Last week, the United States took a step closer to regulatory clarity for its crypto industry. In a 35–15 vote, the House Financial Services Committee (FSC) approved the Financial Innovation and Technology for the 21st Century Act. The bill is intended to establish rules for crypto firms on when to register with either the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC).
Meanwhile, the bipartisan Blockchain Regulatory Certainty Act, sponsored by Republican Representative Tom Emmer and Democratic Representative Darren Soto, also passed a vote in the FSC. It aims to set guidelines removing hurdles and requirements for “blockchain developers and service providers” such as miners, multisignature service providers and decentralized finance platforms.
Despite the progression of the acts, several lawmakers refused to support another proposed piece of legislation — The Digital Assets Market Structure Bill. Representative Maxine Waters condemned the bill for too closely heeding the calls of the crypto industry and ignoring regulatory guidance from the SEC.
The U.S. Senate also passed the $886 billion 2024 National Defense Authorization Act. Within the bill, a crypto-related amendment was advanced by a group of senators, including Cynthia Lummis, Elizabeth Warren, Kirsten Gillibrand and Roger Marshall. It will require establishing examination standards for crypto and compel the U.S. Treasury Department to perform a study aimed at cracking down on anonymous crypto transactions. This includes using crypto mixers like Tornado Cash, which are used to make transactions private.
New capital rules for crypto holdings in Canada
Canada’s financial watchdog is proposing changes to its capital and liquidity approach to crypto assets, according to the Office of the Superintendent of Financial Institutions (OSFI). The proposed rules will simplify institutions’ approach to perceived crypto risks, defining four categories of crypto assets and their capital treatment. The OSFI is opening public consultations on two draft guidelines until Sept. 20. One of the guidelines affects federally regulated deposit-taking institutions, such as banks and credit unions, while another addresses the regulatory capital treatment of crypto-asset exposure for insurers.
Russia is moving forward with its central bank digital currency (CBDC) as President Vladimir Putin signed the digital ruble bill into law. With this approval, the digital ruble law is officially scheduled to take effect from Aug. 1, 2023, with all but one rule ready to be enforced. Article three — which includes amendments to several Russian federal laws, including those related to bankruptcy and inheritance — is expected to take effect from August 2024.
The new legislation officially empowers the Russian central bank to launch the first CBDC pilot with real consumers. Previously, the government expected to roll out trials in April in collaboration with 13 local banks.
Crypto exchange Binance and its CEO Changpeng “CZ” Zhao requested the dismissal of a lawsuit filed by the CFTC. In a court filing, attorneys for Binance and CZ accused the CFTC of exceeding its regulatory authority and engaging in regulatory overreach. The filing states that the CFTC is attempting to regulate foreign individuals and corporations operating outside the U.S., which goes beyond the limits of its statutory jurisdiction and interferes with well-established principles of comity with foreign sovereigns.
The CFTC initiated a lawsuit against Binance in March, alleging that the company offered unregistered derivatives products in the U.S., including cryptocurrency trading services, futures and options products. The regulator also accused Binance of inadequate supervision, lacking reliable Know Your Customer or Anti-Money Laundering programs, and failing to register as a futures commissions merchant, designated contract market or swap execution facility.
A millionaires’ playground, Poole in Dorset boasts some of the most expensive properties in the UK, and has been called Britain’s Palm Beach.
Away from the yachts and the mansions of Sandbanks, however, Poole is also a beer drinkers’ paradise, with 58 pubs in the parliamentary constituency alone.
But now many of Dorset’s pub landlords have joined a bitter backlash against rises in business rates of up to £30,000 in Rachel Reeves’s November budget.
Across the UK, it is claimed up to 1,000 publicans have even banned Labour MPs from their pubs, after the chancellor axed a 40% rates discount, introduced during COVID, from next April.
The row over the rises, brewing since the budget, came to a head in a clash between Kemi Badenoch and Sir Keir Starmer in the final Prime Minister’s Questions of 2025.
“He gave his word that he would help pubs,” said the Tory leader.
“Yet they face a 15% rise in business rates because of his budget. Will he be honest and admit that his taxes are forcing pubs to close?”
The PM replied that the temporary relief introduced during COVID – a scheme the Conservatives put in place and Labour supported, he said – had come to an end.
“But it was always a temporary scheme coming to an end,” he said.
“We have now put in place a £4bn transitional relief.”
Image: Mark and Michael Ambrose, father and son co-landlords of The Barking Cat, said the increases are a ‘pub destroyer’
But in the Barking Cat Ale House in Poole, facing an increase in business rates of nearly £9,000 a year, the father and son co-landlords fear the rises could mean last orders for many pubs.
“We’re sort of in the average area at 157%, but we’ve got a lot of local pubs that are increasing by 600%, and another one by 800%,” Ambrose senior, Mark, told Sky News.
“It’s a pub destroyer. Pubs can’t survive these kinds of increases. It’s not viable. Most pubs are just about scraping by anyway. If you add these massive increases your profit margins are wiped out.
“We struggle as it is. You can’t have that kind of increase and expect businesses to succeed.
