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MPs have backed the government’s approach to curbing MPs’ outside interests, after Labour’s proposals were voted down in the Commons.

Labour leader Sir Keir Starmer used one of his party’s designated opposition day debates in the Commons to put forward a motion setting out his party’s plans for banning MPs from paid political consultancy work.

But in a bid to steal a march on the opposition, Prime Minister Boris Johnson announced he backed such a ban and put down an amendment setting out the government’s own approach.

This has now been passed, by 297 votes to zero, after Labour and other opposition MPs chose not to vote against the government amendment on Wednesday night. Labour’s own motion was earlier defeated by 282 votes to 231.

This turn of events has sparked a furious response from Labour, which accused ministers of “watering down” the party’s original motion and effectively making it non-binding.

And the move from the prime minister also risks inflaming tensions with his Tory backbenchers, amid questions and concerns at the scope of such a ban and which roles will be affected.

Labour’s motion said MPs should be banned from holding second jobs involving acting as a parliamentary strategist, adviser or consultant.

More on Boris Johnson

It also would have instructed the Committee on Standards to come up with plans to implement this move and to report back to the Commons by the end of January.

And it said MPs should have been able to force a debate on the contents of such a report if the government did not schedule a debate on it within 15 days of the recommendations being received.

The prime minister set out his own plans on Tuesday, at the same time as Sir Keir was holding a news conference on the issue.

Unlike Labour’s motion, it does not explicitly endorse the findings of a 2018 report on MPs’ second jobs from the independent Committee on Standards in Public Life.

The government says this report – and its recommendation of a consultancy ban – forms the “basis of a viable approach which could command the confidence of parliamentarians and the public” and believes that its recommendations “should be taken forward”.

In addition, the motion expresses support for “cross-party work”, including from the Committee on Standards, to bring forward proposals to update the MPs’ code of conduct by the end of January.

However, there is no provision for a debate in the Commons on such proposals.

And the amendment makes no mention of a proposal Mr Johnson included in a letter to Commons Speaker Sir Lindsay Hoyle to investigate and punish MPs who prioritise outside interests.

Speaking in the Commons debate, Labour’s shadow Commons leader Thangam Debbonaire accused the government of trying “to gut” the party’s motion.

She said: “At the moment I don’t see the government coming up with anything strong.

“All the government’s done is try to gut our motion, that would put in train the recommendation of the Committee on Standards in Public Life that was made three years ago that the government could have done any time.”

Commons leader Jacob Rees-Mogg said MPs’ expertise should “not be for sale”, but expressed the government’s view that it is an “historic strength” of the parliamentary system that there are MPs “with a broader range of talents and professional backgrounds”.

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Securitize hires former PayPal exec as US tokenization gains traction

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Securitize hires former PayPal exec as US tokenization gains traction

Major tokenization platform Securitize has doubled down on its push to bring tokenized equity to US investors, naming a former PayPal executive as its new general counsel.

Securitize on Tuesday announced the appointment of ex-PayPal executive Jerome Roche, who led the company’s expansion into digital asset projects, including the PayPal USD (PYUSD) stablecoin.

Securitize also said its tokenized securities are already available to US investors, challenging the notion that most issuers prefer to offer such products abroad due to local stock access.

“There’s been a perception that tokenized securities must be offered primarily outside the US, but our experience shows the opposite,” Securitize CEO Carlos Domingo told Cointelegraph.

“Clear regulatory path” for tokenized stocks in the US

According to Securitize, operating real-world asset (RWA) tokenization offerings inside the US regulatory perimeter is “not only possible, but scalable, at institutional quality.”

“We’ve demonstrated that there is a clear regulatory path for issuers to natively tokenize assets for US investors,” Domingo said.

“These are not synthetic representations, or derivatives, but real securities onchain,” the CEO said, adding:

“We operate using SEC-regulated infrastructure, including a registered transfer agent broker-dealer, and fund admin, which allows US investors to access and legally hold tokenized securities in a fully compliant framework.”

Securitize’s optimistic outlook on the US tokenization comes days after the platform obtained regulatory approval to operate as an investment company and a trading ánd settlement system in the European Union on Nov. 26. According to the company, the approval positioned it as one of the first operators for regulated digital securities infrastructure in both the US and EU.

Source: Securitize

“For the first time, modern ledger technology is giving us the ability to record ownership, settle transactions, and move value in ways that are fundamentally better than the fragmented systems we’ve inherited,” Securitize’s newly appointed general counsel, Roche, said in the announcement.

“Innovation only works when it fits squarely within the guardrails of applicable law,” he added, underscoring Securitize’s global push for regulated tokenized securities.

Related: US Treasurys lead tokenization wave as CoinShares predicts 2026 growth

Securitize’s news is another sign of the US warming to tokenization. On Monday, the Securities and Exchange Commission dropped its investigation into rival tokenization platform Ondo Finance.

Ondo said the decision marks a new chapter for tokenized securities in the US, where they are poised to become a “core part of the capital markets.”