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      Trump administration cancels $400m in funds to Columbia University

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      The Donald Trump administration announced on Friday that it had canceled $400m in federal grants and contracts to Columbia University in New York because of what it alleges is the college’s repeated failure to protect students from antisemitic harassment.The announcement comes after Columbia set up a new disciplinary committee and initiated its own investigations into students critical of Israel and its war on Gaza after Hamas’s own attack on Israel. That move by the university has alarmed advocates of free speech.It also comes at a time of widespread backlash to American universities by the Trump administration and conservatives more broadly who see the higher education sector in the US as dominated by liberals and ripe for a rightwing attack on its influence.Linda McMahon, the Trump-appointed secretary of education, had warned on Monday that Columbia would lose federal funding if it did not take additional action to combat antisemitism on its campus.A statement issued on Friday by the Department of Justice, Department of Health and Human Services, Department of Education, and the US General Services Administration, states: “These cancellations represent the first round of action and additional cancellations are expected to follow.”“For too long, Columbia has abandoned that obligation to Jewish students studying on its campus,” McMahon said in the statement.The statement also refers to ongoing “illegal protests” on college and university campuses, a phrase Trump has used to refer to some student protests, though what makes these illegal remains unclear.Columbia was central to campus protests that broke out across the US over Gaza last spring. Pro-Palestinian demonstrators set up an encampment there in April and inspired a wave of similar protests in many other colleges.The first amendment to the US constitution protects the rights of people to “peacefully assemble” and to petition the government for a “redress of grievances”.The extent that pro-Palestinian demonstrations on campuses can be considered antisemitic is still debated across political and academic spheres. Republican lawmakers viewed the protests as antisemitic, despite the fact many protesters denied the accusations or were Jewish themselves.Trump has threatened college students with imprisonment and deportation on Tuesday on his Truth Social platform, writing: “Agitators will be imprisoned/or permanently sent back to the country from which they came. American students will be permanently expelled or, depending on the crime, arrested.”A Columbia University spokesperson wrote in a statement to the Columbia Spectator, that it was “reviewing the announcement from the federal agencies and [pledged] to work with the federal government to restore Columbia’s federal funding”.“We take Columbia’s legal obligations seriously and understand how serious this announcement is and are committed to combatting antisemitism and ensuring the safety and wellbeing of our students, faculty, and staff,” the spokesperson wrote.It is not immediately clear what contracts or grants would be cut under the directive. Columbia University currently holds more than $5bn in federal grant commitments, the GSA statement said.Katherine Franke, a retired legal scholar and former professor at Columbia Law School told the Guardian how she was “pushed out” of her role in January because of her pro-Palestinian activism. She had been with Columbia for 25 years.Franke says that the university was told “unless we as faculty and students take a pro-Israeli position, it [the university] will be sanctioned. And at the same time, the university is now committing itself to something it’s calling institutional neutrality.”She says that though not all the grants were cut, the Trump administration did “cut a significant part of them, and the important research that’s being done with those grants will stop”.Franke is highly critical of the way Columbia is responding to the threats from Trump, believing the institution could have done more to protect students, faculty and the pivotal role the university plays in a democracy.“If you grovel before a bully, it just emboldens the bully, and the bully has now become an authoritarian government with the capacity to act on a level that was unthinkable for us a couple of years ago,” she said.Columbia is one of five colleges currently under the new federal investigation, and it is one of 10 being visited by a taskforce in response to allegations of antisemitism. Others under investigation include the University of California, Berkeley; the University of Minnesota; Northwestern University; and Portland State University. More

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      Trans women transferred to men’s prisons despite rulings against Trump’s order