“Fortunately, the customers understand. But they still don’t want to have to spend an extra 30 or 50 pence a pint.”
Son Michael added: “It’s all back to front. It’s really these bigger pub companies and supermarkets that need to be facing increased taxes. We can’t handle them. They can.”
Michelle Smith, landlady of the Poole Arms, the oldest pub on the town’s quay, dating back to 1635, said: “Our rates per value is due to go up £9,000 in April, so it’s quite a deal.”
Image: Michelle Smith, landlady of The Poole Arms, said all her prices are going up
“And we had a rates increase just gone as well,” she added. “So our rates had already increased over £1,000 a month last April. So another hit is quite considerable really.
“Prices definitely have to go up with all the different price increases that we’ve got throughout: business rates, wage increases, the beer goes up from the breweries. Everything is going up.”
Backing the publicans, Neil Duncan-Jordan, who became Poole’s first ever Labour MP last year, has written to the chancellor demanding a rethink. He said he is prepared to vote against the tax rise in the Commons.
“They’ve got to listen,” he told Sky News.
“They’ve got to listen to the high street, to publicans, people who run social clubs and listen to problems that they’re facing and the impact that these changes have made.”
Pint price rises to come unless govt make changes
Mr Duncan-Jordan said he was prepared to support an amendment to the Finance Bill, which turns the budget into law and had its second reading in the Commons last week.
Despite being suspended for four months for rebelling against welfare cuts earlier this year, he said: “I was discussing this with some MPs just this morning and I’ll be happy to support those. Sometimes you just have to say what you think is right.”
As chancellor, Ms Reeves has regularly raised a glass to pubs and promised to protect them from rising costs.
But Sir Keir has faced the wrath of a publican before, when he was thrown out of a pub in Bath during COVID by an anti-lockdown landlord.
This time, without a U-turn by the chancellor on the business rates increases, pub landlords fear the government has them over a barrel.
Non-crime hate incidents should be scrapped and replaced with a “common sense” system, police leaders are set to recommend.
The scheme would mean only the most serious incidents are recorded as anti-social behaviour.
The recommendation is part of a review by leaders at the National Police Chiefs’ Council (NPCC) and College of Policing, which is set to be published next month and given to Home Secretary Shabana Mahmood.
Non-crime hate incidents are perceived to be motivated by hostility or prejudice towards certain characteristics, such as race or gender, but do not meet the threshold of a criminal offence.
Rather than logging hate incidents on a crime database, the plan would treat them as intelligence reports, with officers given a “common sense” checklist.
The checklist is intended to ensure officers target only serious anti-social behaviour, such as antisemitism, Lord Herbert of South Downs, chairman of the College of Policing, told The Telegraph.
He said that non-crime hate incidents would “go as a concept”, with the system, which dates back to 1999, no longer “fit for purpose”.
Britain’s biggest police force made the announcement after revealing Father Ted creator Graham Linehan will face no further action after he was arrested at Heathrow Airport on suspicion of inciting violence over three posts he made on X about transgender issues.
The US Commodity Futures Trading Commission has officially undergone a change in leadership, with acting chair Caroline Pham saying she will leave the agency on Monday and Mike Selig being sworn in as chair.
Pham, who had been serving as the CFTC’s acting chair since January and its sole commissioner since August, said on Monday that it would be her last day at the agency.
Meanwhile, the CFTC confirmed that Selig was sworn in as the agency’s 16th chairman on Monday after being nominated for the role by President Donald Trump on Oct. 27 and confirmed by the Senate on Thursday.
Pham’s departure leaves Selig as the CFTC’s sole commissioner. He is widely seen as pro-crypto and previously served as the chief counsel of the Securities and Exchange Commission’s Crypto Task Force.
Selig to continue positive momentum in crypto oversight
Selig will now serve a term that will expire in April 2029, and has previously vowed to support growth in innovative technologies such as crypto and blockchain by avoiding a so-called “regulation by enforcement” approach.
“I’m grateful for the confidence President Trump has placed in me and for the opportunity to lead the CFTC at this pivotal time,” Selig said.
“We are at a unique moment as a wide range of novel technologies, products, and platforms are emerging, retail participation in the commodity markets is at an all-time high, and Congress is poised to send digital asset market structure legislation to the President’s desk, cementing the US as the Crypto Capital of the World.”
On Monday, White House crypto czar David Sacks said Selig and SEC chair Paul Atkins were a “dream team to define clear regulatory guidelines.”
Pham shifts to crypto after steering CFTC
Pham has long said she would leave the CFTC once Congress confirmed someone to lead the agency, and on Wednesday, MoonPay confirmed earlier reports that Pham was headed to the crypto fintech company.
Pham said in her departing statement that the CFTC had “refocused on our mandate to promote responsible innovation and fair competition as the CFTC prepares to take on expanded oversight of new markets and new products like digital assets, crypto, and prediction markets.”
“I am thrilled to welcome Michael Selig as the 16th Chairman of the CFTC. His pragmatic, common-sense approach will ensure the CFTC strikes the right balance of innovation and market integrity,” she added.