Boris Johnson will make a speech on Thursday on his plans to “level up and unite the country”, something the prime minister has previously described as “the central purpose of his premiership”.
In the Conservatives’ 2019 general election-winning manifesto, the party said its focus would be “levelling up every part of the UK” and the term has since become a key slogan for Mr Johnson’s government.
The term was a key tenet of the Queen’s Speech, the prime minister now has a ‘levelling up adviser’ and Chancellor Rishi Sunak has unveiled a £4.8bn ‘levelling up fund’.
Image: The regeneration of the high street is expected to form a key part of the PM’s speech on Thursday
In the party’s manifesto, the PM said it would involve investing in towns, cities and rural and coastal areas, using apprenticeships to balance out skills, giving areas more control over investment and creating new freeports.
Andy Street, the Conservative Mayor of the West Midlands – where the PM will be making his speech on Thursday – has said it should mean “a level playing field for the UK’s regions” in terms of opportunities.
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And more recently, the term ‘levelling up’ was heavily referenced in the Hartlepool by-election in May – which saw a Tory MP elected for the first time in the current constituency’s history.
But what does the phrase really mean?
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Levelling up is ‘not just getting a shiny new high street’
Conservative MP Simon Fell, one of the many new party representatives elected in the 2019 snap general election, said placing more decision-making locally and investment in education is key to levelling up.
“I think we are seeing good progress on levelling up with towns deals, the Levelling Up Fund, high street bids, all that sort of stuff,” the MP for Barrow and Furness told Sky News.
“But what I am really interested in seeing is more local decision-making, pushing decisions back closer to people, and I am hoping that we will see with that some of what will deliver long-term levelling up.
“I look at my own patch, some of the real challenges we have are around education and health.
“So how we drive changes there, that we are not just getting a shiny new high street – I would happily take a shiny new high street – but actually giving young people the opportunities both in terms of the skills they can pick up and the education they receive, but also the health outcomes which are just lacking at the moment.”
Image: Conservative MP Sir John Redwood says investment in small business and enterprise is key to levelling up
‘Harnessing public and private sectors to create sustained progress’
Conservative MP Sir John Redwood says levelling up to him is investment in “training, education, support for small business and enterprise”.
“To me, the aim is very clear: it is primarily about more people going on worthwhile personal journeys so that we end up with many more people who are in worthwhile and well-paid work where they find more enjoyment and reward from it in every sense,” the MP for Wokingham told Sky News.
Mr Redwood added that the key to effective levelling up is “harnessing public and private sectors” to create “sustained progress for a community”.
“You are not going to get a sustained recovery or a noticeable levelling up if you just put one or two large public sector projects into a place,” he said.
“It has got to be much more comprehensive than that and a lot of the action is going to be private sector led. “
Image: Chancellor Rishi Sunak announced eight new freeports in England in March.
‘Rebalancing the economy and bringing high-quality, well-paid jobs to the regions’
Conservative MP and former minister Simon Clarke says levelling up is about “creating jobs and opportunity and restoring pride in place”.
“My priority for the future is very clear – delivering more good jobs, growth and investment for the area I was brought up in,” the MP for Middlesbrough South and East Cleveland told Sky News.
Mr Clarke added: “Here on Teesside, our new freeport is already bringing the first high-quality, well-paid jobs to our region with huge investors such as GE Renewables choosing Teesside for their new manufacturing operations.
“The Towns Fund, the Future High Streets Fund and the Levelling Up Fund are all enabling our local authorities to deliver investment and kick-start shovel-ready projects to make the improvements that will unlock future investment in our towns and communities.
“The government is rebalancing the economy to give communities which have felt ignored and let down a greater share of investment and greater control over how these investments are made.”
Image: Giles Wilkes, senior fellow at the Institute for Government, said Boris Johnson sees R&D (research and development) as key to his levelling up promise
‘What the state should be doing is what the levelling up debate is all about’
Giles Wilkes, senior fellow at the Institute for Government and former special adviser to Theresa May, says the levelling up debatefor Mr Johnson’s government is about two things – investment and research and development (R&D) spending.
