Number of Tory MPs think PM won’t follow through and introduce COVID domestic vaccine passports
A number of Conservative MPs have told Sky News they do not think the government will follow through and actually introduce domestic vaccine passports.
The prospect of people having to prove their COVID-19 status to access a range of venues has been raised in recent weeks.
Boris Johnson has already said that individuals will need to be fully vaccinated to go to nightclubs from the end of September – and proof of a negative COVID test will no longer be sufficient.
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Vaccine passports for Premier League games?
Universities, music events and sporting fixtures have all been mentioned as possible other settings for certification.
More than 40 Conservatives recently signed a declaration from the campaign group Big Brother Watch expressing opposition to the idea.
Sir Graham Brady, chairman of the 1922 Committee of backbench Tories, told Sky News that vaccine passports for domestic use would be a “massive step and a misguided one”.
“The policy would discriminate against the young, against those who have medical or ethical reasons why they can’t be vaccinated and many ethnic minority groups,” he said.
“Fundamentally, people’s decision on whether to be vaccinated or not must be a personal decision for them to make based on their own assessment of the benefits and risks.”
Some Tory MPs contacted by Sky News say they think the prime minister is bluffing in a bid to increase vaccine uptake, while others expressed their belief that the government would pull any vote on the matter if there is a realistic prospect of them losing.
“I don’t think they will,” Wellingborough MP Peter Bone said when asked if he thinks the government will follow through and introduce vaccine passports.
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Govt ‘reserves right’ to mandate jab passport use
Mr Bone said he thinks ministers want to “nudge” young people into getting the jab by raising the prospect of them needing to be fully vaccinated to access venues like nightclubs.
He said he was against vaccine passports because they are “identity papers by the back door” and risked creating a “two class society”.
Craig Mackinlay, meanwhile, said he thinks the government is adopting a “carrot and stick approach” to increase vaccine take-up.
“I hope that is as far as these plans go,” the MP for South Thanet said.
“I really do believe that,” Mr Mackinlay added, referencing his view that vaccine passports ultimately will not be introduced.
He said the policy would entail a “massive change to the relationship between the state and the individual”, highlighting the possibility of vaccine passports for universities as a “very dangerous step”.
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Will vaccine passports be introduced for pubs?
“Broadly we are a party that believes in individual freedom,” he said.
Sky News has been told that if the matter was put to a vote, as many as 50 Conservative MPs could vote against.
A senior Tory MP said there was an “almost universal objection” in the parliamentary party to vaccine passports.
They added that they would be “very surprised” if the measure made it through without Labour support, adding that the “only thing” that will stop the government trying to implement the policy is if they were “convinced” they would lose a Commons vote.
Mr Bone said fellow Tories in parliament were “quite horrified” about the prospect and a “significant number” would vote against the government if it comes to it.
And he expressed the view that Cabinet Office minister Michael Gove is the driving force behind the policy, rather than the PM.
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Double jab will be needed for nightclub entry
Andrew Bridgen described vaccine passports as “completely unnecessary, bureaucratic and unworkable”, adding that they would “create a divided society”.
He accused the government of engaging in “sabre-rattling” as part of a “crude attempt to coerce young people to take the vaccine”.
The North West Leicestershire MP said he thinks the government will pull any Commons vote on the matter if there is the prospect of a defeat.
If it is put to MPs, Mr Bridgen said it will be a “defining moment for Boris Johnson’s premiership and future of the Conservative Party”.
One Conservative MP who is in favour of the idea is Sir Roger Gale, who represents North Thanet.
“I have no problem with them at all, I think they’re a very good thing,” he told Sky News when asked about vaccine passports.
Sir Roger said the policy is a “no-brainer” and he would vote for it, but he acknowledged there may be an “element of bluff” in it to drive up vaccination numbers.
Were vaccine passports to become a reality, he said they should not “morph into an ID card” and should have an “expiry date”.
A government spokesperson said: “There has been no change to our plans to introduce vaccine certification in September.
“The government is focussed on protecting the public and reducing the impact of the virus, including mandating COVID certification in certain settings.
“Vaccines are the best possible way to protect you and your family against the virus and we strongly encourage people to come forward.”
Crypto companies seeking a US federal bank charter should be treated no differently than other financial institutions, says Jonathan Gould, the head of the Office of the Comptroller of the Currency (OCC).
