Latest news with #ScottArmstrong
CBC
11-07-2025
- Politics
- CBC
'We didn't see this coming,' says shelter operator dropped by province
Social Sharing A non-profit group that abruptly lost its contract with the province to run two shelters in the Halifax area says it was caught off guard and is left speculating about the reasons why. Eric Jonsson, vice-chair of the board for Out of the Cold Community Association, said he and two others with the group were called to a meeting with provincial staffers Tuesday morning where they were handed a letter that said Out of the Cold would no longer be involved in operating two modular supportive housing sites. One is on Cogswell Street in Halifax and the other on Church Street in Dartmouth. Together they house more than 60 people. Jonsson said they were given 30 minutes to leave the property, escorted by security personnel — an experience he described as surreal and insulting. "It is my job as a board member to kind of oversee the big picture. And we didn't see this coming," Jonsson said in an interview Thursday. He said he feels some responsibility for not anticipating the move, although he does not fully understand the province's decision or the way it carried it out. "I've heard of places being, you know, service providers being replaced, but it's never within like a half-hour notice. You give people a month or two to kind of tidy things up to ensure a smooth transition." Scott Armstrong, the minister of opportunities and social development, said the contract with Out of the Cold was coming up for renewal in early August, and his department decided to end it early and change service providers because of concerns that he said had been brewing for several years. The group has run the two shelters since they opened in 2022 in response to surging rates of homelessness, rising rents and a low vacancy rate. Speaking to reporters Thursday after a cabinet meeting, Armstrong said there were issues with the facilities and concerns about physical safety. "We had done numerous meetings, numerous interventions between our staff and the staff of Out of the Cold and those things were not resolved," he said. He would not go into detail about the problems, and when asked, he denied that illegal substance use by residents had anything to do with the move. Armstrong said he has "more confidence" in Atlantic Community Shelter Society, the service provider that's taking over. Jonsson said staff from Armstrong's department justified the change to him differently. "They gave us three reasons, saying that our policies weren't in line with what they wanted them to be, they said that our documentation wasn't up to standard that they expected and that we weren't co-operating with the community as well as we should have," said Jonsson, He elaborated that "co-operating with the community" involved neighbours, police and the justice system. He said the province had raised concerns in the past and Out of the Cold was working with them and making progress. He pointed to the addition of on-site security as a step the non-profit had taken in the province's direction. "As far as I've talked to everybody, there's been no outstanding concerns when it comes to things like safety or things like the facilities themselves," Jonsson said. He said in the absence of a more detailed explanation, he's left to speculate about the province's motivation. In spite of the minister's denial, Jonsson said Out of the Cold's harm reduction approach seems to be part of the equation. "We at Out of the Cold, we don't expect people to change to get their basic needs met. We believe housing is a human right and we don't want conditions attached to those human rights. We want people to come as they are," he said. Jonsson said that means they do not require residents to be sober, in a recovery program, or to be medicated if they're dealing with mental illness. Out of the Cold allowed residents to stay indefinitely. An email sent by a department official to some sector workers this week indicated a change in the expected timeline for transitioning people out of the sites, into more independent, perhaps market housing. Armstrong said residents will continue to be able to "move at their own pace." Jonsson said he hopes the new service providers "understand the complexity" of the residents' needs. But no matter the rules, he said the people living at the two sites are resilient and he expects they will adapt to any new rules, or find somewhere else to live. He said he's mainly concerned about the Out of the Cold staff — somewhere between 40 and 60 people — who have lost their jobs. He said the province has provided some funding to allow staff to be paid out, and Out of the Cold is in the process of figuring out how far that funding will go. The province has said staff will have opportunities to reapply for positions at the sites, or for other positions in the sector.
CBC
03-07-2025
- Health
- CBC
Free bus passes coming to CBRM for people on income, disability support
Free bus passes are on the way this fall for thousands of people in the Cape Breton Regional Municipality. Scott Armstrong, minister of opportunities and social development, was in Sydney Mines on Thursday to announce that income assistance recipients, their families, and those on disability support in CBRM will be getting free bus passes. The program is similar to a 2018 pilot project in Halifax that was made permanent in 2021. "We've heard about the difference that this can make in everyday people's lives and we know it will make a meaningful difference for all our communities here in the CBRM," Armstrong said. People in Sydney might not take advantage of the program as much, but those in outlying communities on transit routes likely will, he said. "If you live on the outskirts or in the rural areas, for the first time you're going to have free access to get on the transit system, and many of them will use it on a regular basis." Dorothy Halliday, executive director of Community Cares Youth Outreach in Sydney Mines, said free bus passes are not just about transportation, but building healthier communities and reducing poverty. "If you took the price of a trip to Sydney and you didn't have to pay for that trip ... let's hope you could go to the grocery store and come away with four litres of milk," she said. Armstrong couldn't say what it would cost the province to supply free passes in CBRM, but the Halifax program cost about $5.5 million to set up and about $4.2 million a year after that to operate. "It's probably going to be cost neutral," he said. "My department already funds people with disabilities, people on low income, to get to medical appointments and we often have to pay for taxies." Mayor Cecil Clarke said thanks to provincial funding of about $2.2 million, CBRM council will consider also providing passes to seniors who receive the guaranteed income supplement and with limited incomes. He said public transit is now easier and better than ever with 100 per cent of buses fully accessible, with charging stations for mobile devices and wireless internet on board. "It truly is about connectivity, accessibility and getting people moving freely within their community on a modern transportation system," Clarke said. More than 7,000 people in CBRM are eligible for the passes. Clarke said further details will come before council this fall.