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      Transgender women incarcerated in the US prison system have been transferred to men’s facilities under Donald Trump’s executive order, despite multiple court rulings blocking the president’s policy, according to civil rights lawyers and accounts from behind bars.Trump’s day-one “gender ideology” order, one of several sweeping attacks on trans rights, said the attorney general “shall ensure that males are not detained in women’s prisons or housed in women’s detention centers” and that no federal funds go to gender-affirming treatment or procedures for people in custody.The executive order was quickly challenged in court. In three lawsuits filed on behalf of trans women housed in women’s prisons, federal judges have ruled that the US Bureau of Prisons (BOP) cannot withhold their medical treatment and was barred from moving them to men’s facilities. One judge said the plaintiffs had “straightforwardly demonstrated that irreparable harm will follow”.Lawyers fighting Trump’s directive say the court rulings prevented the transfers of 17 trans women who are plaintiffs in the cases, but others not included in the litigation are now facing placements in men’s facilities.“I’m just continuing to be punished for existing,” said Whitney, a 31-year-old trans woman who was transferred from a women’s facility to a men’s prison this week. The BOP changed her records from “female” to “male”, records show. In messages before her transfer, she said she felt like a “pawn in others’ political games”. The Guardian is not using her full name due to concerns about retaliation.Kara Janssen, an attorney representing trans women in litigation, said she learned of another trans woman not included in the lawsuits who was recently transferred to a facility that houses men, and also had the gender marker in her records changed. Janssen also learned of a trans woman newly entering the BOP system who had gender-affirming surgeries before her incarceration, but was placed in a men’s facility.Prisons are required under the Prison Rape Elimination Act (Prea), a longstanding federal law, to screen incarcerated people for sexual assault risk and consider LGBTQ+ status when making housing decisions. Legal experts say Trump’s blanket policy of housing trans women in men’s facilities clearly violates Prea.“This is incredibly unnecessary and cruel,” said Janssen. “Our clients are desperate and scared.”The BOP did not respond to requests for comment.Trans people have long faced high levels of sexual violence and discrimination behind bars, and the implementation of Trump’s order has unleashed chaos, panic and significant violations of their rights beyond the threats of housing transfers, attorneys said.Internal BOP memos seen by the Guardian show that officials are now requiring staff to refer to trans residents by their legal names and incorrect pronouns, as well as deny requests for gender-appropriate clothing accommodations. The BOP has also rescinded policies that allowed trans women to have their pat-down searches conducted by female guards.Susan Beaty, a senior attorney for the California Collaborative for Immigrant Justice, who represents roughly 20 trans people in federal prisons, said they have received reports that some trans people were forced under threat of discipline to hand over their underwear, including bras and boxers, as if they were contraband. They said they’ve also heard accounts of male guards searching trans women in encounters several of the women described as “groping”. Some staff have been emboldened to harass and taunt trans people, Beaty said.“It is already so difficult to be a trans person in prison in this country, and now this administration’s measures are intentionally terrorizing and traumatizing incarcerated trans people even further,” Beaty said.“It is essentially sanctioning sexual assault in some instances,” added Janssen, of the male pat-downs of trans women. Some trans people had told her they were suffering suicidal thoughts and daily nightmares.Whitney, who was recently transferred, said in interviews prior to her move that staff for weeks gave her conflicting information. In mid-February, she and another trans woman were placed into a form of isolation called a “special housing unit” and told they could be there for months, she said. The other woman attempted suicide out of fear of being transferred, she said.Days later, the women were moved back to the general population. Whitney’s doctor, however, then told her that her hormone therapy medications would start to be tapered down. Whitney said going off those medications would wreak havoc on her body and mind, describing it “like a slow death”. The doctor also said staff would start using male pronouns for her, though she said that had not happened yet. She said she was also told she would be allowed to keep women’s underwear she already owns, but would not be issued new garments.Last week, medical staff told Whitney her medications would not be changed after all, she said, but then days later, she was told to pack because she was being transferred to a men’s facility.skip past newsletter promotionafter newsletter promotion“I’m nervous. Worried. Apprehensive. Anxious. Scared. You name it,” Whitney said before her transfer. “One moment I am feeling relief, and the next I am growing gray hairs. That’s probably one of the most stressful things about all this. Are you safe or are you not?”The litigation is ongoing and is most immediately focused on maintaining trans people’s housing and medical care, attorneys said. But Janssen said lawyers would also be fighting for trans women who have long been housed in male facilities and were in the pipeline to be transferred, and advocating against the rollback of basic accommodations across the system. “It’s cruel and unusual punishment because you’re punishing this group for no reason other than you don’t think they should exist.”One judge criticized the US government for failing to address plaintiffs’ concerns that their gender dysphoria would be exacerbated in men’s prisons “whether because they will be subject to searches by male correctional officers, made to shower in the company of men, referred to as men, forced to dress as men, or simply because the mere homogenous presence of men will cause uncomfortable dissonance”.Alix McLearen, who was the acting director of the National Institute of Corrections (NIC) in 2022 before she retired in 2024, said Trump’s order endangers trans people and staff. The NIC is part of the BOP and does training and policy development for corrections officials. McLearen led the drafting and implementation of the “transgender offender manual” when she oversaw women and special populations at BOP. That manual has recently been rescinded.“If you yank this away, no one knows what to do,” McLearen said. “If you are going to change a policy, you [should] do it slowly and thoughtfully.”Confusion in a prison setting increases stress levels and the potential for conflict among staff and incarcerated people, McLearen said.Trump’s order also increases the already high risk of sexual and physical assault of trans people in prison, said Julie Abbate, the national advocacy director of Just Detention International, a human rights group focused on sexual abuse in prisons and jails.Putting a target on trans people in prison only increases their risk of assault, which in turn also puts staff in the dangerous position of intervening in violent situations, said Abbate, who spent 15 years at the civil rights division of the US justice department and helped draft national Prea standards.Trump’s policy has no benefit, McLearen said. The order purports to “defend women” in prisons, but McLearen said it addresses a problem that does not exist.“This is fake – this whole executive order is false on its face,” McLearen said. “It’s scapegoating. Trans people are easy to scapegoat.” More

