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.
Analysis: Green policies seen as election battleground
Another week, another policy push. On Monday the government revealed a new housing strategy, next week the focus will be on energy security.
The details however are still light: Rishi Sunak will meet energy bosses, support is expected new renewables but there remains a commitment to oil and gas in the North Sea. The Sunday Times reports the prime minister will announce multimillion-pound funding for a carbon capture project in Scotland.
It comes as Rishi Sunak’s green credentials come under fire: the government is accused of watering down and weaponising environmental policies like ULEZ in Uxbridge, west London.
There is certainly evidence in the Sunday newspapers they see green policies as an election battleground. Writing in the Sun on Sunday Grant Shapps says Keir Starmer’s stance on new oil and gas licences “threatens the lights going out”, and the Telegraph reports that Rishi Sunak is “on motorists’ side” over anti-car schemes.
What’s clear is the PM wants to set the agenda in recess, with long-term strategies on energy and housing. The trouble is the Conservatives may not be in power long enough to see any of this through.
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.”
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.
Stablecoin issuer Circle has secured regulatory approval to operate as a financial service provider in the Abu Dhabi International Financial Center, deepening its push into the United Arab Emirates.
In an announcement Tuesday, Circle Internet Group said it received a Financial Services Permission license from the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM), the International Financial Centre of Abu Dhabi. This allows the stablecoin issuer to operate as a Money Services Provider in the IFC.
The USDC (USDC) issuer also appointed Saeeda Jaffar as its managing director for Circle Middle East and Africa. The new executive also serves as a senior vice president and group country manager for the Gulf Operation Council at Visa and will be tasked with developing the stablecoin issuer’s regional strategy and partnerships.
Circle co-founder, chairman and CEO Jeremy Allaire said that the relevant regulatory framework “sets a high bar for transparency, risk management, and consumer protection,” adding that those standards are needed if “trusted stablecoins” are going to support payments and finance at scale.
The newly introduced Federal Decree Law No. 6 of 2025 brings DeFi platforms, related services and infrastructure providers under the scope of regulations if they enable payments, exchange, lending, custody, or investment services, with licenses now required. Local crypto lawyer Irina Heaver said that “DeFi projects can no longer avoid regulation by claiming they are just code.”
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.
Comptroller of the Currency Jonathan Gould giving remarks at the 2025 Blockchain Association Policy Summit. Source: YouTube
“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.
“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.
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.
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.
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.”
“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.