UK’s energy security plan aims to boost job creation and reduce reliance on hostile states like Russia
Rishi Sunak and Grant Shapps will lead an intensive series of engagements this week in a determined effort to strengthen the UK’s energy independence.
The prime minister and energy security secretary are meeting with industry leaders from oil, gas and renewable sectors aimed at driving forward measures to safeguard national energy security and diminish reliance on potentially hostile states.
Drawing upon the UK’s expertise in the energy industry, Mr Sunak will outline plans that emphasise job creation and economic expansion while ensuring leaders such as Vladimir Putin can never again exploit energy as a weapon to blackmail other nations.
Central to the government’s energy security strategy is a significant emphasis on empowering Britain through domestic resources.
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Mr Sunak is expected to unveil investment plans that prioritise powering up the UK from within. This approach seeks to reduce dependency on imported fossil fuels by bolstering the domestic oil and gas industry, investing in cutting-edge clean technologies, and isolating Russia’s regime from global energy markets.
The government’s goal is to ensure the UK seizes opportunities to fortify its energy infrastructure in the present, and to secure long-term energy independence, resilience, and prosperity for the future.
Mr Shapps said: “Energy security is national security. Since Putin’s illegal invasion of Ukraine, the government has driven Putin from our energy market, paid around half of a typical family’s energy bill and grown our economy by driving forward major energy projects.
“This week we will go even further. Forging ahead with critical measures to power up Britain from Britain – including supporting our invaluable oil and gas industry, making the most of our home-grown energy sources and backing British innovation in renewables.”
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He added: “And across government, we will champion Britain’s businesses to deliver on the prime minister’s priority of growing the economy – helping them to create new jobs and even whole new industries across the UK.”
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In line with these efforts, the week’s agenda will also highlight support for British innovation in emerging industries, particularly in areas such as carbon capture and storage. It will also showcase initiatives aimed at accelerating the adoption of cutting-edge renewable technologies across the country.
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The government’s strategic push for energy security builds upon the UK’s years of critical support for the North Sea oil and gas sector and its world-leading achievements in renewable energy.
The UK has so far cut emissions by 48% between 1990 and 2021, while growing the economy by 65% over the same period.
Some 41.5% of the nation’s electricity comes from renewable sources in 2022 – up from 6.7% in 2010 – as the UK leads the world in the response to Mr Putin’s invasion of Ukraine and driving Russia out of its energy market for good.
The US House of Representatives has voted in favor of nullifying a rule that would have required decentralized finance (DeFi) protocols to report to the Internal Revenue Service.
On March 11, the House of Representatives voted 292 for and 132 against a motion to repeal the so-called IRS DeFi broker rule that aimed to expand existing IRS reporting requirements to crypto.
All 132 votes to keep the rule were Democrats. However, 76 of those in the party joined the Republican vote to repeal it.
This follows the US Senate’s March 4 vote on the motion to repeal, which saw it pass with a vote of 70 to 27.
The rule would force DeFi platforms, such as decentralized exchanges, to disclose gross proceeds from crypto sales, including information regarding taxpayers involved in the transactions.
Speaking after the vote, Republican Representative Mike Carey, who submitted the repeal motion, said, “The DeFi broker rule invades the privacy of tens of millions of Americans, hinders the development of an important new industry in the United States and would overwhelm the IRS.”
Congressman Mike Carey speaking after the vote. Source: Mike Carey
House Financial Services Committee Chairman French Hill also applauded the overturning of the rule, calling it “a clear example of government overreach that threatens to push American digital asset development overseas.”
The resolution will need to pass another Senate vote before being sent to President Donald Trump, who has signaled he’d support it.
Those opposing the rule repeal included Democrat Representative Lloyd Doggett, who said getting a “special interest exemption” from IRS disclosures “makes tax evasion and money laundering so much easier for wealthy Republican donors who have been using these decentralized exchanges.”
He claimed killing the rule would create a “loophole that would be exploited by wealthy tax cheats, drug traffickers and terrorist financiers.”