Gould told a blockchain conference on Monday that some new charter applicants in the digital or fintech spaces could be seen as offering novel activities for a national trust bank, but noted “custody and safekeeping services have been happening electronically for decades.”
“There is simply no justification for considering digital assets differently,” he added. “Additionally, it is important that we do not confine banks, including current national trust banks, to the technologies or businesses of the past.”
The OCC regulates national banks and has previously seen crypto companies as a risk to the banking system. Only two crypto banks are OCC-licensed: Anchorage Digital, which has held a charter since 2021, and Erebor, which got a preliminary banking charter in October.
Crypto “should have” a way to supervision
Gould said that the banking system has the “capacity to evolve from the telegraph to the blockchain.”
He added that the OCC had received 14 applications to start a new bank so far this year, “including some from entities engaged in novel or digital asset activities,” which was nearly equal to the number of similar applications that the OCC received over the last four years.
“Chartering helps ensure that the banking system continues to keep pace with the evolution of finance and supports our modern economy,” he added. “That is why entities that engage in activities involving digital assets and other novel technologies should have a pathway to become federally supervised banks.”
Gould brushes off banks’ concerns
Gould noted that banks and financial trade groups had raised concerns about crypto companies getting banking charters and the OCC’s ability to oversee them.
Related: Argentina weighs letting traditional banks trade crypto: Report
“Such concerns risk reversing innovations that would better serve bank customers and support local economies,” he said. “The OCC has also had years of experience supervising a crypto-native national trust bank.”
Gould said the regulator was “hearing from existing national banks, on a near daily basis, about their own initiatives for exciting and innovative products and services.”
“All of this reinforces my confidence in the OCC’s ability to effectively supervise new entrants as well as new activities of existing banks in a fair and even-handed manner,” he added.
Legal Panel: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
The US Commodity Futures Trading Commission has issued updated guidance for tokenized collateral in derivatives markets, paving the way for a pilot program to test how cryptocurrencies can be used as collateral in derivatives markets.
Collateral in derivatives markets serves as a security deposit, acting as a guarantee to ensure that a trader can cover any potential losses.
The digital asset pilot, announced by CFTC acting chairman Caroline Pham on Monday, will allow futures commission merchants (FCM) — a company that facilitates futures trades for clients — to accept Bitcoin (BTC), Ether (ETH) and Circle’s stablecoin USDC (USDC) for margin collateral.
The CFTC pilot is another step toward integrating crypto into regulated markets, and Circle CEO Heath Tarbert said it will also protect customers, reduce settlement frictions and assist with risk reduction.
Pham said in a statement that the pilot program also “establishes clear guardrails to protect customer assets and provides enhanced CFTC monitoring and reporting.”
As part of the pilot, participating FCMs will be subject to strict reporting criteria, which require weekly reports on total customer holdings and any significant issues that may affect the use of crypto as collateral.
Updated CFTC guidance for tokenized assets
The CFTC’s Market Participants Division, Division of Market Oversight, and Division of Clearing and Risk also issued updated guidance on the use of tokenized assets as collateral in the trading of futures and swaps.
The guidance covers tokenized real-world assets, including US Treasury’s money market funds, and topics such as eligible tokenized assets, legal enforceability, segregation and control arrangements.
Pham said in an X post on Monday that the “guidance provides regulatory clarity and opens the door for more digital assets to be added as collateral by exchanges and brokers, in addition to US Treasurys and money market funds.”
The Market Participants Division also issued a “no-action position” on specific requirements regarding the use of payment stablecoins as customer margin collateral and the holding of certain proprietary payment stablecoins in segregated customer accounts.
A CFTC Staff Advisory that restricted FCMs’ ability to accept crypto as customer collateral, Staff Advisory 20-34, was also withdrawn because it is “outdated and no longer relevant,” in part due to the GENIUS Act.
Crypto execs back CFTC move
Several crypto executives applauded the move by the CFTC.
Katherine Kirkpatrick Bos, the general counsel at blockchain company StarkWare, said the use of “tokenized collateral in the derivatives markets is MASSIVE.”
Related: US regulators dismiss SEC-CFTC merger rumors, move to dispel crypto ‘FUD’
“Atomic settlement, transparency, automation, capital efficiency, savings. Feels abrupt but who recalls the tokenization summit in 2/24, a glimmer of hope in the darkness,” she said.
Coinbase chief legal officer Paul Grewal also supported the action, calling Staff Advisory 20-34 a “concrete ceiling on innovation.”
