Yvette Cooper is elevated to shadow home secretary while Lisa Nandy will move from shadow foreign secretary to the levelling up brief as Labour leader Sir Keir Starmer reshuffles his cabinet.
Ms Cooper, who held the home affairs brief previously from 2011 to 2015 under former Labour leader Ed Miliband, will depart her current role as chair of the influential Commons home affairs select committee in returning to the shadow cabinet.
Ms Nandy will now shadow Levelling Up Secretary Michael Gove, while David Lammy has been promoted into her former shadow foreign secretary role from the justice brief.
Image: Lisa Nandy is moving from shadow foreign secretary to shadow levelling up secretary against Michael Gove, Sky News understands
Others who have been boosted to more prominent positions in Sir Keir’s top team include Wes Streeting who moves to shadow health secretary and Bridget Phillipson who will transfer from shadow chief secretary to the Treasury to shadow education secretary.
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Meanwhile, Jonathan Ashworth, who has had the health brief through the pandemic, moves to shadow work and pensions secretary and said he was “excited” for the new role.
Former holder of the education brief Kate Green has been removed from the shadow cabinet alongside the previous shadow Wales secretary Nia Griffith and former environment secretary Luke Pollard.
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Earlier on Monday, former shadow minister for young people and democracy Cat Smith and former shadow attorney general Lord Falconer said announced that they were also stepping down from Labour’s frontbench.
Sir Keir’s top team now includes:
• Angela Rayner as deputy leader, shadow first secretary of state, shadow chancellor of the duchy of Lancaster and shadow secretary of state for the future of work
• Rachel Reeves as shadow chancellor
• David Lammy as shadow foreign secretary
• Yvette Cooper as shadow home secretary
• Wes Streeting as shadow health secretary
• Lisa Nandy as shadow levelling up, housing, communities and local government secretary
• Jonathan Reynolds as shadow business secretary
• Ed Miliband as shadow climate change and net zero secretary
• John Healey as shadow defence secretary
• Lucy Powell as shadow digital, culture, media and sport secretary
• Bridget Phillipson as shadow education secretary
• Jim McMahon as shadow environment secretary
• Nick Thomas-Symonds as shadow international trade secretary
• Steve Reed as shadow justice secretary
• Louise Haigh as shadow transport secretary
• Jenny Chapman as shadow cabinet office minister
• Louise Haigh as shadow transport secretary
• Anneliese Dodds as women and equalities secretary and Labour Party chair
• Jonathan Ashworth as shadow work and pensions secretary
• Emily Thornberry as shadow attorney general
• Jo Stevens as shadow Wales secretary
• Ian Murray as shadow Scotland secretary
• Peter Kyle as shadow Northern Ireland secretary
• Thangam Debbonaire as shadow Commons leader
• Dr Rosena Allin-Khan as shadow mental health minister
• Preet Gill as shadow international development minister
• Pat McFadden as chief secretary to the Treasury
• Alan Campbell as shadow chief whip
• Angela Smith as shadow leader of the House of Lords
Image: Labour leader Sir Keir Starmer is carrying out a reshuffle for the first time in six months
In a statement, Sir Keir said: “With this reshuffle, we are a smaller, more focused shadow cabinet that mirrors the shape of the government we are shadowing.
“We must hold the Conservative government to account on behalf of the public and demonstrate that we are the right choice to form the next government.”
The Labour leader said he is “delighted” to have appointed Ms Nandy to the foreign affairs brief, adding that “there will be nobody better than Lisa to lead this work”.
Image: Ed Miliband will take on the climate brief
Meanwhile, Mr Miliband “will lead in the shadow cabinet to develop Labour’s extensive plans for net zero in a first term Labour government, and hold the government to account for its failure to take action”, Sir Keir said.
The reshuffle comes six months after Sir Keir‘s last refresh of his shadow cabinet, in the wake of a mixed night for Labour in May’s elections across the UK.
Posting on social media, Mr Lammy said he was “honoured” to be appointed shadow foreign secretary and praised his predecessor Ms Nandy for “holding the Tories’ feet to the fire”.
