ULEZ expansion legal, High Court rules
The expansion of ultra-low emission zone (ULEZ) to outer London boroughs has been ruled lawful by the High Court.
Five Conservative-run councils had launched legal action back in February over the expansion.
The scheme will come into force from 29 August and see the drivers of the most polluting vehicles charged £12.50 a day to use them.
The hope of those behind the plan is it will incentivise people to use cleaner transport alternatives and, as a result, help improve the city’s air quality.
Transport for London has claimed only a small number of people will be impacted, with nine out of 10 vehicles compliant with ULEZ requirements.
But the councils challenged the rollout in the courts, saying the capital’s Labour mayor, Sadiq Khan, had exceeded his legal powers with such a large expansion of the scheme.
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ULEZ expansion ‘difficult but right decision’
The five local authorities – Hillingdon, Bexley, Bromley and Harrow in London, plus Surrey County Council – also claimed the consultation on the plan was flawed, and not enough information had been shared over the scrappage scheme, which provides payouts to people prepared to ditch their vehicles.
While other parts of the challenge were dismissed in April, the councils were granted a hearing in the High Court, and the two sides fought it out over two days of evidence.
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The ruling comes a week after the debate around ULEZ dominated a local by-election and the fallout from the results.
The seat of Uxbridge and South Ruislip – left vacant by the departure of Boris Johnson – seemed ripe for the taking for Labour in light of recent polling that gives the party a double digit lead over the Tories.
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‘ULEZ is why we lost in Uxbridge’
But the Conservative candidate managed a narrow victory – albeit seeing the majority for the party fall from over 7,000 to less than 500 – having turned its campaign into a referendum on ULEZ.
Since then, Labour have been in turmoil over the policy and whether to support it, with Sir Keir Starmer saying he had asked the mayor to “reflect” on the impact of the scheme.
However, Mr Khan has said he is committed to ULEZ expansion, telling Sky News: “It was a difficult decision to take. But just like nobody will accept drinking dirty water, why accept dirty air?”
‘The right decision’
Following the ruling, Mr Khan told Sky News: “This landmark decision today is good news for London, because it means from the end of August we can make greater progress in cleaning up the air in outer London.
“The decision to expand ULEZ was a difficult one for me to take, it wasn’t taken lightly, but it’s essential we make more progress cleaning up the air in our city.
“Every year in our city, there’s around 4,000 premature deaths directly linked with air pollution and children with stunted lungs forever.”
Referencing the opposition to the scheme and the debate surrounding it, Mr Khan said: “I have been listening and I will carry on listening” but added that the High Court ruling was “quite clear”.
He went on to say that the 10 boroughs with the highest number of premature deaths are all in outer London.
Asked if ULEZ was the reason Labour failed to win the Uxbridge by-election last week, Mr Khan said: “The decision to expand ULEZ was a very difficult decision for me to make.
“It wasn’t one I took lightly, but it was the right one.”
Last month, the Greater London Authority commissioned a report by air quality and climate change consultants Aether into pollution levels in London.
It found that while progress had been made to reduce air pollution concentrations since 2016, the city’s population was still forecast to remain exposed to nitrogen dioxide and particulate matter in concentrations above the air quality guidelines recommended by the World Health Organisation (WHO) in 2030 “unless further significant action is taken to reduce concentrations”.
Sadiq Khan will be breathing a sigh of relief
After a bumpy week for the Mayor’s ULEZ expansion, this is very good news for Sadiq Khan.
If this legal challenge had succeeded, it could have meant a delay to next month’s rollout as elements of the consultation process were run again.
But whilst this legal hurdle has been cleared, political ones remain.
Labour leader Sir Keir Starmer has made it clear that he wants there to be a rethink– after the expansion plan cost his party the Uxbridge by-election last week.
The London Mayor has said he’s open to ideas to help people impacted by the charge but is determined to plough on with the central policy on the current timetable.
That opens a rift between party headquarters and one of the most senior elected Labour politicians in the country.
