Rishi Sunak heads to Scotland for Net Zero energy policy push
Rishi Sunak will head to Scotland on Monday as the Conservatives kick off a week of campaigning on energy security.
Number 10 said the prime minister would use the trip to “highlight the central role” the country will play in “defending the UK against disrupted global energy supplies” and reaching the government’s net zero targets.
Reports over the weekend claimed Mr Sunak would announce a new carbon capture project on the visit, as well as new licenses for North Sea oil and gas exploration – putting down a marker against Labour’s plans to stop any new drilling.
But Labour accused the PM of “lurching desperately towards a culture war on climate to appease his split party”.
Mr Sunak is expected to confirm how “Scotland will continue to be at the forefront of UK government plans to strengthen the UK’s long-term energy security” during his trip to the north east of the country.
The prime minister will also “highlight the crucial role that the region will play in enhancing and delivering on the UK government’s commitment to reaching Net Zero in 2050 and enhancing long term energy security for generations to come”
But the move comes as both main parties continue to argue over the future of their green policies.
The Conservatives’ narrow victory in the Uxbridge and South Ruislip by-election two weeks ago opened a can of worms within the Labour Party over its London Mayor Sadiq Khan’s plan to expand the Ultra Low Emission Zone (ULEZ) to the capital’s outer boroughs – something Sir Keir Starmer blamed for the loss.
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Sadiq Khan says ULEZ ‘landmark decision is good news for London’
The Labour leader and Mr Khan are continuing to hold discussions over the extension, with Sir Keir calling on his colleague to “reflect” on the impact on voters.
But Mr Khan has stood by the decision, on the basis it will improve air quality for five million people in Greater London.
Meanwhile, MPs on the right of the Conservative Party are appealing to the PM to rethink the government’s net zero commitments in light of the win, with calls for delays to a number of targets – including putting back the ban on the sale of petrol and diesel cars from 2030 to 2035.
Mr Sunak insisted on Sunday the 2030 deadline would remain, but did announce plans to for a review of low traffic neighbourhoods (LTNs), saying he was on the side of drivers.
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Chairman of the Committee on Climate Change, Lord Deben, says the government needs to pursue its net zero targets
Downing Street has confirmed ministers are scrutinising existing pledges “in light of some of the cost of living challenges”, as the prime minister promised a “proportionate and pragmatic” approach to net zero.
Read more:
Is carbon capture and storage a fossil fuel industry fig leaf or vital for net zero plans?
What are the Conservatives’ green policies – and what could be scrapped?
Mr Sunak is set to meet industry leaders and workers while on the visit to Scotland.
And the government pledged that they and energy authorities would “go further than before in announcing continued decisive action to boost the capability of the North Sea industry to transition towards net zero, strengthen the foundations of the UK’s future energy mix and create the next generation of highly skilled green jobs”.
SNP Westminster leader Stephen Flynn said any investment would be welcome, but he warned against any more “broken promises or delays”.
Meanwhile, Labour’s shadow climate change secretary, Ed Miliband, attacked the government for “13 years of failed Tory energy policy”, saying: “Every family and business is paying the price, in higher energy bills.”
He added: “It is absurd that having left this country so exposed, the Conservative Party is asking the public to believe they can fix it.
“And it’s telling that while Labour focuses on lower bills and good jobs, Rishi Sunak lurches desperately towards a culture war on climate to appease his split party, losing track of what he believes from day to day, depending on which faction he’s met with.
“It’s no way to govern and it’s costing working people.”
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
Related: SEC seeks comment on in-kind redemptions for Bitcoin, Ether ETFs
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.
Magazine: MegaETH launch could save Ethereum… but at what cost?
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.
Is there a partisan divide on state and federal crypto plans?
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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