An internal review of the campaign called it a “high speed car crash”, and some questioned whether the party could ever have the impact it once had on the electorate again.
But skip to 2023, with Sir Ed Davey at the helm and the party’s first autumn conference since that fateful year – COVID and the Queen’s death led to the others being cancelled – and there is an audible buzz of positivity coming from its members.
With four by-election wins since the start of this parliament, ripping safe seats from the Conservatives, a stonkingly good performance at last year’s locals, and a general election on the horizon, Oxford West and Abingdon MP, Layla Moran, says: “We are really buoyant as a party, and with all those wins, the first thing we will be doing at conference is celebrating!
“This could be the last conference before the next general election (which is expected in 2024). We are confident going into the election, but confident does not mean complacent.
“We have a winning formula that has worked with winning seats in both local and by-elections. We will take that forward but with zero complacency.”
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Her fellow Lib Dem MP, Christine Jardine, who represents Edinburgh West, agrees, saying there is “excitement” in the air.
“Momentum is the right word, but also optimism,” she adds. “We have four new MPs, hundreds of new councillors, and 16 new councils. It shows we have moved on from 2019 and we are in a very different place.
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“This could be the start of something.”
For anything to get started, however, the Lib Dems need to agree on a policy programme.
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“I grew up in a family with three daughters,” she said. “There were four women in the house and that got expensive!
“We need to be thinking of those issues, we need to be looking at how we look after people, not just those who are in a cost of living crisis now, but also those who are just managing – as they stop managing when these economic issues hit.”
Image: Lib Dem MPs Christine Jardine (left) and Layla Moran (right)
And, despite its impact on their last national results, the topic of Brexit will still be on the agenda, with Ms Moran saying the party hadn’t “lost its roots”.
“Well, the discussion is not about ‘Brexit’ as that’s the past,” she adds. “But the country is in a total state and you have to think about the economy, so you have to think about fixing that broken relationship with the EU.”
She says the Lib Dems have a four-part plan, “starting with the low hanging fruit like rejoining Europol and schemes like Erasmus”, then “when the timing is right”, bringing up the prospect of the single market again.
“It is not off the table,” says Ms Moran. “We want to be at the heart of Europe, that’s not changed.”
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Lib Dem Leader on wet wipe ban
However, the “golden thread” running throughout conference will be about one service in particular – the NHS.
A senior party source revealed the “centrepiece policy” would be the legal right to see a GP within seven days.
This isn’t a new idea for the party, but it will be the first time it has been formally adopted in the manifesto.
So, why the NHS? Because the Lib Dems think voters in the seats they are targeting are feeling the impact of health service pressures like never before.
“30 years ago, when we knocked on doors in Tory seats, we spoke about the economy or crime,” said a source close to Sir Ed.
“But 30 years ago, the NHS was just about working in those more rural areas, and struggling in more urban, Labour seats.
“If you go into those rural areas now, the local NHS services have been depleted so much – for those trying to get a GP appointment, those trying to get an ambulance to show up, the fear of ending up on a cancer waiting list.
The Lib Dems came second in 91 seats at the last election, and 80 of those saw them come second to the Tories, with many in the so-called “Blue Wall” – the term used to describe safe Conservative seats across the south of England.
The leadership thinks they can “take a bite” out of those seats, especially by focusing on the current government’s track record when it comes to the NHS, holding a “Blue Wall summit” on Friday to welcome their marginal candidates to conference to talk tactics.
“We are key to getting the Tories out,” said a senior party source. “We want to capitalise on that – focusing on the seats where we came second in the Blue Wall.
“And we will talk a lot about the Blue Wall at conference, as well as showing off our rising stars in the party that are running in those seats.”
One person hoping to benefit from that election machine is Josh Babarinde, the Lib Dem prospective parliamentary candidate for Eastbourne.
“We run on volunteers, so what is exciting about this conference is getting together our army of activists, who don’t have masses of billionaire donors propping them up, and firing them up,” he said.