Related: US lawmakers advance resolution to repeal ‘unfair’ crypto tax rule
In early March, White House AI and crypto czar David Sacks said the administration would support congressional efforts to rescind the DeFi broker rule.
At the time, officials from the Office of Management and Budget wrote “This rule … would stifle American innovation and raise privacy concerns over the sharing of taxpayers’ personal information, while imposing an unprecedented compliance burden on American DeFi companies.”
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Securities exchange Cboe BZX is seeking permission from US regulators to incorporate staking into Fidelity’s Ether exchange-traded fund (ETF), according to a March 11 filing.
The filing marks Cboe’s latest attempt to support staking for the Ether (ETH) funds traded on its US exchange.
Cboe’s proposed rule change would allow Fidelity Ethereum Fund (FETH) to “stake, or cause to be staked, all or a portion of the Trust’s ether through one or more trusted staking providers,” the filing said.
The Fidelity Ethereum Fund is among the most popular Ether ETFs, with nearly $1 billion in assets under management, according to data from VettaFi.
In February, Cboe asked permission to add staking to another Ether ETF, the 21Shares Core Ethereum ETF.
Staking Ether enhances returns and involves posting ETH as collateral with a validator in exchange for rewards.
As of March 11, staking Ether yields approximately 3.3% APR, denominated in ETH, according to Staking Rewards.
Other popular cryptocurrencies, including Solana (SOL), also feature staking mechanisms.
Staking rewards by asset type. Source: Staking Rewards
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Proposed rule changes
The US Securities and Exchange Commission must still approve Cboe’s proposed rule changes before staking can commence.
In February, the SEC acknowledged more than a dozen exchange filings related to cryptocurrency ETFs, according to records.
The SEC’s acknowledgments highlight how the agency has softened its stance on crypto since US President Donald Trump started his second term on Jan. 20.
In addition to staking, the filings, submitted by Cboe and other exchanges, addressed proposed rule changes concerning options, in-kind redemptions and new types of altcoin funds.
Cboe has also asked permission to list Canary and WisdomTree’s proposed XRP (XRP) ETFs and support in-kind creations and redemptions for Fidelity’s Bitcoin (BTC) and ETH ETFs, among other proposed changes.
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A member of the Texas legislature has proposed a bill that could limit the amount local and state authorities invest in cryptocurrency as a reserve asset.
In a bill filed on March 10, Texas Representative Ron Reynolds proposed the state’s comptroller not be allowed to invest more than $250 million of its Economic Stabilization Fund — otherwise known as a “rainy day” fund — in Bitcoin (BTC) or other cryptocurrencies. The legislation also suggested that Texas municipalities or counties could not invest more than $10 million in crypto.
HB 4258, filed by Texas Representative Ron Reynolds. Source: Texas legislature
The proposed bill followed the Texas Senate passing legislation on March 6 to establish a strategic Bitcoin reserve in the state. The SB 21 bill seemingly could allow the Texas comptroller to have no limit on purchasing BTC for a reserve, based on the most recent draft.
Related: Bitcoin reserve backlash signals unrealistic industry expectations
The plan for a strategic Bitcoin reserve in Texas was one of many separate bills proposed in US state governments following the inauguration of President Donald Trump and Republican lawmakers winning control of the US House of Representatives and Senate. Texas Lieutenant Governor Dan Patrick said in January that the state’s legislative priorities for 2025 would include a proposal to establish a Texas Bitcoin Reserve.
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It’s unclear if Rep. Reynolds, a Democrat, intended to support the BTC reserve bill introduced by State Senator Charles Schwertner, a Republican, or propose restrictions in the event the legislation becomes law. If passed and signed by Governor Greg Abbott, the bill would take effect on Sept. 1. Cointelegraph reached out to Rep. Reynolds’ office for comment but did not receive a response at the time of publication.
Though Trump signed an executive order on March 7 to create a federal “Strategic Bitcoin Reserve” and “Digital Asset Stockpile,” many legal experts have questioned the US president’s authority to enact specific policies through EOs. Wyoming Senator Cynthia Lummis reintroduced legislation on March 11 to codify the proposed BTC reserve into law in the Senate.
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