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      US exits fund that compensates poorer countries for global heating

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      The Trump administration has withdrawn the US from a global agreement under which the developed nations most responsible for the climate crisis pledged to partly compensate developing countries for irreversible harms caused by global heating.The loss and damage fund was agreed at the Cop28 UN climate summit in late 2023 – a hard-won victory after years of diplomatic and grassroots advocacy by developing nations that bear the brunt of the climate crisis despite having contributed the least to greenhouse gas emissions. The fund signalled a commitment by developed, polluting countries to provide financial support for some of the irreversible economic and noneconomic losses from sea level rise, desertification, drought and floods already happening.The US has a long record of delay tactics and obstructionism, and had so far pledged only $17.5m (£13.5m) to the loss and damage fund, which became operational on 1 January this year. Now the US, the biggest historical emitter of greenhouse gases, will no longer participate in the initiative.“On behalf of the United States Department of the Treasury, I write to inform you that the United States is withdrawing from the board for the fund for responding to loss and damage, effective immediately,” said Rebecca Lawlor, the deputy director at the US Office of Climate and Environment, in a letter to the fund.The decision to abandon the loss and damage fund was condemned by climate advocates from the global north and south.“The US decision to step away from this commitment at such a crucial moment sends the wrong message to the global community and to those in dire need of assistance,” said Mohamed Adow, a climate policy analyst and director of the thinktank Power Shift Africa. “We urge the United States to reconsider its position in the interest of the planet and future generations … this regrettable decision risks undermining collective progress and erodes the trust necessary for effective international cooperation.”Rachel Rose Jackson, a research director at Corporate Accountability, said: “Let’s be clear – the US has never been a climate champion. Yet the Trump administration’s anti-climate action agenda – including its withdrawal from the loss and damage fund board – is a wrecking ball made of dynamite. It’s dangerous, it’s malicious and it will destroy lives.“We cannot allow the Trump administration, and the greedy corporations pulling the strings, to get away with destroying the planet. It’s time for the United States to pay up its climate debt and do its fair share of climate action.”Ali Mohamed, the chair of the African Group of Negotiators, a coalition of African nations participating in UN climate negotiations, said: “This decision, made by the nation with the largest historical responsibility for climate change, jeopardises vital support for vulnerable countries facing irreversible climate impacts.”Trump has already pulled out of the 2015 Paris climate accords – for the second time after the US was reinstated under Joe Biden – claiming the international agreement on cutting greenhouse gas emissions and preventing climate catastrophe ripped off the US.“I’m immediately withdrawing from the unfair, one-sided Paris climate accord rip-off,” he said, signing the executive order on his first day in office. “The United States will not sabotage our own industries while China pollutes with impunity.”China currently ranks as the top greenhouse gas emitter but is also the global leader in the manufacture and deployment of renewable energy. The US is the largest historical emitter and, while emissions have fallen alongside reductions in coal, it has become the world’s largest oil and gas producer by a huge margin in recent years.Record-breaking ocean and atmospheric temperatures have caused chaos around the world and across the US, including devastating wildfires in Los Angeles and deadly flooding across Florida and southern Appalachia. Meanwhile, several of Trump’s policies, including his pledge to “drill, baby drill”, dismantle federal agencies, and impose tariffs that threaten a trade war, risk derailing the burgeoning US renewables sector.The loss and damage fund is a work in progress. As of late January, 27 countries had pledged a combined total of $741m – the equivalent of about 0.2% of the irreversible losses developing countries are facing from global heating every year.The US withdrawal appears to be another rejection of global diplomacy and the reality of the climate crisis.Harjeet Singh, a climate activist and founding director of the Delhi-based Satat Sampada Climate Foundation, said: “The decision by the Trump administration exemplifies a longstanding pattern of obstruction by the US government in securing necessary finance for addressing climate impacts, [and] undermines global efforts to deliver climate justice.“As the largest historical emitter, the United States bears a significant share of the blame for the climate adversities affecting vulnerable populations worldwide. We must hold them accountable and ensure they contribute their fair share towards global climate reparations.” More

