PM denies Tories are neglecting heartlands for new northern seats after by-election loss
Boris Johnson has denied his Conservative Party are neglecting southern parts of England in favour of its new northern seats as he blamed “particular circumstances” for a surprise by-election loss.
The Tories have been dealt a humiliating defeat after the Liberal Democrats won Thursday’s Chesham and Amersham by-election.
The Buckinghamshire constituency had been a Conservative stronghold since its creation in 1974 – but the Lib Dems overturned the Tories’ 16,000-vote majority to deliver a shock result.
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Davey takes hammer to ‘Tory blue wall’
The prime minister admitted his party had suffered what was “certainly a disappointing result”, but he pointed to “particular circumstances” in the constituency.
He also dismissed “peculiar” and “bizarre” suggestions that Conservative victories in Labour’s former “red wall” heartlands in the Midlands and the north at the last general election had seen the Tories lose their focus on their own traditional strongholds.
“We are getting on with delivering our agenda for the whole country, that’s what one nation Conservatism is all about,” Mr Johnson said.
“We believe in uniting and levelling up within regions and across the country.”
The prime minister also pointed to his own previous election as London mayor on two occasions, his past election as an MP for Henley, as well as last month’s council election successes for the Tories.
“Just last month we had gains in Basildon and Maidstone and Basingstoke and all over the place,” he added.
“We are a great one nation party and we will continue with our mission to unite and level up, because that is the best way to deliver jobs and prosperity across the whole country.”
Some Tories have blamed the Chesham defeat on the government’s proposed reforms of planning rules.
But Mr Johnson said there had been “some misunderstanding about the planning reforms, perhaps even some wilful misunderstanding on behalf of our opponents”.
“What we want are sensible plans to allow development on brownfield sites, we’re not going to build on greenbelt sites, we’re not going to build all over the countryside,” he added.
“But I do think that young people growing up in this country should have the chance of home ownership and that’s what we’re focusing on.”
The Chesham and Amersham contest was triggered by the death of former Tory cabinet minister Dame Cheryl Gillan.
The constituency will now be represented by victorious Lib Dem candidate Sarah Green.
The Lib Dems’ new MP for Chesham and Amersham, Sarah Green, and party leader Sir Ed Davey
The 25-point swing from the Conservatives to the Lib Dems was the third-highest since two by-elections in 1993.
Liberal Democrat leader Sir Ed Davey told Sky News the result would “send shockwaves through the British political system”.
“This Liberal Democrat victory was one of our best ever by-election victories,” he said.
“And, if it was repeated across the south of England, literally dozens of Conservative MPs would lose their seats to the Liberal Democrats.”
The result has also brought fresh scrutiny of the performance of Labour leader Sir Keir Starmer, who saw his party gain the smallest share of the vote (1.6%) in any by-election since the Second World War.
Labour came fourth in the by-election with just 622 votes – trailing the third-placed Green Party – and losing the party’s deposit in the process.
Last month, Sir Keir saw his party lose the Hartlepool by-election to the Conservatives – a seat that had been under Labour’s control since it was created in the 1970s.
The legal duel between the United States Securities and Exchange Commission (SEC) and Kraken, a leading cryptocurrency exchange, looks like another misguided attempt by the SEC to exert control over an industry that fundamentally challenges an outdated regulatory playbook. The agency’s lawsuit, filed in November, accuses Kraken of operating as an unregistered securities exchange.
The lawsuit isn’t just a repeat of the SEC’s past failures. It’s also a glaring example of regulatory overreach that fails to grasp the essence of cryptocurrency. It mirrors the agency’s actions against Coinbase, which mark a pattern of aggressive regulation that is both ineffectual and counterproductive. In its case against Coinbase, the SEC allegations similarly involved operating as an unregistered securities exchange. The approach fundamentally misunderstands the nature of cryptocurrency exchanges.
