There could be nearly 100,000 fewer top A-level grades awarded this year compared with 2022, an education expert has suggested.
Professor Alan Smithers’ report says almost 50,000 students could miss out on getting the A* and A grades they could have expected last year if this summer’s grading returns to pre-pandemic standards.
He predicts around 10% of grades will be an A* and around 27.5% will be an A this year, compared with 2022 when 14.6% of grades were an A* and 36.4% an A.
In 2019, 7.8% of grades were an A* and 25.5% were an A.
The government has said the number of A* and A grades awarded in England should fall back to pre-pandemic levels as exams return to normal.
Prof Smithers, director of the Centre for Education and Employment Research at the University of Buckingham, expects the number of top A-level grades to fall significantly but not by quite as much as the government requested, as was the case last year.
The expert says teachers developed a “taste for awarding top grades” in some subjects during the COVID pandemic which markers will be “reluctant to relinquish”.
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He said: “During the teacher assessment years, many students and their parents will have developed unreasonable expectations.
“Whatever the extent to which top grades are brought down this year, the drop will lead to a lot of disappointment and probably a huge increase in the number of appeals.”
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Prof Smithers also said disruption from teacher strikes may have led exam boards to be more lenient.
He said the percentage of top grades in performing arts and practical subjects increased sharply during the pandemic when grades were based on teacher assessments.
That figure rose less steeply for science and maths because pupils studying those subjects were already getting more top grades before the pandemic.
However, last year more top grades were awarded for music and performing arts than physics and chemistry despite the return of exams, suggesting a “profound change” which may make it more difficult to cut the number of top grades awarded back to 2019 levels.
This trend led to girls receiving far more A* grades than boys, who had previously had the edge because far more of them studied subjects where pupils can “manifestly amass right answers”.
If more A* grades continue to be awarded for arts and humanities than before the pandemic, this could mean boys do not regain their lead.
Pupils in Northern Ireland expected to get best results
Prof Smithers said he expects pupils in Northern Ireland to get the best results, as they have done for many years, followed by those in Wales and then England.
A Department for Education spokesperson said: “This year, GCSE and A-level grading is largely returning to normal, in line with plans set out by Ofqual [which regulates exams] almost two years ago, to make sure qualifications maintain their value and students get the opportunities they deserve.
“This means national results are expected to be similar to those in pre-pandemic years, and a student should be just as likely to achieve a particular grade this year as they would have been before the pandemic.
“The number of top grades also has no bearing on the number of university places available.”
A spokeswoman for Ofqual said: “This year we expect exam grades to go back to similar levels to 2019, which was the last year before the pandemic.”
The United Kingdom’s Financial Conduct Authority (FCA) launched a series of consultations on proposed rules for digital asset markets, marking the next phase in the government’s effort to establish a comprehensive regulatory framework for crypto assets.
The proposals, published across three consultation papers, cover crypto trading platforms, intermediaries, staking, lending and borrowing, market abuse, disclosures and decentralized finance (DeFi). The FCA said consultation responses will be open until Feb. 12, 2026.
The regulator said the proposals aim to support innovation while ensuring that consumers understand the risks associated with crypto investment. It added that regulations should not eliminate risks entirely, but should ensure that participants operate responsibly and transparently.
“Our goal is to have a regime that protects consumers, supports innovation and promotes trust,” said David Geale, the FCA’s executive director for payments and digital finance, adding that industry feedback will help shape the final rules.
From advertisements to market structure
The consultations mark the next step in the UK’s push toward full “market structure” rules for crypto, moving beyond earlier requirements focused on financial promotions and Anti-Money Laundering compliance.
Under the proposals, exchanges would face clearer standards regarding admissions, disclosures and trading integrity. In addition, measures against insider trading and market manipulation would align crypto markets more closely with traditional finance.
The consultation also focuses on crypto staking services. The regulator seeks views on how firms should disclose risks when offering yield-bearing products that lock up customer assets. Crypto lending and borrowing are also included in the consultation, with proposed safeguards intended to protect borrowers and lenders.
Another element is decentralized finance (DeFi). The FCA consults on whether DeFi activities, including trading, lending and borrowing without intermediaries, should be subject to the same regulatory expectations as traditional financial services.
While consultations are ongoing, Geale reminded users that the assets are currently unregulated.
“While we work closely with partners to deliver the UK’s crypto rules, people should remember crypto is largely unregulated – except for financial promotions and financial crime purposes,” Geale warned.
The consultation was launched the day after the UK government announced its plan to introduce a bill to extend the country’s financial sector laws to crypto assets by 2027.
On Monday, the UK Finance Ministry reportedly announced that it will introduce legislation to bring crypto companies under existing financial laws by October 2027. This would put crypto under the oversight of the FCA.
UK Chancellor Rachel Reeves said bringing crypto into the regulatory perimeter is a “crucial step” in securing the UK’s position as a financial center in the digital age.
Gemini, the cryptocurrency exchange founded by billionaire twins Tyler and Cameron Winklevoss, has rolled out prediction markets in the United States after securing key regulatory approval.