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      Trump administration to drop case against plant polluting Louisiana’s ‘Cancer Alley’

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      The Donald Trump administration has formally agreed to drop a landmark environmental justice case in Louisiana’s “Cancer Alley” region, marking a blow to clean air advocates in the region and a win for the Japanese petrochemical giant at the centre of the litigation.Legal filings made public on Friday morning reveal that Trump’s Department of Justice agreed to dismiss a long-running lawsuit against the operators of a synthetic rubber plant in Reserve, Louisiana, which is allegedly largely responsible for some of the highest cancer risk rates in the US for the surrounding majority-Black neighborhoods.The litigation was filed under the Biden administration in February 2023 in a bid to substantially curb the plant’s emissions of a pollutant named chloroprene, a likely human carcinogen. It had targeted both the current operator, the Japanese firm Denka, and its previous owner, the American chemical giant DuPont, and formed a central piece of the former administration’s Environmental Protection Agency (EPA) efforts to address environmental justice issues in disadvantaged communities. A trial had been due to start in April 2025 following lengthy delays.Community leaders in Reserve had expressed grave concerns about the case’s future following Trump’s return to the White House after the president moved to gut offices within the EPA and justice department responsible for civil rights and environmental justice.On Friday, 84-year-old Robert Taylor, a resident in Reserve who has lost a number of family members to cancer, described the move as “terrible” for his community.“It’s obvious that the Trump administration doesn’t care anything for the poor Black folk in Cancer Alley,” Taylor said. “[Trump’s] administration has taken away what protections we had, what little hope we had.”Filings show that parties involved in the litigation, including lawyers for Denka and DuPont, met on Wednesday and agreed jointly with the US justice department to dismiss the case.The EPA referred all questions about the lawsuit to the US justice department, which did not immediately respond to a request for comment.DuPont did not immediately respond to a request for comment.A spokesperson for Denka did not respond to questions from the Guardian but issued a statement thanking the Trump administration and lauding Louisiana’s Republican governor, Jeff Landry, for his “unwavering support”.skip past newsletter promotionafter newsletter promotionThe chemical firm pointed to a $35m investment in emissions offsets and said “the facility’s emissions are at an historical low”. The company “remains committed to implementing the emissions reductions achieved as we turn the page from this relentless and draining attack on our business”, the statement added.According to the complaint filed in 2023, emissions from the plant pose “an imminent and substantial endangerment to public health and welfare”. The lawsuit had specifically singled out the risk to children living near the plant and those attending an elementary school situated close to the plant’s fence line. It noted that average readings at an air monitor near the school between April 2018 to January 2023 showed that those under 16 could surpass the EPA’s excess cancer risk rate within two years of their life.On Friday, Taylor vowed to continue pushing back against pollution.“We are going to fight them and prepare ourselves to keep going. We were preparing for the worst, and I don’t know how it could get any worse now that the government has totally abandoned us, it seems.” More

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      Trump’s attacks on South Africa are a punishment for independence | Achille Mbembe and Ruth Wilson Gilmore