On the latter, he said: “This is the idea that if you try to situate your brainy industries outside of these regions that normally benefit from it, the south east and so on, then you will be able to generate new clusters that will become the Seattles and Bostons of the future.
“All I can say about this is that it is extremely difficult.
“The agglomeration benefits of being around where the existing clever people are is incredibly powerful and there is a long list, perhaps 100 long, on Wikipedia of places that decided to call themselves Silicon something-or-other and failed – because there is only one Silicon Valley.”
Michael Selig, currently serving as chief counsel for the crypto task force at the US Securities and Exchange Commission, will face questioning from senators next week in a hearing to consider his nomination as the chair of the Commodity Futures Trading Commission.
On Tuesday, the US Senate Agriculture Committee updated its calendar to include Selig’s nomination hearing on Nov. 19. The notice came about two weeks after the SEC official confirmed on social media that he was US President Donald Trump’s next pick to chair the agency following the removal of Brian Quintenz.
Hearings for Quintenz, whom Trump nominated in February, were put on hold in July amid reports that Gemini co-founders Cameron and Tyler Winklevoss were pushing another candidate. Quintenz later released private texts between him and the Winklevoss twins, signaling that the Gemini co-founders were seeking certain assurances regarding enforcement actions at the CFTC.
Since September, acting CFTC Chair Caroline Pham has been the sole commissioner at the financial agency, expected to have five members. Pham said earlier this year that she intends to depart the CFTC after the Senate votes on a new chair, suggesting that, if confirmed, Selig could be the lone leadership voice at one of the US’s most significant financial agencies.
US Senate committee releases draft market structure bill
Whether Selig is confirmed or not, the CFTC is expected to face significant regulatory changes regarding digital assets following the potential passage of a market structure bill.
In July, the US House of Representatives passed the CLARITY Act. The bill, expected to establish clear roles and responsibilities for the SEC and CFTC over cryptocurrencies, awaits consideration in the Senate Agriculture Committee and Senate Banking Committee before potentially going to a full floor vote.
On Monday, Senate Republicans on the agriculture committee released a discussion draft of the market structure bill, moving the legislation forward for the first time in weeks amid a government shutdown and congressional recess.
The agriculture committee oversees laws affecting commodities and the regulators responsible for them, such as the CFTC, while the banking committee has jurisdiction over securities and oversees the SEC.
When FTX filed for bankruptcy on Nov. 11, 2022, it sent shockwaves throughout the crypto world, erasing billions in market liquidity and shattering confidence in centralized exchanges.
The dramatic collapse became a turning point for the digital asset industry, triggering calls for stronger transparency and reactions from regulators.
Three years after the exchange’s collapse, transparency initiatives across the crypto industry have proliferated. Proof-of-reserves attestations, audits and onchain analytics represented progress. Still, many of those reforms remain works in progress, and some of FTX’s creditors have yet to be made whole.
CEXs forced to adjust post FTX
Centralized exchanges bore the full impact of the post-FTX crisis of confidence. In the weeks following the bankruptcy, users withdrew more than $20 billion from major trading platforms, according to CoinGecko data.
In response, exchanges began publishing proof-of-reserves (PoR) attestations to demonstrate solvency. Binance released its first report on Nov. 10, 2022, followed by a Merkle Tree-based report a few days later that allowed users to verify its Bitcoin (BTC) holdings.
Around that time, OKX, Deribit and Crypto.com all published proofs-of-reserve amid fears of contagion and uncertainty surrounding crypto exchanges.
While these efforts offered some visibility into reserves, most relied on snapshots rather than continuous audits and often drew criticism from the crypto community.
One X user, David Gokhshtein, said at the time that publishing proof-of-reserves wasn’t enough. “When you aren’t showing the company’s liabilities, it means nothing,” he wrote.
Thomas Perfumo, Kraken’s global economist, told Cointelegraph that the “hard lessons of the past were never an indictment of crypto,” adding that the FTX debacle reinforced the “governance and integrity matter.”