“The momentum is building and building and building. We had a bruising result in Eastbourne in the 2019 election, now people are coming into the office wanting to take to the streets and campaign for the election. The country hasn’t seen anything yet.”
Image: The Lib Dems are determined to smash through the ‘Blue Wall’
But all this “optimism” and “excitement” appears to have its limits.
Just over 10 years ago, the Lib Dems were the kingmakers, the party who decided the next prime minister and secured themselves senior positions at the top of government.
Yet, ask MPs, strategists or members if they are aiming for power again and every answer is either a deflection or laced with trepidation.
“Ed feels strongly that so many leaders in the past got distracted by thinking about [government] without thinking about winning those seats,” said a source close to the leader.
“It creates an atmosphere of anticipation and then we don’t focus and don’t try to win seats.”
The party has already ruled out going into coalition with the Conservatives again – a decision that saw the party collapse electorally at the 2015 election and put off many of the voters that their former leader, Sir Nick Clegg, recruited.
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“Ed fears if we start to talk about coalition, it looks as though we are taking those voters we are trying to win over for granted,” adds the source.
“We want to focus on being local champions fighting for local services.
“And remember, we won 11 seats at the last general election. There is nothing for us to be arrogant about.”
As members start to gather on the south coast, a statement from deputy leader Daisy Cooper tells them this conference will “fire the starting pistol” on the next election campaign and get activists ready for the fight.
“Our horizons are broader than when we went in for the Chesham and Amersham by-election (the first of the Lib Dem wins in this parliament),” said the source close to Sir Ed.
“Journalists laughed at me when I said we could win that seat, now they laugh at me if I say we might not win Mid Beds (the safe Tory seat left empty by the exit of Nadine Dorries).”
But while this conference is set to be one of the most positive gatherings for the Lib Dems in years, there is still a mountain to climb to get the numbers in parliament to make an impact – and a residual fear around what doing well at the next election may mean for the party’s future.
The US Securities and Exchange Commission and crypto exchange Gemini have asked to pause the regulator’s suit over the exchange’s Gemini Earn program, saying they want to discuss a potential resolution.
In an April 1 letter to New York federal court judge Edgardo Ramos, lawyers representing the SEC and Genesis requested a 60-day hold on the case and that all deadlines be pulled “to allow the parties to explore a potential resolution.”
“In this case, the parties submit that it is in each of their interests to stay this matter while they consider a potential resolution and agree that no party or non-party would be prejudiced by a stay,” the letter states.
The lawyers added that a stay was in the court’s interest as “a resolution would conserve judicial resources” and proposed that a joint status report be submitted within 60 days after the entry of the stay.
The SEC sued Gemini and crypto lending firm Genesis Global Capital in January 2023, alleging they offered unregistered securities through the Gemini Earn program.
In March 2024, Genesis agreed to pay $21 million to settle charges related to the lending program, but the enforcement case against Gemini remains outstanding.
Letter from SEC and Genesis Global requesting extension of stay. Source: CourtListener
The letter did not specify what a possible resolution would entail, but the SEC has dropped several lawsuits it launched against crypto companies under the Biden administration, including against Coinbase, Ripple and Kraken.
In February, Gemini said the SEC closed a separate investigation into the firm as the regulator winds back its crypto enforcement under President Donald Trump.
“The SEC cost us tens of millions of dollars in legal bills alone and hundreds of millions in lost productivity, creativity, and innovation. Of course, Gemini is not alone,” Gemini co-founder Cameron Winklevoss said at the time.
OpenSea, Crypto.com and Uniswap, among others, have also recently reported that the SEC had closed similar probes into their companies that were investigating alleged breaches of securities laws.
Two Republicans who received a combined $1.5 million from the crypto-backed political action committee (PAC) Fairshake will enter the US House after winning special elections in Florida.
Republican Jimmy Patronis won the vacant seat in Florida’s 1st Congressional District to replace Matt Gaetz, taking 57% of the vote to defeat Democrat Gay Valimont, according to AP News data.
Randy Fine also took Florida’s 6th Congressional District with 56.7% of the vote to beat his Democratic rival, public school teacher Josh Weil, and fill a seat left vacant by Mike Waltz, who took a job as White House national security adviser.