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      On 7 February, less than three weeks after taking office, Donald Trump issued an executive order: “Addressing Egregious Actions of the Republic of South Africa.” The order directed US agencies to halt aid to South Africa, condemned South Africa’s case against Israel at the international court of justice (ICJ) as an “aggressive position”, and declared that white Afrikaners be prioritized for resettlement in the US based on the duplicitous claim that they are “victims of unjust racial discrimination”.The humanitarian consequences of this executive order are devastatingly clear. On 26 February, notices were sent out terminating support for HIV organizations funded by the US President’s Emergency Plan for Aids Relief (Pepfar), initiated in 2003 by then president George W Bush. The termination of funding to Pepfar is catastrophic for South Africa. Studies predict this could result in more than half a million unnecessary deaths and up to half a million new infections.But Trump’s order is an escalation of an existing strategy to condemn, isolate and punish South Africa for charting an independent course for its people and their relationship to the international community at large.On 11 January 2024, the South African government presented its case at the ICJ, arguing that Israel’s military actions in Gaza – endorsed, funded and armed by the United States – constituted genocide under the 1948 Genocide Convention. The ICJ case was not the first time that South Africa had broken with Washington on the global stage; in 2003, South Africa strongly opposed the invasion of Iraq, warning that the war amounted to “a blow to multilateralism”, in the words of its then president Thabo Mbeki.South Africa’s renewed appeal to multilateralism did not keep the Biden administration from responding to the ICJ case against Israel with immediate hostility. On 3 January, before arguments were even made, the state department spokesperson Matthew Miller declared: “We find this submission to be meritless, counterproductive, and completely without any basis in fact whatsoever.”While South Africa’s ICJ case was widely welcomed at home, some white actors with significant power in the country’s public sphere were hostile. Strident demands for South Africa to align with the west were issued by organisations such as the Johannesburg-based Brenthurst Foundation, among others. They found easy allies in Washington. In early 2024, several members of Congress argued that South Africa’s stance on Israel should disqualify it from receiving preferential trade benefits, including removal from the African Growth and Opportunity Act (AGOA), which aims to improve economic ties between the US and sub-Saharan Africa.Last month’s executive order marks a dangerous new phase in the efforts to strangle South Africa’s international solidarities – but this time with an explicitly white supremacist twist, focused on the country’s efforts to redress the compounded, multi-generational inequalities of apartheid. Trump has long supported the far-right conspiracy theory that falsely claims white farmers in South Africa are subject to a government-backed campaign of violence. In August 2018, he tweeted that he had asked then secretary of state Mike Pompeo “to closely study the South Africa land and farm seizures and expropriations and the large-scale killing of farmers”.These views have been nurtured by organisations such as AfriForum, a rightwing Afrikaner group that has actively cultivated relationships with American conservative institutions since around 2017. In 2018, AfriForum representatives met with then National Security adviser John Bolton and conducted interviews on Fox News, promoting conspiracy theories about a non-existent “white genocide” in South Africa. A network of far-right white South Africans in the US, including Elon Musk, has similarly gained access and influence. Joel Pollak, an editor at Breitbart, is widely tipped to be Trump’s new ambassador to South Africa.These conspiracy theories aim to present white farmers as victims as South Africa moves toward remedy for dispossession. A 2017 government land audit found that white people, 9% of the population, owned approximately 72% of all privately owned farmland – a direct result of colonial dispossession that must be addressed as an urgent moral priority, as indicated in South Africa’s 1996 constitution.But if the target of Trump’s executive order is South African land reform, its principal casualty will be the beneficiaries of Aids treatment. One of the great successes of South Africa’s democracy has been its HIV treatment program. With approximately 5.9 million people receiving antiretroviral therapy through the public healthcare system, it is the largest HIV public health program on the planet. Pepfar has been funding a fifth of these costs, part of a program estimated to have saved 25 million lives worldwide.The Trump administration makes an intentional target of South Africa’s health policy. The deadly cruelty is the point.From Mexico to Greenland, Panama to Ukraine, the Trump administration is bullying allies to align with its vision of national primacy and ethnic supremacy. The rapid implementation of this new Trump doctrine requires Americans to join together with people across the world not only to oppose reactionary measures – but also to remain steadfast in their joint commitment to internationalism that enhances wellbeing. That commitment will require richer countries to spend in solidarity, not charity.The immediate task is of course the most urgent: rapid multilateral action is needed to secure the safety of the huge numbers of HIV patients whose lives are now in danger. The many pharmaceutical manufacturing facilities dotted through the global south should be turned to producing what people need, even as land and housing reform also necessarily shape regional agendas.But the risks posed by this executive order transcend its particular measures. There is enough; the problem is allocation, and the symbolic and conceptual as well as material means to realize human well-being.

      Achille Mbembe is a research professor in history and politics at the Wits Institute for Social and Economic Research in Johannesburg, South Africa.

      Ruth Wilson Gilmore is a professor of earth and environmental Sciences, and American studies, at the Graduate Center of the City University of New York. More

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      Crypto giant Tether CEO on cooperating with Trump administration: ‘We’ve never been shady’