Decentralized finance protocols also adapted following the collapse, pushing calls not only for transparency but also for self-custody as an essential safeguard for crypto users.
“We’ve seen a notable shift,” Eddie Zhang, president of dYdX Labs, told Cointelegraph. According to Zhang, DeFi now operates under stronger risk frameworks while “governance is becoming more sophisticated,” with systems that “withstand market shocks.”
Despite the industry’s transparency campaigns and recent regulations, such as the GENIUS Act in the United States and the European Union’s Markets in Crypto-Assets Regulation, some FTX creditors have yet to recover their losses.
According to a Nov. 9 update by Sunil Kavuri, a FTX creditor representative, the exchange has distributed $7.1 billion to creditors across three rounds so far.
In January, FTX announced the distribution of more than $1.2 billion in repayments to creditors who fulfilled certain requirements before Jan. 20. However, according to Sunil, only $454 million was effectively paid in the first round, going to small claimants with balances under $50,000.
A larger $5 billion payout followed on May 30, while the latest round took place on Sept. 30 and distributed another $1.6 billion to creditors. The next distribution is expected in January 2026, though it has not been confirmed by the FTX estate.
FTX’s total recovered assets were estimated at about $16.5 billion in October 2024.
According to Kavuri, because repayments are being made in US dollars rather than in-kind crypto assets, creditors are missing out on the market’s rebound since 2022.
Bitcoin, valued at $16,797 the day after FTX filed for bankruptcy, was trading around $103,000 on Tuesday.
Even with cash repayments exceeding the original claim amounts, real recovery rates could range from 9% to 46% when adjusted for current crypto prices, Kavuri said.
Former FTX CEO Sam Bankman-Fried is serving a 25-year prison sentence for fraud and conspiracy but has appealed his conviction, arguing that he was denied the presumption of innocence and barred from presenting evidence that FTX was, in fact, solvent in November 2022. His legal team appeared before the US Court of Appeals for the Second Circuit on Nov. 4.
Prediction market Polymarket currently assigns only a 4% probability that Bankman-Fried will receive a presidential pardon in 2025. Former Alameda Research CEO Caroline Ellison, who cooperated with prosecutors, began serving her sentence in late 2024 and is projected to be released in mid-2026.
SBF’s chances of being pardoned this year. Source: Polymarket
John Deaton, a lawyer who advocates for XRP holders and ran against Massachusetts Senator Elizabeth Warren in the 2024 US election, is making another bid for Congress.
At a Monday event in Worcester, Massachusetts, Deaton announced that he would run for US Senate again in 2026, this time attempting to unseat Democratic Senator Ed Markey. The lawyer ran as the Republican candidate in 2024, losing to Warren, a Democrat, by about 700,000 votes.
“I’m winning this time,” Deaton said in a campaign video aired at the Worcester event.
John Deaton announcing his second run for the US Senate in Worcester on Monday. Source: John Deaton
Deaton, who said he will run as a Republican to unseat Markey, will likely face competition on both sides of the aisle in 2026. His campaign announcement did not specifically focus on digital asset policy, but he and Warren had previously clashed over their respective views on crypto.
Deaton gained widespread recognition in the crypto industry by advocating on behalf of XRP (XRP) holders in Ripple Labs’ legal battle with the US Securities and Exchange Commission (SEC).
Seth Moulton, who represents Massachusetts’s 6th Congressional District in the US House of Representatives, is a Democratic contender in the 2026 race. Markey, who will be 80 next year, voted against the passage of the GENIUS stablecoin bill and has called out crypto mining for its “extravagant electricity use.”
Looking at a repeat of 2024?
“We’re never going to not be excited about someone advocating for [crypto] policy,” Mason Lynaugh, community director of Stand With Crypto, told Cointelegraph. “He’s going to have his own voters he’s going to cultivate that are very excited to see someone like him saying these types of things publicly.”
It’s unclear what Deaton’s chances would be in a US state that typically swings to the Democrats.
During his previous Senate campaign, cryptocurrency executives from Ripple, Gemini and Kraken supported Deaton’s run, contributing more than $360,000 in the first quarter of 2024.