“Honoured to be appointed shadow secretary of state for foreign, commonwealth & development affairs. At a time when Britain is recasting itself on the world stage, I look forward to setting out Labour’s vision for a values-led foreign policy based on cooperation & internationalism,” Mr Lammy said.
Image: David Lammy has been promoted to the foreign affairs brief
Newly-appointed shadow health secretary Mr Streeting tweeted: “Delighted to have been appointed as shadow health and social care secretary.
“This year the NHS saved my life and staff across health and social care are getting us through the worst pandemic in living memory. Labour created the NHS. We’ll make it fit for the future.”
Earlier this year, Mr Streeting was diagnosed with kidney cancer and had a kidney removed.
Some have suggested the shake-up came about quite abruptly.
Speaking earlier on Monday morning at an event in Westminster amid swirling reshuffle rumours, Labour deputy leader Angela Rayner said: “I don’t know the details of the reshuffle or the timing of it, I’ve been here concentrating on my role now.
Image: Wes Streeting will take over as shadow health secretary
“But six months ago I said again we need some consistency in how we’re approaching things as an opposition. I want us to see us as a government in waiting, I want us to do that job.”
Sky’s political correspondent Kate McCann reported that Ms Rayner did get a call from Sir Keir on Monday morning to say she would keep her role, but was not given any detail or consulted about the reshuffle itself.
Posting on social media, Mr Lammy said he was “honoured” to be appointed shadow foreign secretary and praised his predecessor Ms Nandy for “holding the Tories’ feet to the fire”.
“Honoured to be appointed shadow secretary of state for foreign, commonwealth & development affairs. At a time when Britain is recasting itself on the world stage, I look forward to setting out Labour’s vision for a values-led foreign policy based on cooperation & internationalism,” Mr Lammy said.
Image: Cat Smith was the first person to depart the shadow cabinet on Monday
While announcing her departure from Sir Keir’s shadow cabinet, Ms Smith tweeted out a copy of a letter she had sent to the Labour leader, warning Sir Keir of the “damage” being done by Jeremy Corbyn remaining suspended from the Parliamentary Labour Party.
The US Securities and Exchange Commission (SEC) sent warning letters to several exchange-traded fund (ETF) providers, halting applications for leveraged ETFs that offer more than 200% exposure to the underlying asset.
ETF issuers Direxion, ProShares, and Tidal received letters from the SEC citing legal provisions under the Investment Company Act of 1940.
The law caps exposure of investment funds at 200% of their value-at-risk, defined by a “reference portfolio” of unleveraged, underlying assets or benchmark indexes. The SEC said:
“The fund’s designated reference portfolio provides the unleveraged baseline against which to compare the fund’s leveraged portfolio for purposes of identifying the fund’s leverage risk under the rule.”
The SEC directed issuers to reduce the amount of leverage in accordance with the existing regulations before the applications would be considered, putting a damper on 3-5x crypto leveraged ETFs in the US.
SEC regulators posted the warning letters the same day they were sent to the issuer, in an “unusually speedy move” that signals officials are keen on communicating their concerns about leveraged products to the investing public, according to Bloomberg.
The crypto market took a nosedive in October after a flash crash caused $20 billion in leveraged liquidations, the most severe single-day liquidation event in crypto history, sparking discussions among analysts and investors over the dangers of leverage and its effect on the crypto market.
24-hour liquidations in the crypto derivatives market. Source: Coinglass
Liquidations in the crypto futures market during the last cycle averaged about $28 million in long positions and $15 million in shorts per day.
The current cycle is clocking about $68 million in long liquidations and $45 million in short liquidations daily, according to Glassnode.
Demand for leveraged crypto ETFs surged following the 2024 presidential election in the United States, in anticipation of a better regulatory climate for crypto in the US.
Leveraged ETFs are not subject to margin calls and automated liquidations like leveraged crypto derivatives, but can still deal a serious blow to investor capital in a bear market or even a sideways market, as losses compound more quickly than gains.
Taiwan could see its first stablecoin launched as early as the second half of 2026 as lawmakers advance new rules for digital assets, according to one of the country’s financial regulators.