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      Paolo Ardoino, CEO of the cryptocurrency company Tether, was flying over Switzerland last week as he contemplated the changing regulatory landscape.Tether used to be at war with the establishment. Now it is the establishment.The crypto giant – tether is the most traded cryptocurrency in the world – has had a strange trip. Four years ago, banks were dropping Tether as a client, and regulators in New York had the company against the wall over questions about commingled client and corporate funds. Treasury officials were complaining that dollar-backed cryptocurrencies enjoyed the international privileges of the dollar without the responsibilities of preventing its misuse. Federal investigators were looking into Tether for possible violations of anti-money-laundering and sanctions rules.The cryptocurrency industry anecdotally – and conspiratorially – describes the Biden administration’s posture toward crypto as a systematic effort to debank crypto in the form of tactics such as “Operation Choke Point 2.0”. Ardoino says Tether’s leadership needed to become globetrotters in search of someone to take their business.And it’s a lot of business. Tether currently is the 17th largest holder of US government debt, with nearly as much in treasury bonds in its digital vaults as Saudi Arabia. Tether’s value remains stable because it is pegged one-to-one to the dollar, meaning the value of each individual tether coin is $1. The company backs the total value of the cryptocurrency with dollar assets like treasury bonds in an American bank – in this case, $140bn deposited with Cantor Fitzgerald.Tether comes just behind bitcoin and ethereum as the most valuable cryptocurrency, and by most measures it is the most widely traded. Investors in countries with unstable currencies, like Turkey or Argentina with their 40%-plus inflation rates, use it to hold on to the value of their savings against the dollar. Crypto traders use tether to park their digital assets in a safe place.The degree of cooperation between Tether and law enforcement reflects an evolving shift in the government’s posture toward the company, even as federal agencies had been cracking down on cryptocurrency more broadly under Joe Biden.“We’ve never been shady,” Ardoino said. “The company has been great. It has been attacked. Debanked. You know, when you’re trying to be a disruptor – in a good sense – you are going to always be attacked by the establishment.”Previous administrations’ hostility to crypto – and perhaps to tether in particular – was the product of strategic mistakes the company had made, Ardoino said.“We were very naive. We thought: ‘Oh, we are going to keep our head down.’ We were not communicating. We were not telling what’s going on, and that was used against us,” he said. “And that’s fair, right? So, if someone is not communicating, or you feel is not transparent enough, then that is how people get to fear.”After settling its case with New York regulators in 2021, Tether began to come out of its shell, publishing quarterly statements and expanding its cooperation with the government. Today, things are different for Tether. Its banker – the Cantor Fitzgerald CEO Howard Lutnick – has been confirmed as secretary of commerce in the Trump administration. The company says it is proud of its cooperation with US law enforcement. Though Tether’s holding company is headquartered in crypto-friendly El Salvador, the cryptocurrency is expanding in a way that Ardoino says will help the United States secure its position as the world’s reserve currency.“We have 400 million users in emerging markets,” Ardoino said. “We are basically selling the US debt outside the US … We are decentralizing the US debt as well, basically pushing for dollar hegemony. That’s how the US can maintain its dominance when it comes to its currency.”It’s a line Lutnick might have written into his confirmation hearing speech himself. The Senate confirmed Lutnick on a party-line vote 51-45 in February. Ardoino said their relationship is at arm’s-length now, though.“Cantor [Fitzgerald], they are our custodian. So, we will continue to have this relationship with Cantor,” he said. “They have been a great custodian for us. They are primary dealers, so we can have basically direct access to the Fed[eral Reserve] to purchase [government] debt. With Howard, when he goes into government, we cannot talk to him.”Lutnick has been a vocal backer of cryptocurrency and tether’s position in the industry in particular. Senators had some sharp questions for him about tether at his 29 January hearing, with Senator Maria Cantwell pressing him about audited holdings.“Do you think the market needs to comply with audits about whether one-to-one ratios really exist on stablecoins?” Cantwell asked Lutnick.“I believe stablecoins, US dollar stablecoins, should be audited, should be completely backed by US treasuries 100%,” Lutnick replied.skip past newsletter promotionafter newsletter promotion“How do we prove that?” Cantwell then asked.“A US audit and one-to-one backed by US treasuries,” Lutnick continued. “And lastly, you can’t change the rules; meaning if someone has bought the stablecoin, you can’t change the price. If someone’s made a deposit with you, you can’t say: ‘I’m going to withdraw, you’re going to change the price.’”She also asked about reports that “as much as $19bn of Tether could be illicit activity by the North Koreans, the Russians, the Chinese. And so, what do we do about that? What is your solution?”“It’s like blaming Apple because criminals use Apple phones,” Lutnick replied. “It’s just a product. We don’t pick on the US treasury because criminals use dollars. So, I think it’s just a product … They are signed up with all US federal law enforcement. They follow all federal law enforcement instantly.”Ardoino rejects the suggestion of tether’s usefulness to criminals. “There is no financial institution – even the big banks, they don’t have this breadth of collaboration,” he said, citing more than 200 agencies in 50 countries that work with Tether.A Swiss bank might rebuff an American law enforcement agency coming for money in its accounts. Tether, however, touts its ability to return money stolen from others. For example, a notable “pig butchering” scam last year sent Shan Hanes, CEO of Heartland Tri-State Bank in Elkhart, Kansas, to a 293-month federal prison term for embezzling $47.1m and sending it overseas as cryptocurrency. Tether was able to recover $8.3m for the victims.The traditional banking system is more porous than a cryptocurrency wallet right now, Ardoino argued.“When [criminals are] finally trying to use blockchain and move money on the blockchain in USDT [tether’s trading symbol], we see them and we freeze them,” he said. “And it takes 15 minutes to freeze an address from our stock. We are much more granular and faster than any bank or any other financial institution. So, I’ve been saying very loudly and publicly that any criminal using USDT is a very stupid criminal, because we can see everything and we can catch it.”Ardoino does see a threat in an adversarial regulatory relationship toward crypto, both in the United States and Europe. Both Coinbase, the largest cryptocurrency exchange in the US, and EU-based exchanges removed USDT because it does not comply with the EU’s Markets in Crypto-Assets regulation, which went into effect at the end of 2024. Traders can hold Tether in non-custodial wallets but can’t trade it on an exchange that complies with European regulations.“I think that the US understands very well that they should very, very much avoid a DeepSeek moment for finance and crypto,” Ardoino said, suggesting that it is possible that some invention in a stealth-mode lab somewhere beyond the industry’s attention could radically change the competitive environment. Ardoino was referring to the Hangzhou-based startup DeepSeek, a large language model AI that emerged seemingly from nowhere in January that could compete with Meta and OpenAI’s offerings at a fraction of the cost. Its emergence is disrupting AI business plans by changing the competitive environment.Ardoino hopes the new administration will have settled on its approach to regulations – likely to be much friendlier than its predecessor’s – by September, he said. “I think that they want to get regulations done by June. June would be very aggressive as a timeline, but September is realistic.” More

