog post, OKX will return to the United States market along with the appointment of former Barclays director Roshan Robert as its US CEO. Robert said in the post:

“Today, I’m thrilled to announce the launch of OKX’s centralized crypto exchange and OKX Wallet in the United States, alongside the establishment of our regional headquarters in San Jose, California.“

All existing Okcoin users will be migrated to the new platform, which Robert said will lead to a better overall experience. The promised improvements include deeper liquidity, lower fees and advanced trading tools.

OKX reenters US market following $505M DOJ settlement

Source: OKX

Related: Standard Chartered and OKX pilot crypto, tokenized fund collaterals

Step by step

OKX will not roll out the upgrade in one shot. Instead, the new platform will take a phased approach to onboard new customers. The exchange plans to follow the cautious approach with a nationwide launch later in 2025.

“We’re beginning with a phased rollout for new customers to ensure a smooth and secure onboarding process, with a broader nationwide launch planned later this year,“ Robert said.

OKX also promised integrations with local banks and support for major assets, including Bitcoin (BTC), Ether (ETH), USDt (USDT) and USDC (USDC). Robert noted that the company maintains a global proof of reserves for all its assets, which is published monthly by cybersecurity firm Hacken.

Hacken had not responded to Cointelegraph’s request for comment by publication time.

In addition to its trading platform, the firm is also rolling out OKX Wallet to its US-based customers. The wallet supports 130 blockchains and features a decentralized exchange (DEX) aggregator, allowing access to over 10 million tokens on platforms including Ethereum, Solana and Base.

Related: Malta regulator fines OKX crypto exchange $1.2M for past AML breaches

OKX gets out of US troubles

The report follows OKX hiring former New York Governor Andrew Cuomo to advise it over a federal probe that resulted in the firm pleading guilty to several violations and agreeing to pay $505 million in fines and penalties.

The exchange admitted on Feb. 24 to operating an unlicensed money-transmitting business in violation of US Anti-Money Laundering laws. As a consequence, OKX agreed to pay $84 million worth of penalties while forfeiting $421 million worth of fees earned from primarily institutional clients.

After the investigation concluded, OKX said it would seek out a compliance consultant to remedy the problems revealed by the federal probe and improve its compliance efforts. OKX’s CEO Star Xu wrote in a Feb. 24 X post:

“Our vision is to make OKX the gold standard of global compliance at scale across different markets and their respective regulatory bodies.”

OKX had not responded to Cointelegraph’s request for comment by publication time

Magazine: XRP win leaves Ripple and industry with no crypto legal precedent set

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