A compromise could involve the scrappage scheme being bolstered further but that would likely come with more requests for cash from Central government.
The Tories will attempt to turn next spring’s London mayoral elections into a referendum on ULEZ expansion.
The hope in City Hall will be that by forcing this controversial policy through now without delay, tempers may have cooled by the time Londoners head to the ballot box.
It also found the most deprived communities of London still more commonly live in the most polluted areas and that the areas that had the lowest air pollution concentrations had a disproportionately white population.
“The exposure inequalities experienced between ethnic groups are much more pronounced in outer London than inner London,” the consultants found.
But Steve Tuckwell, the Conservative MP for Uxbridge and South Ruislip who campaigned against ULEZ expansion during the by-election, said constituents had sent a “clear message” to the mayor to “halt your ULEZ expansion”.
“Londoners cannot go on being ignored by the Labour Party, who are making the choice to expand ULEZ, saddling families and businesses with a £4,500 a year charge – a tax on carers, parents, patients, sole traders and all hard-working Londoners,” he said.
Read more:
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His words were echoed by Susan Hall, the Conservative candidate who will take on Mr Khan at next year’s mayoral election, who said: “While it is a shame the High Court did not find the ULEZ expansion to be unlawful, there is no denying that Sadiq Khan’s plans will have a devastating impact on families and businesses across the city.
“If I am elected mayor, I will stop the ULEZ expansion on day one and set up a £50m pollution hotspots fund to tackle the issue where it is, instead of taxing people where it isn’t.”
As well as putting pressure on Mr Khan, the ULEZ policy also prompted a debate within the Tory Party and emboldened the more climate sceptic wing of the party, who want Rishi Sunak to slow down the transition to net zero.
Downing Street has confirmed ministers are scrutinising existing pledges “in light of some of the cost of living challenges”, with Mr Sunak saying some green measures must be “proportionate and pragmatic” instead of adding cost and “hassle” to households.
In one of his first appearances as the recently sworn-in chair of the US Securities and Exchange Commission, Paul Atkins delivered remarks to the agency’s third roundtable discussion of crypto regulation.
In the “Know Your Custodian” roundtable event on April 25, Atkins said he expected “huge benefits” from blockchain technology through efficiency, risk mitigation, transparency, and cutting costs. He reiterated that among his goals at the SEC would be to facilitate “clear regulatory rules of the road” for digital assets, hinting that the agency under former chair Gary Gensler had contributed to market and regulatory uncertainty.
“I look forward to engaging with market participants and working with colleagues in President Trump’s administration and Congress to establish a rational fit-for-purpose framework for crypto assets,” said Atkins.
Some critics of US President Donald Trump see Atkins’ nomination to lead the SEC as a nod to the crypto industry, acting on campaign promises to remove Gensler — the former chair resigned the day Trump took office — and cut back on regulation. Democratic lawmakers on the Senate Banking Committee questioned Atkins on his ties to the industry, potentially presenting conflicts of interest in his role regulating crypto.
Related: Atkins SEC era sparks massive industry optimism, crypto execs speak out
The direction of the SEC under new leadership
“We’ve noticed that we don’t have to be as concerned […] about being accused of things that we’re not doing, like being broker-dealers for securities,” Exodus chief legal officer Veronica McGregor, who participated in the roundtable, told Cointelegraph on April 24.”It’s just a less scary regulatory environment in general. It is, however, still unclear what the ultimate regs are going to look like for crypto.”
The SEC crypto task force is scheduled to hold two more roundtables in May and June to discuss tokenization and decentralized finance, respectively. Commissioner Hester Peirce, who leads the task force, told Cointelegraph in March that she welcomed the opportunity to work with Atkins to “reorient the agency,” hinting at an SEC with regulations more favorable to the crypto industry.
In addition to the roundtables, the crypto task force has reported several meetings with digital asset firms to discuss various policies and considerations in developing a regulatory framework.