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      I lost my job at USAid. It’s devastating – but I still have hope | Christian Smith

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      When we rang in the New Year, I wasn’t remotely expecting politics to collide with my career, my family and me. In a matter of weeks, I had lost my job, my father and, I felt, my country.I spent a dozen years as a program officer for USAid, serving in countries in South America, Africa and Asia with my family. I loved my job working with governments and NGOs to improve the lives of those in need. Doing good and doing well, we said. I was helping to build an information system to improve aid transparency and efficiency when sudden news arrived.At 5pm on a Friday, we received an email saying our particular contract had been shut down. In all, 10,000 professionals were dismissed from their jobs, while Elon Musk called us a criminal organization and its staff – me included – a “ball of worms”. The wrecking had begun.At USAid headquarters, administrative assistants were ordered to take down all the pictures of the many people the agency helps around the world, as if it had been something shameful. Only clocks were left on the walls. More cravenly, the administration blocked access to the wall of names honoring those who had given their lives to the cause. Trump officials canceled USAid’s building contract and handed it over to US Customs and Border Protection.The same clocks on the walls that had once marked time over Americans helping people in need overseas may now mark time over Immigration and Customs Enforcement (Ice) agents deporting people to those countries and others.The Trump administration is abandoning millions of people around the world and cutting off life-saving services. We are losing goodwill and influence – diplomatic, economic and moral. A good sign that closing USAid was a mistake: China is already moving in to fill the void, and strongly rightwing leaders like Hungary’s Viktor Orbán are applauding.The destruction is also almost certainly unconstitutional in a number of ways, and aspects continue to be reviewed, blocked or upheld by courts lagging behind the speed at which laws are being broken. A showdown on the reach of executive power has begun.These changes hit me very close to home. A significant number of my family are conservatives who voted for Trump, fueled by two decades of misinformation promoting hate and anger. Despite this, in the interests of our family integrity, we have learned to talk to one another respectfully. We avoid topics related to politics and focus on our love for each other, jigsaw puzzles and American football (until even that became “woke”).Blindsided at work, I was next blindsided at home. Two days after USAid was lost, my father died unexpectedly. Thankfully, my dad and I had been able to say we loved each other before he died. The kids and I flew out and we spent a beautiful week together with the family grieving his loss.However, in a strange moment at the end of the week, my mother told me that I shouldn’t talk about USAid because I didn’t know what I was talking about (as if I had no idea about the organization where I had spent my career). Armed with details from her trusted websites, she informed me that USAid was performing sex changes on children and funding terrorist groups. We defused the moment, but it demonstrated how unchecked deception fomented by wealthy interests so gravely distorts people’s views.Obviously, all of these sudden losses have given me pause to reflect.Despite some people’s attempts to reshape the US and its place in the world, we have not seen the end of American generosity. Humans are successful because we cooperate. We have obligations to each other as living beings. We also know that we can’t make ideas go away, and the best ones – like kindness and caring for others – are actually what bind us.The dismantling of USAid as an institution does not mean that the US’s generosity of spirit has also been eradicated. USAid was a longstanding independent agency established by John F Kennedy, receiving consistent bipartisan support because it advanced America’s foreign policy objectives by helping others.Such values have not disappeared. We can be certain that, in one form or another, US aid will return.

