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The next general election is only 17 months away at most. It is already seen as a “change election” – meaning that, on the basis of opinion polls and recent political contests, the party in power is likely to switch.

Conventional wisdom is that the Conservatives will most likely be out after 14 years continuously in power.

That outcome is of course in the lap of the electorate and cannot be taken for granted.

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‘ULEZ is why we lost in Uxbridge’

But it is the basis on which individual MPs make calculations about their futures.

Before any seats change hands, we can already say that there will be at least 75 new faces in the 2024/25 parliament.

That’s because 75 current members have already announced that they are not standing – and more than 50 of them were elected as Conservatives. A further 14 Labour MPs are stepping down, with seven from the SNP.

The overall turnover of MPs will be much larger anyway if is a change election.

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The pollster Frank Luntz recently warned Tory MPs that any of them with a majority less that 15,000 is “at risk”. There are around 180 in that category – half the current parliamentary party.

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Next election ‘not a done deal’

Now is the time when the main parties are choosing the candidates to fight the coming election in the seats they hold, the seats they regard as winnable and the seats viewed as not worth wasting further resources on.

The types of candidate being chosen, especially in their safe or target seats, tells us a lot about what a party will be like in government or in opposition after the next election.

Since becoming Labour leader in 2019, Sir Keir Starmer has devoted more energy to exerting iron discipline on his party after the Jeremy Corbyn years than to developing radical new policies.

True to form, Labour is ahead of the Conservatives in choosing its prospective parliamentary candidate – more than halfway through – with more than 100 of an expected 200 of so new PPCs in place.

Of course, not all of them are first timers. Re-treads include the former Cabinet minister Douglas Alexander, who is hoping to win back East Lothian from the SNP, Anna Turley fighting to regain her Red Wall seat of Redcar and former Wolverhampton MP Emma Reynolds, who is now standing in Wycombe.

These three ex-MPs embody the middle-aged, middle-of-the-road cut of the Labour candidates being selected. Only about one in 20 of them are below the age of 30.

Newly elected Labour MP Keir Mather (centre), with Labour leader Sir Keir Starmer and deputy Labour Party leader Angela Rayner at Selby football club, North Yorkshire, after winning the Selby and Ainsty by-election. Picture date: Friday July 21, 2023.
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Newly elected MP Keir Mather with Sir Keir Starmer and Angela Rayner

In spite of the recent by-election victory by the new Baby of the House, Labour’s Keir Mather, parliament is not proving welcoming for younger members. Those standing down include two young MPs who had been picked out as rising stars.

The SNP’s Mhairi Black calls Westminster “toxic”, Bishop Auckland Tory Deheena Davison finds it “unsociable”.

The Labour leadership are ruthlessly weeding out left-wing candidates.

Suspension from the party is the most brutal method. Jeremy Corbyn is no longer a member of Labour so he cannot stand as one of their candidates at the next election. His dwindling band of supporters in the Commons have been carefully biting their tongues to avoid joining him in the reject bin.

Before constituency parties get to vote on their candidate, a panel made up of trusted members of Labour’s National Executive (NEC) and local supporters draws up a “long list”.

As serving Mayor Jamie Driscoll found out to his cost in a similar process to select a candidate for the new mayor of the North East, this is how strong candidates not liked by the leadership can be excluded.

Read more:
Are MPs getting younger?
MPs who have said they are standing down

Labour Party leader Jeremy Corbyn (right) alongside shadow Brexit secretary Keir Starmer during a press conference in central London. PA Photo. Picture date: Friday December 6, 2019. See PA story POLITICS Election. Photo credit should read: Jonathan Brady/PA Wire

Mish Rahman, a current member of the NEC supported by Momentum, is a typical example of the sort of PPC that Sir Keir does not want. He was blocked in the highly win-backable seat of Wolverhampton West in spite of being backed by five trade unions. He commented he was not surprised since none of his fellow “Bernie Grant Leadership” alumni have been selected. That programme, in memory of the black far-left Tottenham MP, was set up to promote candidates of his ilk.