CTV News
03-07-2025
- Business
- CTV News
Eligible CBRM residents will soon be able to ride the bus for free
Opportunities and Social Development Minister Scott Armstrong makes an announcement in Sydney Mines, N.S., on July 3, 2025. (Ryan MacDonald/CTV Atlantic) Eligible Nova Scotians living in the Cape Breton Regional Municipality will soon be able to ride public transit for free. Residents on income assistance, along with their spouses and dependents, will receive a free Transit Cape Breton pass under the province's Free Bus Pass Program. Disability Support Program participants are also eligible for the program, which is expected to launch in the fall. 'Having the freedom to move around your community – to get to work, appointments, school, or to simply connect with others – is something many people count on every day,' said Opportunities and Social Development Minister Scott Armstrong in a news release Thursday. 'Through our new community bus pass program, we're working with our partners at CBRM on a solution that gives more people access to reliable public transportation and the freedom and opportunity that come with it.' CBRM Mayor Cecil Clarke says the program will remove a financial barrier for many residents who struggle to get around, leading to greater equity in the community. 'Whether it's getting to a job interview, a medical appointment or the grocery store, this program will make everyday life more accessible for those who need it most,' said Clarke. The Free Bus Pass program first launched as a pilot project in the Halifax Regional Municipality in 2018. It became a permanent project in 2021. The province says people who are eligible for the program are not required to provide proof of their transportation needs in order to receive a free bus pass. The Nova Scotia government says about 7,265 people in CBRM are eligible for the program while about 8,900 people are currently using the program in HRM. As for the cost, the province says that will depend on uptake. More information about the program is expected to be released later this summer. For more Nova Scotia news, visit our dedicated provincial page
Yahoo
26-06-2025
- Business
- Yahoo
Wall Street's GENIUS Act could spell trouble for the largest stablecoin issuer
Wall Street's GENIUS Act could spell trouble for the largest stablecoin issuer originally appeared on TheStreet. The GENIUS Act, a bill regulating stablecoins that passed the U.S. Senate last week, poses a significant threat to Tether, the world's largest stablecoin issuer, with a total circulation of $156 billion. The GENIUS Act, which aims to integrate stablecoins into the everyday financial world, requires issuers to back their tokens' value with cash and short-term Treasury securities, submit to annual public audits, and comply with U.S. financial regulations. This could be difficult for Tether as the stablecoin issuer's current reserve model is backed in part by Bitcoin and long-held rejection of total financial transparency may soon become a regulatory liability, according to WSJ. "There's no ambiguity about those requirements," said former federal prosecutor Scott Armstrong to WSJ. "It could definitely put Tether in a pinch." The act provides a 3-year compliance grace period. A related House bill provides only 18 months, but either way, Tether would have to either change its reserve practices or lose access to the US market. CEO Paolo Ardoino has suggested Tether would create a new U.S.-compliant token, but they could just as easily concentrate all their effort on Asia and Latin America. This is where Tether earns the overwhelming majority of its trading volume. In the meantime, the U.S.-based company Circle, which issues the USDC stablecoin, will be the biggest benefactor. At press time, Circle stock is trading at $223.20. After the GENIUS Act cleared the Senate with a bipartisan vote, Circle's stock price jumped 34%, indicating that investors believe the company is aligned with regulators. Still, Circle only has a market cap that is less than half that of Tether moved to El Salvador. The Trump administration could still allow Tether access to the U.S. market if it deems El Salvador's regulatory framework equivalent to that of the U.S., WSJ reported. TheStreet Roundtable reached out to Tether for a comment on the matter and has not received a response so far. We will update the story if and when the company responds. Wall Street's GENIUS Act could spell trouble for the largest stablecoin issuer first appeared on TheStreet on Jun 26, 2025 This story was originally reported by TheStreet on Jun 26, 2025, where it first appeared. Sign in to access your portfolio
Business Insider
26-06-2025
- Business
- Business Insider
This Is How the GENIUS Act Could Impact Stablecoin Giant Tether (USDT-USD)
The recently passed GENIUS Act could significantly impact Tether (USDT-USD), which is the company behind the world's largest stablecoin. The new legislation, which is awaiting final approval, would introduce strict regulations for stablecoin issuers that include detailed rules on financial disclosures and reserve transparency. As a result, Tether's current model could be at risk, as the bill targets companies that don't fully disclose the quality and composition of their reserves. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter If the law is enacted, stablecoin issuers would need to provide monthly, audited reports that show exactly what is backing their tokens. This requirement comes as regulators grow increasingly worried about the liquidity of certain reserve assets during times of market stress. Indeed, Tether's use of assets like bitcoin and gold (GLD) —combined with its limited transparency—could make it difficult for the company to comply with the new standards, according to a Wall Street Journal report quoting former federal prosecutor Scott Armstrong. While Tether does hold a large share of its reserves in U.S. Treasury bills, which are seen as highly liquid and safe, regulators remain cautious. This is because as stablecoins become more widely used, they could potentially create new risks in the short-term Treasury market. The GENIUS Act also requires stablecoin companies to register with U.S. regulators, unless they're based in a foreign country with similar oversight. Since Tether is headquartered in El Salvador, its ability to continue serving U.S. users may depend on whether American authorities view Salvadoran regulations as strong enough. Is COIN Stock a Good Buy? Although Tether might not benefit from the new GENIUS Act, crypto exchange Coinbase (COIN) looks like it might. As a result, Wall Street analysts have a Moderate Buy consensus rating on COIN stock based on 13 Buys, 11 Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. However, the average COIN price target of $274.15 per share implies 22.9% downside risk following its recent rally.