      Christian Smith is an American citizen and former USAid officer who lives between Dublin and Spain More

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      There are 1,000 grotesque memes of JD Vance – and they’re all more likable than the real thing | Marina Hyde

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      You may well be aware that Backpfeifengesicht is the German word for a face that is worthy of being slapped. Even so, how has this not been internationalised? Or at the very least Americanised, where its dictionary definition would presumably be adorned by a picture of the face of US vice-president JD Vance – already faultlessly playing the role of worst American at your hotel. You can immediately picture him at breakfast, can’t you? Every single other guest on the terrace with their shoulders up round their ears, just thinking: “Where is he now? How unbearable is he being NOW?” Next, imagine breakfast lasting four years.I say the Backpfeifengesicht definition would be accompanied by JD Vance’s face … but then again, what is the face of JD Vance? The internet is awash with people suffering an acute case of not being able to remember it any more, having seen so many hideous comic distortions of Vance that those meme versions are not simply the only results on the first page of your own mental Google search, but stretch deep beyond the second and into the third. Somewhere on page four, where you might as well publish the nuclear codes or pictures of Taylor Swift giving cocaine to babies, is an unmodified snap of what JD Vance actually looks like. Or at least what he looks like with eyeliner.Before you get there – and you don’t, really – your synaptic filing systems throw up every variety of Photoshopped Vancefake: swollen manboy, face wearing a Minion suit, a bearded egg … I’m hoping that sooner or later, an American news outlet will accidentally use a modified photo, because even the picture editor has forgotten what the vice-president looks like, and then we can have one of those massively self-regarding legacy media-blow-ups, where the entire staff has to resign after a remorseless investigation by the executive editor reveals Vance isn’t actually a big purple grape. “This is a stain on our newspaper’s history. A big purple stain.”Vance is more meme than man, now, and it is, of course, something of a consolation that he is so extremely online that he can’t help but have noticed this. The VP is like a one-man government troll-feeding programme – please don’t cut him, Elon! – which is probably why people have become so heroically committed to taking the piss. The probability of the vice-president seeing you insulting him is basically one.Just as previous holders of his office like Teddy Roosevelt and Richard Nixon once did, Vance spent a notable amount of this week both denying he suggested Britain and France were random countries that hadn’t fought a war in 40 years, and replying to random X posters called things like “Jeff Computers” to counter the suggestion that he wasn’t loved and feted on his recent skiing holiday.View image in fullscreenOver on this side of the Atlantic, it must be said that the latter vignette in particular serves as a helpful reminder of the cultural differences between our great nations – and indeed between our great anti-elitists. British politicians would rather admit they’d sexually harassed an intern than gone skiing. (You can, of course, do both – and many do.) If a British cabinet minister were to sally forth on to social media like Vance did, and honk that actually, he had a great time on the ski slopes, it would probably be the end of him. Let’s face it, our rightwing politicians still make time twice a week to do a drive-by on “latte drinkers”, seemingly unaware that the only thing left in most high streets, and quite a lot of people’s lives, is a hot milky drink at a Costa. Yet in our country, would-be populists treat having the temerity to order a coffee like it’s Marie Antoinette skiing past a workhouse – which is a useful illustration of why we don’t have growth, and why our many political failures speak to near-empty rooms at conservative conferences in the US.Anyway: Vance. On or off skis – and I would prefer him to sod offski – the vice-president can be judged successful in his deliberately adopted mission to become mesmerisingly awful. On British army talkboards this week, I spent some very enjoyable time watching veterans of the US’s wars in Iraq and Afghanistan offer their thoughts on JD, who I believe was some kind of military journalist for about 15 minutes. Though that wasn’t quite how they put it, naturally. Real soldiers can be hilariously creative with their insults, while Vance is drawn towards the artless, perhaps most neatly embodied in his decision to whine at Volodymyr Zelenskyy: “Did you even say thank you?”Then again, while I’m sure that the memes will keep us warm in the event of an unscheduled nuclear winter, it must be said that other forms of digital manipulation are passing notably without the comment they used to, even until very recently. So perhaps the moral slippage has not been entirely one-sided.I noticed this week that people who only a couple of years ago were hand-wringing about the horror AI deepfakes could wreak upon democracy were now cheerfully sharing synthetic scenes of Zelenskyy slapping Donald Trump in the Oval Office, or Trump crying like a baby, or some other eerie piece of fakery that felt qualitatively different from a still of a lollipop-wielding kiddie Vance. I think people used to think this stuff was bad and corrosive and potentially politically dangerous? Maybe they still do – or maybe only when the other side do it.

      Marina Hyde is a Guardian columnist

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