“It relied on outdated info, went well beyond the bounds of regulation and frustrated the goals of the PWG.”
Salman Banaei, the general counsel at layer-1 blockchain the Plume Network, said it was a “major move” by the CFTC, and another push toward wider adoption.
“This is a step toward the use of onchain infra to automate settlement for the biggest asset class in the world: OTC derivatives, swaps,” he added.
Magazine: XRP’s ‘now or never’ moment, Kalshi taps Solana: Hodler’s Digest, Nov. 30 – Dec. 6
Politics
Rayner’s combative, defiant performance in Commons signals to Labour MPs she’s here to make a comeback and shows them what they’ve been missing
The day after Sir Keir Starmer said he wanted Angela Rayner back in the cabinet, she showed Labour MPs what they’ve been missing.
The former deputy prime minister delighted Labour backbenchers with a powerful Commons speech defending her workers’ rights legislation on Monday evening.
With the House of Lords locked in a battle of parliamentary “ping pong” with MPs, she told ministers: “Now is not the time to blink or buckle.”
Her very public intervention came amid claims that her next move has the Labour Party on tenterhooks and that she’s the favourite to succeed Sir Keir if she wants the job.
And her speech, delivered from notes and clearly meticulously prepared, appeared to send a message to Labour MPs: I’m here to make a comeback.
The government’s flagship Employment Rights Bill was championed by Ms Rayner when she was deputy PM, in the face of bitter opposition from the Conservatives.
In a bid to end the deadlock with the Lords, ministers have backed down on unfair dismissal protection from day one, proposing a compromise of six months.
Backing the compromise, brokered with the TUC, Ms Rayner said: “I know ministers had faced difficult decisions and difficult discussions with the employers and worker representatives.
“But I strongly believe that the work that has been done has been necessary, and we should be able to move forward now.”
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Could Rayner come back?
Attacking the upper chamber for delaying the legislation, she said: “There is now no more time to waste.
“Vested interests worked with the Tories and the Lib Dems and, cheered on by Reform and backed by the Greens, to resist the manifesto on which we were elected.
“And now there can be no excuses. We have a mandate for a new deal for working people, and we must, and we will deliver it.
And she concluded: “It has been a battle to pass this bill, but progress is always a struggle that we fought for. Its passage will be a historic achievement for this Labour government.
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Angela Rayner’s resignation speech
“It will benefit working people now and into the future. Now is not the time to blink or buckle. Let’s not waste a minute more. It’s time to deliver.”
It was the sort of fighting talk and defiance of the government’s opponents that will have cheered up Labour MPs and boosted her hopes of a comeback and even a leadership bid.
It came as speculation over Sir Keir’s future grows more frenzied by the day, with claims that even some of his own supporters have begun the hunt for his successor.
The thinktank that ran his leadership campaign in 2020, Labour Together, is reported to be canvassing party members on candidates to replace him.
Wes Streeting and Angela Rayner.
There was even a claim last week that allies of Wes Streeting were sounding out Labour MPs about a pact with Ms Rayner and a joint ticket for the leadership.
The health secretary dismissed that claim as a “silly season story”, while a Rayner ally said: “There’s no vacancy and there’s no pact”. They added that she will not “be played like a pawn”.
Mr Streeting did, however, start speculation himself when he said in his Labour conference speech: “We want her back. We need her back.”
Fuelling more speculation, Sir Keir went further than he had previously on Sunday, when he was asked in an Observer interview if he missed her and replied; “Yes, of course I do. I was really sad that we lost her.”
And asked if she would return to the cabinet, the prime minister said: “Yes. She’s hugely talented.”
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‘Angela Rayner, this achievement is yours.’
Sir Keir also described Ms Rayner, who left school at 16 without any qualifications, as “the best social mobility story this country has ever seen”.
But a swift return to the cabinet would be hugely controversial, because the PM’s ethic adviser, Sir Laurie Magner, ruled that she breached the ministerial code by underpaying stamp duty when she bought a flat.
But she has been linked to speculation about possible efforts to remove Sir Keir if – as predicted – Labour performs badly in the Scottish, Welsh and local elections next May.
Her supporters also claim she will eventually be cleared by HMRC over her stamp duty breach, clearing the way for her to come back.
And her latest speech – combative, defiant and yet loyal – will have boosted her hopes, and reminded Labour MPs what they’ve missed since she quit in September.
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