Magazine: SEC’s U-turn on crypto leaves key questions unanswered
Nasdaq has urged the US Securities and Exchange Commission (SEC) to hold digital assets to the same regulatory standards as securities if they constitute “stocks by any other name,” according to an April 25 comment letter.
The exchange said the US financial regulator needs to establish a clearer taxonomy for cryptocurrencies, including categorizing a portion of digital assets as “financial securities.” Those tokens, Nasdaq argued, should continue to be regulated “as they are regulated today regardless of tokenized form.”
“Whether it takes the form of a paper share, a digital share, or a token, an instrument’s underlying nature remains the same and it should be traded and regulated in the same ways,” the letter said.
It also proposed categorizing a portion of cryptocurrencies as “digital asset investment contracts,” to be subject to “light touch regulation” but still overseen by the SEC.
Related: Certain stablecoins aren’t securities, SEC says in new guidance
Regulatory U-turn
The SEC has dramatically pivoted its stance on cryptocurrency oversight since US President Donald Trump took office in January.
Under the leadership of former Chair Gary Gensler, the SEC took the position that practically all cryptocurrencies, with the exception of Bitcoin (BTC), represent investment contracts and therefore qualify as securities.
This stance led the agency to bring upwards of 100 lawsuits against crypto firms for alleged securities law violations.
However, under Trump nominee Paul Atkins, who was sworn in as chair on April 21 after a lengthy Senate confirmation, the SEC has claimed jurisdiction over a narrower segment of cryptocurrencies.
In February, the agency issued guidance stating that memecoins — if clearly identified as purely speculative assets with no intrinsic value — do not qualify as investment contracts pursuant to US law.
In April, the SEC said that stablecoins — digital tokens pegged to the US dollar — similarly do not qualify as securities if they are marketed solely as a means of making payments.
Integrating crypto into TradFi
In its April 21 letter, Nasdaq said existing financial infrastructure “can readily absorb digital assets by establishing the proper taxonomy and calibrating certain rules to reflect what is truly new and novel about digital assets.”
The Depository Trust & Clearing Corporation (DTCC) — a private US securities clearinghouse closely overseen by the SEC — has been laying the foundation for integrating blockchain technology into regulated financial markets.
In March, the DTCC committed to promoting Ethereum’s ERC-3643 standard for permissioned securities tokens.
Magazine: Ethereum is destroying the competition in the $16.1T TradFi tokenization race
Cryptocurrency firms and centralized exchanges are launching more traditional investment offerings, bridging the divide between traditional financial and digital assets.
With investors seeking more flexible product offerings under one platform, the “line is blurring” between traditional finance (TradFi) and the cryptocurrency space, as the two financial paradigms signal a “growing synergy,” according to Gracy Chen, CEO of Bitget, the world’s sixth-largest crypto exchange.
In the wider crypto space, Securitize partnered with Mantle protocol to launch an institutional fund that will generate yield on a basket of diverse cryptocurrencies, similar to how traditional index funds track a mix of stocks.
The developments come after crypto investor sentiment staged a significant recovery, moving from “fear” to “neutral” for the first time since January 2025.
Investor sentiment was bolstered after US President Donald Trump said that import tariffs on Chinese goods will “come down substantially,” adopting a softer tone in negotiations for the first time since the reciprocal tariff announcement.
Crypto firms moving into Wall Street territory
Cryptocurrency firms and exchanges are increasingly moving into Wall Street territory, launching more traditional investment offerings and showcasing the increasing connection between crypto and traditional finance (TradFi).
“There’s a growing synergy between traditional financial investments and the emerging crypto space,” according to Gracy Chen, the CEO of Bitget, the world’s sixth-largest crypto exchange.
“Crypto players are now checking out traditional finance as they see the opportunity to bridge it,” Chen told Cointelegraph.
“The lines are blurring. Investors want flexibility, and products that can straddle both worlds are naturally attractive,” Chen said. “Some players see TradFi as a safety net; others, like Bitget, see it as a launchpad for broader adoption.” She added:
“In a volatile market, integration is smarter than isolation.”