Gemini launched its in-house prediction market, Gemini Predictions, across all 50 US states, the exchange announced in an X post on Monday.
Provided via affiliate Gemini Titan, Gemini Predictions enables users to trade on the outcomes of real-world events with “near instant execution” and full transparency.
The launch came shortly after Gemini Titan obtained a designated contract market license from the Commodity Futures Trading Commission (CFTC) on Wednesday, authorizing the company to offer prediction markets in the US.
Rising trend for building “everything apps”
The arrival of Gemini Predictions marks the company’s latest step in building a “one-stop super app,” allowing users to not only trade crypto, but also stake assets, earn rewards, buy tokenized stocks and participate in prediction markets.
The move aligns with a broader industry trend toward all-in-one platforms in crypto, with rival exchanges like Coinbase also rushing to introduce a wide range of services, including trending prediction markets and tokenized stocks.
Gemini Prediction’s market on the price of Bitcoin on Dec. 31. Source: Gemini
The project adds to a growing portfolio of prediction markets backed by YZi Labs, the venture capital firm founded by Binance co-founder Changpeng “CZ” Zhao, including Opinion, which topped volume rankings in November.
Major providers had faced issues in the US
The industry’s push to launch prediction markets follows years of regulatory uncertainty in the United States, with major providers such as Polymarket resuming local operations after previously facing a ban in 2022.
In another sign of a warming US stance toward prediction markets, a group of providers, including Kalshi, Robinhood and Crypto.com, recently received a temporary reprieve after a judge intervened following cease and desist orders issued by the state of Connecticut in early December.
Crypto industry executives have urged the US Securities and Exchange Commission to shift its thinking on blockchain privacy tools, pitching that there are legitimate applications for them outside of criminal use.
The SEC hosted crypto and finance executives for a discussion and panel on financial surveillance and privacy on Monday, the agency’s sixth crypto-focused roundtable this year, as it seeks to overhaul its approach to crypto.
StarkWare general counsel Katherine Kirkpatrick Bos, who participated in a panel discussion, told Cointelegraph after the event that a major takeaway was that there shouldn’t be an assumption that those using and creating privacy tools are “overwhelmed by wrongdoers.”
“Why is the assumption that an individual needs to affirmatively prove that they are compliant or they’re using the tool for good?”
“As opposed to it being the other way around, where the assumption is that this individual is using the tool for good until there is some sort of indication that they’re using it for bad,” she said.
Kirkpatrick Bos added that “of course, wrongdoers were using, or are using those tools, but there needs to be a balance.”
Katherine Kirkpatrick Bos (left) discussing financial privacy at an SEC roundtable on Monday. Source: Paul Brigner
During the roundtable, Wayne Chang, the founder and CEO of the credential management company SpruceID, said some percentage of users of stablecoins, a crypto tool that is slowly becoming mainstream, will want privacy.
“There are a ton of stablecoins that aren’t onchain yet that would come onchain if there is privacy,” he said. “We’re going to see an increase in demand for privacy-preserving blockchains.”
“My hope is that regulators continue to engage industry, and we can have those discussions on how to keep privacy for folks while also having tools that are useful,” Chang said.
Customer checks are becoming outdated
Kirkpatrick Bos said a discussion on Know Your Customer (KYC) and Anti-Money Laundering (AML) measures focused on whether current rules are sufficient in the age of artificial intelligence.
“The question arose and was debated on the panel, well, what is necessary for Anti-Money Laundering?” she said. “Now we have AI. It’s made manual, AML and KYC antiquated. How do we solve for that?”
“There was a sense that the current system of AML and KYC is antiquated, it’s problematic, it’s ineffective,” she added. “But there needs to be some sort of check when it’s a centralized entity facilitating flows of money to ensure that they’re not helping wrongdoers.”
Many financial institutions request a picture of a user’s driver’s license for its KYC checks, which Kirkpatrick Bos said was “absurd, because an individual can go on the internet and develop a fake driver’s license in a matter of seconds.”
“So the question is, can cryptography-based tools improve that and make it harder for bad guys to do that? But can they also do that and make it harder for bad guys while preserving an individual’s privacy and not revealing data like an address, where it is not necessary to vet the legality of the funds?” she added.
Some projects have begun to test crypto-based solutions for proving identity while claiming to preserve privacy, such as Sam Altman’s World, which gives users a cryptographic key they can use to prove they’re human.
SEC’s Atkins warns of potential for crypto mass surveillance
SEC chair Paul Atkins had given opening remarks at the roundtable, warning that if “pushed in the wrong direction, crypto could become the most powerful financial surveillance architecture ever invented.”
“If the instinct of the government is to treat every wallet like a broker, every piece of software as an exchange, every transaction as a reportable event, and every protocol as a convenient surveillance node, then the government will transform this ecosystem into a financial panopticon,” he added.
Atkins said that crypto allows for “privacy-preserving tools that the analog world could not provide,” which some institutions depend on to build positions or test strategies without “instantly telegraphing that activity to competitors.”
He added that some of the technology could balance the government’s interest in deterring security threats and the public’s privacy.
“But to best strike this balance, we must make certain that Americans can use these tools without immediately falling under suspicion.”