Labour’s stand out PPC selection this time round typifies the change of mood. Charlie Falconer had to be sent to the House of Lords to serve in the Blair government. He refused to take his children out of private school and no constituency would have him.

Now the product of that public school education, his son Hamish Falconer – a well-regarded diplomat in his own right – has been selected as Labour candidate in marginal Lincoln.

Sir Keir Starmer and his closest aides – including Morgan MacSweeney, Matthew Faulding, Carol Linforth, David Evans and Marianna McFadden – are right to be careful.

Their opponents will target candidates with “extremist” skeletons in their closet.

Nadine Dorries has not yet stood down as promised to trigger the by-election in her Mid Bedfordshire constituency.

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Dorries ‘can stay in the jungle’

The Daily Mail has already exposed Labour’s clean-cut candidate Alistair Strathern for taking part in a Greenpeace protest at the Home Office, dressed as a zombie.

A few places demand a high-profile and colourful candidate. The retiring Green MP Caroline Lucas has made Brighton Pavilion one of those constituencies. The Greens have already chosen Sian Berry, one of their other best-known politicians, to defend it for them.

The comedian Eddie Izzard, who has failed to be selected elsewhere numerous times, has local connections and is fighting hard for the Labour nomination.

The number of LGBT+ MPs now stands at a record 61 and is set to remain strong. Women and ethnic minorities are doing loess well.

Tory strategists at the centre wish they had the same grip on candidate selection as Labour, but they don’t. Just about the leadership’s only success has been blocking any candidacy by the former MEP and the serially disloyal Boris Johnson supporter David Campbell Bannerman.

Prime Minister Rishi Sunak and newly elected Conservative MP Steve Tuckwell arriving at the Rumbling Tum cafe in Uxbridge, west London, following the party's success in the Uxbridge and South Ruislip by-election. Picture date: Friday July 21, 2023. PA Photo. See PA story POLITICS ByElections. Photo credit should read: Jordan Pettitt/PA Wire
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Rishi Sunak and newly elected Conservative MP Steve Tuckwell in Uxbridge

After the turmoil of five prime ministers there is no centre, respected by all, to exert control.

PPCs are chosen by constituency associations whose members are the people who voted for Boris Johnson and Liz Truss and did not vote for Rishi Sunak.

The Tory Party factions are fighting out their differences in selections, constituency by constituency.

Unlike Labour they are choosing candidates who appeal to themselves, with little regard to who might attract floating voters in the centre ground.

Tory activists have already picked out two PPCs who they expect will still be battling for the soul of the party in a decades time.

In the One Nation corner stands Rupert Harrison, the PPC for Bicester, an old Etonian and former close aide to chancellor George Osborne. He looks like what Barbie’s Ken would look like were he to be a middle-aged Tory candidate.

The Nativist Brexiteer Corner is occupied by the cerebral and sometimes bearded Nick Timothy, who has taken over in Matt Hancock’s old constituency in Suffolk.

Nick Timothy
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Nick Timothy

Male, middle-aged, middle class, there is a similarity in the profile, if not the politics, of the candidates being chosen by the two main parties.

Both of them now place a premium on the candidate having a local connection.

It is much harder for bright politically ambitious young people to shop around for a seat – even though some of them in the past have proved of prime ministerial calibre – like Churchill or Blair or Johnson.

The ConservativeHome website reports that in 12 winnable target seats, eight of the PPCs were local councillors, two more had local connections and only two were women.

Those following the selections most closely, including the journalist Michael Crick on his @tomorrowsMPs X (formerly Twitter) page and the Professor of Politics Tim Bale, believe that insistence on the local factor is seriously diluting the quality of the people who are becoming MPs.

Whether or not we are heading into a change election, we know already that there will be lots of new faces. They won’t look much different to those they are replacing and it is a fond hope whether they will be any better.

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Sanctioned crypto exchange Garantex shifts millions as it reboots platform

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Sanctioned crypto exchange Garantex shifts millions as it reboots platform

Sanctioned crypto exchange Garantex shifts millions as it reboots platform

Shuttered crypto exchange Garantex is reportedly back under a new name after laundering millions in ruble-backed stablecoins and sending them to a freshly created exchange, according to a Swiss blockchain analytics company.  