The lawsuit isn’t just a repeat of the SEC’s past failures. It’s also a glaring example of regulatory overreach that fails to grasp the essence of cryptocurrency. It mirrors the agency’s actions against Coinbase, which mark a pattern of aggressive regulation that is both ineffectual and counterproductive. In its case against Coinbase, the SEC allegations similarly involved operating as an unregistered securities exchange. The approach fundamentally misunderstands the nature of cryptocurrency exchanges.
Unlike traditional securities exchanges, platforms like Kraken offer a diverse range of digital assets that do not fit neatly into the securities framework. This misclassification by the SEC reveals a lack of understanding of the unique characteristics of cryptocurrencies, which function as decentralized assets, often with utility or currency-like features rather than conventional securities.
Related: Expect some crypto companies to fail in the wake of Bitcoin’s halving
One of the most striking issues is the absence of technological neutrality — the principle that regulatory frameworks should apply equally to all forms of technology, without favoring or penalizing any particular one. By forcing cryptocurrencies into the traditional securities mold, the SEC is not only misapplying laws but also showing a clear bias against digital assets. This lack of neutrality not only hinders innovation but also unfairly targets platforms that are striving to work within the regulatory landscape.
The aggressive stance of the SEC risks driving innovation and business away from the U.S. to more crypto-friendly jurisdictions. This phenomenon, known as regulatory arbitrage, could result in the U.S. losing its position as a leader in technological innovation. The crypto industry is global, and excessive regulation in one country simply pushes businesses to relocate, taking their economic benefits and innovations with them.
Related: 3 theses that will drive Ethereum and Bitcoin in the next bull market
The Kraken lawsuit is set to become another example of the SEC’s failure to successfully regulate the crypto industry, akin to the outcome of its actions against Coinbase. This repetitive cycle of aggressive and misinformed regulation is not only futile but also harmful to the credibility of the SEC. It sends a message that the regulatory body is more interested in flexing its regulatory muscle than in understanding and adapting to new technological paradigms.
The case isn’t just an isolated legal battle. It is indicative of a broader issue within the U.S. regulatory framework’s approach to cryptocurrencies. The SEC must move beyond its current, outdated tactics and engage with the crypto industry in a more informed and constructive manner. Regulation is necessary, but it must be reasonable, well-informed, and designed to foster innovation, not stifle it.
It looks the SEC is set for another resounding defeat, which will serve as one more reminder of the need for a new approach by regulators.
Daniele Servadei is the 20-year-old founder and CEO of Sellix, an Italian e-commerce platform that has processed more than $75 million in transactions for more than 2.3 million customers worldwide. He’s attending the University of Parma for a degree in computer science.
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.
Following his conviction on federal fraud charges on Nov. 2, former FTX CEO Sam “SBF” Bankman-Fried will not pursue any post-trial motions.
In a Dec. 1 letter to Judge Lewis Kaplan in United States District Court for the Southern District of New York, lawyers representing Bankman-Fried said they had “decided not to file any post-trial motions” but reserved their rights to pursue claims on appeal. The filing was the latest following SBF’s conviction on Nov. 2 as he awaits sentencing on March 28.
It’s unclear whether prosecutors plan to move forward with Bankman-Fried’s second trial in March. The former FTX CEO’s indictment was split in order for him to face 7 counts in October and 5 charges in March, but following a guilty verdict in November, SBF could already be looking at decades behind bars.
Related: What’s next for the ‘crypto king’ Sam Bankman-Fried?
After the jury verdict was handed down, Bankman-Fried returned to the Brooklyn Metropolitan Detention Center, where he is expected to remain until sentencing. On Nov. 30, crypto blogger Tiffany Fong interviewed a former mob enforcer, Gene Borrello, who reported on some of SBF’s experiences in jail. Borrello claimed another inmate attempted to extort the former FTX CEO.
Bankman-Fried was one of the first high-profile crypto executives to face criminal charges in the United States. Authorities arrested former Celsius CEO Alex Mashinsky in July, and at the time of publication, he remains free on bail until his September 2024 criminal trial. Changpeng Zhao, who stepped down as CEO and pleaded guilty to one felony charge as part of a settlement between U.S. officials and Binance, will be sentenced in February.
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