Securitize, Mantle launch institutional crypto fund
Tokenization platform Securitize partnered with decentralized finance (DeFi) protocol Mantle to launch an institutional fund designed to earn yield on a diverse basket of cryptocurrencies, the companies said.
Similar to how a traditional index fund tracks a mix of stocks, the Mantle Index Four (MI4) Fund aims to offer investors exposure to cryptocurrencies, including Bitcoin (BTC), Ether (ETH), and Solana (SOL), as well as stablecoins tracking the US dollar, Securitize said in an April 24 announcement.
The fund also integrates liquid staking tokens — including Mantle’s mETH, Bybit’s bbSOL, and Ethena’s USDe — in a bid to enhance returns with onchain yield, according to the announcement.
The launch comes as retail and institutions alike increase exposure to cryptocurrencies, particularly Bitcoin, as a hedge amid escalating macroeconomic uncertainty.
Mantra says CEO has begun the process of burning his 150 million OM tokens
Mantra founder and CEO John Patrick Mullin has started unstaking 150 million of his Mantra (OM) tokens in preparation for sending them to a burn address in an attempt to restore the token’s value by tightening supply.
Mantra announced on April 21 that the unstaking process had begun, and would be completed by April 29, at which point Mullin’s Mantra (OM) tokens will be sent to the burn address and permanently removed from circulating supply.
Mullin said it was a “first step in rebuilding trust with the community, but far from the last.”
Mantra said it was also in talks with “key ecosystem partners” about burning a further 150 million OM to bring the total burn amount to 300 million.
With 150 million fewer OM, Mantra’s total supply will decline to 1.67 billion, and its number of staked tokens will drop by over 26% to 421.8 million OM from 571.8 million OM.
Symbiotic raises $29 million for staking-based universal coordination layer
Cryptocurrency staking protocol Symbiotic closed a $29 million Series A funding round led by Web3-focused investment firms, including Pantera Capital and Coinbase Ventures, to support the launch of a new economic coordination layer for blockchain security.
The round included more than 100 angel investors, with participation by major industry players Aave, Polygon and StarkWare, the company said in an April 23 announcement shared with Cointelegraph.
The closing of the funding round also marks the launch of Symbiotic’s Universal Staking Framework, which aims to be an economic coordination layer that bolsters blockchain security via staking.
The new staking layer enables the use of any combination of cryptocurrencies to secure networks, including monolithic and modular layer-1 and layer-2 blockchains, the announcement said.
“We’ve created a modular framework that lets protocols evolve security models over time while efficiently coordinating risk,” Misha Putiatin, co-founder of Symbiotic, told Cointelegraph. “This empowers protocols at every stage of their lifecycle to evolve their security models seamlessly without rebuilding infrastructure.”
SEC delays decision on Polkadot ETF
The US Securities and Exchange Commission (SEC) delayed a decision on whether to approve a proposed exchange-traded fund (ETF) holding Polkadot’s native token, regulatory filings show.
According to an April 24 filing, the regulator has extended its deadline for a final ruling until June 11, nearly four months after the Nasdaq sought permission to list Grayscale Polkadot Trust on Feb. 24.
Grayscale’s ETF filing adds to a roster of about 70 proposed ETFs awaiting SEC approval, including funds holding altcoins, memecoins and crypto-related financial derivatives, according to Bloomberg Intelligence.
Asset managers are pitching ETFs for “[e]verything from XRP, Litecoin and Solana to Penguins, Doge and 2x Melania and everything in between,” Bloomberg analyst Eric Balchunas said in an April 21 post on the X platform. Asset manager 21Shares is also awaiting permission to list its own Polkadot ETF.
DeFi market overview
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.
The Official Trump (TRUMP) token rose over 73% as the week’s biggest gainer, after the president announced an exclusive in-person dinner for the top tokenholders. The Sui (SUI) token rose over 69% as the week’s second-best performing token.
Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.
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