Global Ledger claims the operators of the Russian exchange have shifted liquidity and customer deposits to Grinex, which they say is “Garantex’s full-fledged successor,” in a report released to X on March 19.

“We can confidently state that Grinex and Garantex are directly connected both onchain and offchain.”

“The movement of funds, including the systematic transfer of A7A5 liquidity, the use of one-time-use wallets, and the involvement of addresses previously associated with Garantex, provides clear onchain proof of their link,” the Global Ledger team said in the report.

After completing its investigation on March 13, Global Ledger says it had found onchain data showing Garantex laundered over $60 million worth of ruble-backed stablecoins called A7A5 and sent them to addresses associated with Grinex.

Sanctioned crypto exchange Garantex shifts millions as it reboots platform

Global Ledger claims Garantex has moved all its funds over to a newly launched exchange and is back in business. Source: Global Ledger

“In this case, the burning and subsequent minting process was used to launder funds from Garantex, allowing new coins to be minted from a system address with a clean history,” the team said.

A Garantex manager also reportedly told Global Ledger that customers have been visiting the exchange office in person and moving funds from Garantex to Grinex.

“Additionally, offchain indicators, such as transactional patterns, commentaries and exchange behaviors, further reinforce this connection,” it said.

The report also points to a description of Grinex on the Russian crypto tracking site CoinMarketRating, claiming that the owners of Garantex created it. The reports said this shows “Grinex is not an independent entity but rather a full-fledged successor to Garantex, continuing its financial operations despite the exchange’s official shutdown.”

Sanctioned crypto exchange Garantex shifts millions as it reboots platform

Source: Global Ledger

By March 14, the volume of incoming transactions on Grinex was nearly $30 million, according to Global Ledger. CoinMarketRating shows that the trade volume for the month is now over $68 million, with spot trading topping $2 million.

The US Department of the Treasury’s Office of Foreign Assets Control first hit Garantex with sanctions in April 2022 for allegedly money laundering violations.

Related: US, UK, Australia sanction Zservers for hosting crypto ransomware LockBit

On March 6, the US Department of Justice collaborated with authorities in Germany and Finland to freeze domains associated with Garantex, which they claim processed over $96 billion worth of criminal proceeds since launching in 2019.

Stablecoin operator Tether also froze $27 million in Tether (USDT), on March 6 which forced Garantex to halt all operations, including withdrawals.

Only a few days later, on March 12, officials with India’s Central Bureau of Investigation arrested Aleksej Bešciokov, who allegedly operated Garantex, on US charges that included conspiracy to commit money laundering. 

Magazine: How crypto laws are changing across the world in 2025

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New rules may stop Elon Musk from making unlimited donations to Reform UK

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Foreign donations to UK political parties set to be restricted, amid rumours Elon Musk is planning to give £80m to Reform

Ministers are drawing up plans restricting foreign donors from giving unlimited funds to UK political parties, Sky News understands.

Currently, political parties can accept donations from any company registered in the UK – and foreign donors can and have used these companies to make indirect contributions.

The rules allow for British companies to be used in this way even if they don’t make any money at all.

However, Sky News understands that officials are currently looking at restricting donations based on how much money a company makes – either using a profit or a share of revenue to calculate a potential cap for the amount each UK business can give.

The government says this is in line with its manifesto pledge to “protect democracy by strengthening the rules around donations to political parties”.

Senior government sources have told Sky News these changes are partially about Elon Musk.

Officials are said to be anxious about the rumoured donation of $100m (about £80m) that Musk has suggested he would make to Reform UK.

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Nigel Farage says ‘Musk is going to support Reform’

The government’s thinking is that the tech billionaire is likely to do this just before the next election, and they hope they can pass their Elections Bill – the legislation through which the donation loophole would be closed – through parliament before that happens.