According to a Focus Taiwan report on Wednesday, Financial Supervisory Commission (FSC) Chair Peng Jin-lon said that, based on the timeline for passing related legislation, a Taiwan-issued stablecoin could enter the market in the second half of 2026.
Should the Virtual Assets Service Act pass in the country’s next legislative session, and accounting for a six-month buffer period for the law to take effect, it would lay the groundwork for the launch of a Taiwanese stablecoin.
Peng said the draft legislation was derived from Europe’s Markets in Crypto-Assets (MiCA) and would eventually allow non-financial institutions to issue stablecoins. Initially, however, Taiwan’s central bank and the FSC would restrict issuance to regulated entities.
Last year, Taiwan’s policymakers began enforcing Anti-Money Laundering regulations in response to alleged violations by crypto companies MaiCoin and BitoPro. As of December, however, regulated entities in the country have yet to launch a stablecoin pegged to either the US dollar or the Taiwan dollar.
In addition to the FSC’s advancement of stablecoin regulations, Taiwan’s policymakers are reportedly assessing the total amount of Bitcoin (BTC) confiscated by authorities. The move signaled that the nation could be preparing to launch its own strategic crypto stockpile.
Ju-Chun, a Taiwanese lawmaker, called on the government to add BTC to its national reserves in May as a hedge against economic uncertainty.
The country’s reserves include US Treasury bonds and gold, but no cryptocurrencies. Other countries, such as the US, have adopted policies that promote Bitcoin and crypto reserves.
Former US Securities and Exchange Commission Chair Gary Gensler renewed his warning to investors about the risks of cryptocurrencies, calling most of the market “highly speculative” in a new Bloomberg interview on Tuesday.
He carved out Bitcoin (BTC) as comparatively closer to a commodity while stressing that most tokens don’t offer “a dividend” or “usual returns.”
Gensler framed the current market backdrop as a reckoning consistent with warnings he made while in office that the global public’s fascination with cryptocurrencies doesn’t equate to fundamentals.
“All the thousands of other tokens, not the stablecoins that are backed by US dollars, but all the thousands of other tokens, you have to ask yourself, what are the fundamentals? What’s underlying it… The investing public just needs to be aware of those risks,” he said.
Gensler’s record and industry backlash
Gensler led the SEC from April 17, 2021, to Jan. 20, 2025, overseeing an aggressive enforcement agenda that included lawsuits against major crypto intermediaries and the view that many tokens are unregistered securities.
The industry winced at high‑profile actions against exchanges and staking programs, as well as the posture that most token issuers fell afoul of registration rules.
Gary Gensler labels crypto as “highly speculative.” Source: Bloomberg
Under Gensler’s tenure, Coinbase was sued by the SEC for operating as an unregistered exchange, broker and clearing agency, and for offering an unregistered staking-as-a-service program. Kraken was also forced to shut its US staking program and pay a $30 million penalty.
The politicization of crypto
Pushed on the politicization of crypto, including references to the Trump family’s crypto involvement by the Bloomberg interviewer, the former chair rejected the framing.
“No, I don’t think so,” he said, arguing it’s more about capital markets fairness and “commonsense rules of the road,” than a “Democrat versus Republican thing.”
He added: “When you buy and sell a stock or a bond, you want to get various information,” and “the same treatment as the big investors.” That’s the fairness underpinning US capital markets.
On ETFs, Gensler said finance “ever since antiquity… goes toward centralization,” so it’s unsurprising that an ecosystem born decentralized has become “more integrated and more centralized.”
He noted that investors can already express themselves in gold and silver through exchange‑traded funds, and that during his tenure, the first US Bitcoin futures ETFs were approved, tying parts of crypto’s plumbing more closely to traditional markets.
Gensler’s latest comments draw a familiar line: Bitcoin sits in a different bucket, while most other tokens remain, in his view, speculative and light on fundamentals.
Even out of office, his framing will echo through courts, compliance desks and allocation committees weighing BTC’s status against persistent regulatory caution of altcoins.