Florida’s 1st and 6th Congressional Districts — located in Florida’s western panhandle and along the state’s northeast coast — have been controlled by Republicans for roughly 30 years, but their lead has narrowed in recent years.
Fairshake, a PAC backed by crypto industry giants including Coinbase, Ripple and Andreessen Horowitz, gave Fine around $1.16 million in advertising spending and funneled $347,000 to Patronis to support his campaign.
Both Republicans have expressed support for the crypto industry, with Fine stating in a Jan. 14 X post that “Floridians want crypto innovation!”
Fairshake and its affiliates poured around $170 million into the 2024 US presidential and congressional elections to back candidates who committed to supporting the crypto industry.
The wins by Patronis and Fine increased Republican representation in the House to 220 seats, with the Democrats holding 213 seats.
There are two vacant seats to be filled after Texas and Arizona Democrats Sylvester Turner and Raúl Grijalva died on March 5 and March 13, respectively.
Florida can expect to see a crypto-friendly regulatory environment
The victories for Patronis and Fine likely mean that crypto legislation will continue to see support in the US capital.
The Republican Party would have maintained its House majority even if it lost both seats in Florida, but it would have made it more difficult for some of the recently introduced Republican-backed crypto bills to pass through the House and Senate.
Bills that could eventually make their way to the House include the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which passed the Senate Banking Committee in an 18-6 vote on March 13.
Senator Cynthia Lummis also reintroduced a Bitcoin reserve bill about a week after the Trump administration announced the establishment of a Strategic Bitcoin Reserve on March 6, with the legislation referred to the Senate Banking Committee on March 11.
Several British trade associations have asked Prime Minister Keir Starmer’s office to appoint a special envoy dedicated to crypto and for a dedicated action plan for digital assets and blockchain technology.
In a March 31 letter, the coalition of six UK digital economy trade bodies urged Starmer’s special adviser on business and investment, Varun Chandra, for a “greater strategic focus and alignment to deliver investment, growth and jobs” for the crypto industry.
The group, which consisted of the UK Cryptoasset Business Council, Global Digital Finance, The Payments Association, Digital Currencies Governance Group, the Crypto Council for Innovation and techUK, noted the US policy shift on crypto under President Donald Trump and his appointment of a crypto czar.
Britain’s commitment to an economic trade deal focused on technological cooperation with the US “presents a significant opportunity to mirror the United States’ ambition in fostering leadership in blockchain, digital assets, and other emerging financial technologies,” the letter stated.
The group recommended that the UK appoint a blockchain special envoy, similar to the US, to coordinate policy, foster innovation, and position the country competitively in global markets.
The trade bodies also called for the development of a dedicated government action plan for crypto and blockchain technology, including a concierge service to attract high-potential firms.
They added that the government should acknowledge and leverage the commonalities between blockchain, quantum computing and artificial intelligence technologies, including potential applications for government services.
Another recommendation was to create a high-level industry-government-regulator engagement forum to ensure informed decision-making and cross-sector collaboration.
The UK crypto and tech associations lobbying the government for a policy shift. Source: LinkedIn
“With deep pools of talent, access to capital, world-class academic institutions, and sophisticated regulators, the UK provides an environment where digital assets and blockchain innovation can thrive,” they stated.
The coalition argues that crypto and blockchain technology could boost the UK economy by 57 billion British pounds ($73.6 billion) over the next decade, with the sector potentially increasing global gross domestic product by 1.39 trillion pounds ($1.8 trillion) by 2030.
Tom Griffiths, the co-founder and managing partner of crypto compliance advisory firm BitCompli, said in response to the letter on LinkedIn that the Financial Conduct Authority “has a lot of talent and a good sight of future plans, but the UK is definitely losing pace with Dubai, Singapore, and other EU jurisdictions.”
“Now is the time for the FCA to act, or the UK will lose out on this huge opportunity, which is digital assets and all the benefits this sector can bring, not only now but over the next 20 years,” he added.