The bill would enter parliament in the next session, but ministers have told MPs that they should expect an update to these plans within months.

Musk’s donation would be an astronomical amount in the context of British politics.

The sum would trump all political donations that have been made to any political party this year – and would inevitably make a big impact on campaigning.

Elon Musk is not on the electoral register and the British arm of his company X – X.AI London Limited – has not yet made any money.

Under the proposed changes, this avenue of donating money to Reform UK would not be possible.

Total donations to major parties in 2024
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Reform UK’s total received donations for 2024 would be considerably higher with £80m from Elon Musk

A government source said this is just one of the options on the table, adding that another change they are considering will mean enhanced due diligence checks on donations from unincorporated associations.

In exclusive polling, Sky News has found that any money given to parties by foreign donors is incredibly unpopular.

A total of 77% of respondents thought foreign nationals who are not registered to vote in the UK should not be allowed to donate to political parties, while only 7% thought they should be.

Even looking specifically at Reform UK voters, who would likely benefit from an Elon Musk donation, the percentage is roughly the same: 73% said they shouldn’t donate to British politics at all, while 7% said they should.

A total of 77% of respondents said foreign nationals should not be allowed to donate to UK political parties
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A total of 77% of respondents said foreign nationals should not be allowed to donate to UK political parties

There is a lot of cash swirling all around Westminster and foreign money can and does enter UK politics.

Transparency International found almost £1 in every £10 donated to parties and politicians came from unknown or dubious sources between 2001 and 2024.

Whatever the motivation, these changes could bring greater transparency to what’s behind any murky money swirling into Westminster.

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Crypto regulation must go through Congress for lasting change — Wiley Nickel

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Crypto regulation must go through Congress for lasting change — Wiley Nickel

Crypto regulation must go through Congress for lasting change — Wiley Nickel

Crypto regulations must be enacted through an act of Congress to become permanent and meaningful pieces of legislation, according to former Congressman Wiley Nickel.

In an exclusive video interview with Cointelegraph’s Turner Wright, Nickel urged bipartisan collaboration to push through comprehensive crypto regulations. The former Congressman added:

“I think it’s really important for anybody who cares about this issue to step back and realize that if you want lasting change in Washington, you must move legislation through Congress. Otherwise, if you’re talking about executive orders, it will just go back and forth.”

“You don’t want to have the mess that we saw just months ago with Gary Gensler’s SEC — you need to get legislation through Congress,” Nickel reiterated.

President Trump’s Jan. 23 executive order establishing the Working Group on Digital Assets, which also prohibited the development of a central bank digital currency (CBDC), and the order establishing a Bitcoin strategic reserve alongside a separate crypto stockpile, were both examples of executive actions that can be reversed at a later date.

Congress, Senate, Bitcoin Regulation, US Government, United States

Former Congressman Wiley Nickel is pictured sitting second from the left at the Blockworks Digital Asset Summit. Source: Cointelegraph

Related: Congress on track for stablecoin, market structure bills by August: Blockchain Association

Both chambers of Congress rush to push through meaningful legislation

Rep. Tom Emmer, the majority whip of the United States House of Representatives, reintroduced legislation banning a CBDC in the US on March 6.

Wyoming Senator Cynthia Lummis also reintroduced the Bitcoin Act in March, which builds upon an earlier bill of the same title but allows the US to purchase more than 1 million Bitcoin (BTC).

Congress, Senate, Bitcoin Regulation, US Government, United States

Senator Lummis’ Bitcoin Act of 2025. Source: Senator Cynthia Lummis

Rep. Byron Donalds recently announced that he would draft legislation to codify the Bitcoin strategic reserve into law — shielding President Trump’s original executive order from being overturned by a future administration.

On March 12, the House of Representatives repealed the IRS broker rule requiring decentralized finance platforms to report information to the Internal Revenue Service in a 292-131 vote.

Speaking at this year’s Blockworks Digital Asset Summit, Democrat Rep. Ro Khanna said that Congress should be able to pass comprehensive crypto regulation in 2025, including a stablecoin bill and a market structure bill.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered

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