Rishi Sunak orders review of low traffic neighbourhoods and says he’s on the side of motorists
Rishi Sunak has ordered a review into the rollout of low traffic neighbourhoods (LTNs), saying he is on the side of drivers.
The prime minister said in an interview with the Sunday Telegraph he had ordered the Department for Transport to review LTNs policies, which aim to make residential areas cleaner and safer places for pedestrians.
Labour accused him of reversing the Conservatives’ own acceleration of LTNs across the country, and said it should be for local communities to decide.
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The party’s shadow international trade secretary, Nick Thomas-Symonds, told Sky News it was “staggering” Mr Sunak was pitching himself as a friend of motorists, adding it was “yet another press release” policy from the PM.
Mr Sunak told the newspaper: “The vast majority of people in the country use their cars to get around and are dependent on their cars. When I’m lucky enough to get home to North Yorkshire it’s more representative of how most of the country is living, where cars are important.
“I just want to make sure people know that I’m on their side in supporting them to use their cars to do all the things that matter to them.”
Tory green policy review
Mr Sunak’s appeal to motorists and car owners comes after the Conservatives’ narrow victory in the Uxbridge and Ruislip by-election earlier this month, which saw the Tory candidate tap into local concerns about the expansion of London’s ultra-low emissions zone (ULEZ).
That success has seen some on the right of the party urge the PM to rethink net zero, amid hopes of attacking Labour’s green ambitions – though others have pleaded with him to stay on track.
In a letter published today, 43 Conservative MPs and peers called on Mr Sunak to delay the ban on the sale of petrol and diesel cars from the current deadline of 2030 to 2035.
The politicians – including former minister Sir Jacob-Rees Mogg and ex-party leader Sir Iain Duncan Smith – called the policy “heavy handed”, and claimed it would do “grave harm to the economy”.
The prime minister has insisted he will stick to the 2030 cut-off. But Downing Street confirmed last week that ministers were scrutinising existing pledges “in light of some of the cost of living challenges”.
The LTN debate
Under LTNs, local councils attempt to limit traffic in town and city centres – with drivers often prevented from using quiet residential roads as through-routes and it also encourages the uptake of other modes of transport.
However, opponents of the scheme say it has created hotspots of traffic which means people end up spending more time in their car.
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ULEZ ‘landmark decision is good news’
The adoption of LTN policies has angered some Tory MPs who have criticised the measures as attacks on motorists and in recent months, it has emerged as a concern among some on the right of the Conservative Party.
Conservative MP Nick Fletcher suggested in the Commons earlier this year that traffic control plans being mooted by local councils across the UK were part of an “international socialist concept” which would take away personal liberties.
Mr Thomas-Symonds told Sky News his party was “in favour of well planned low traffic neighbourhoods”, but added: “They have to be decisions that are made by local communities.
“There are local communities around the country that actually want to reduce traffic in their neighbourhoods, want to push to have a low traffic neighbourhood. There are other areas where local concerns would need to be taken into account.”
Read more:
LTNs are about ‘taking back control’ from Whitehall
Starmer told to ‘get off the fence’ and challenge Sadiq Khan on ULEZ
‘Empty words’
Taking aim at Mr Sunak, the shadow minister said: “I have to say, I’ve seen some coverage this morning that the prime minister is posing as the friend of motorists, which I just find staggering.
“This is the prime minister who personally cut the potholes budget to such an extent that the money could have filled eight million potholes from Land’s End to John O’Groats and back again.
“This is the prime minister when there were petrol retailers not passing on falls in prices to consumers, who refused to put anything mandatory in place.
“As ever, I think with this government you have to judge them by their actions and not by yet more empty words.”
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.
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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.
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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