Sir Ed Davey’s conference speech – his first since becoming leader in the autumn of 2020 – capped what has been a remarkable change in the role of the Liberal Democrats in British politics.
Just eight years ago, Sir Ed was one of the Liberal Democrat cabinet ministers working with the Conservatives around the cabinet table in Number 10.
Today, he couldn’t be more caustic about Rishi Sunak’s party of “clowns”. Once, Lib Dems preached “equidistance” – the ability in a hung parliament to decide whether to put Tory or Labour into Number 10. Now they are making clear they would never put the Tories back in power in the – mathematically improbable – situation they have a choice.
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This means in Bournemouth, the Lib Dems were back firmly on the centre left, the party’s happy place, a position which reflects electoral maths. In the 80 seats where they are second place, there are only two where they fight Labour.
And the issues they chose to focus on – cost of living and health – are the two biggest issues likely to push voters into their column, Lib Dem polling suggests. But Sir Ed needed to cut through the noise and get noticed, leading to one of the most gut-wrenching, difficult passages ever delivered by a party leader in modern times.
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He used his speech to describe the death of his mother from cancer aged 15, following the death of his father when Sir Ed was aged four. The details – how he was in his school uniform by her side on the way to school when she died – were not easy to listen to and evidently not easy to deliver.
It was a remarkably powerful human moment, but since it was delivered on their biggest political platform the party gets all year, there was also crude electoral calculation too. This is an issue they want to be associated with, and they’re having to try harder to be heard as the fourth-biggest force in British politics.
For all the good heart and buoyancy after three days in Bournemouth, it has become clear the party is not really contemplating a massive yellow tide, with regular reminders of the need for caution. The vote in the Brexit-leaning South West, once a heartland, may be inching back to them – it was still ebbing away from them in 2019 – but they are still only looking at winning a total of 15 to 35 seats next year, not the 50 plus they enjoyed between 1997 and 2015.
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It is not likely to be the number that allowed Nick Clegg to negotiate that ultimately toxic coalition deal with the Tories in 2010.
So there has been a conversation on the fringes of Lib Dem conference – frowned upon and sighed at by the leadership – about what to do in the event of a hung parliament, given they have already ruled out playing the two other parties off against one another should that be even possible.
Many believe Sir Ed would never go into another coalition, so scarred is the party, since there is no way of ensuring promises made at the start can actually be delivered. Sir Ed seems scarred to some by failure to get more from the Tories, who he says broke promises. So the discussion is between two other models – could there be a much more limited confidence and supply agreement, where Lib Dems get some political baubles in exchange for backing some bits of Labour’s agenda?
Or should they take a more hardline approach – decide bill by bill, measure by measure, whether to back the Starmer agenda?
Both sides are staring at each other, knowing that if the stakes are raised too high, and discussions fall apart and relations break down, there could be another general election at any point.
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There are those that, when the time comes, will urge Sir Ed to adopt the latter approach.
The Lib Dems first in person autumn conference since 2019 went well on its own terms. The question is how much impact they can have outside this hall.
Braden John Karony, the CEO of crypto firm SafeMoon, has cited the US Department of Justice’s directive to no longer pursue some crypto charges in an effort to get the case against him and his firm dismissed.
In an April 9 letter to New York federal court judge Eric Komitee, Karony’s attorney, Nicholas Smith, said the court should consider an April 7 memo from US Deputy Attorney General Todd Blanche that disbanded the DOJ’s crypto unit.
“The Department of Justice is not a digital assets regulator,” Blanche said in the memo, which added the DOJ “will no longer pursue litigation or enforcement actions that have the effect of superimposing regulatory frameworks on digital assets.”
Blanche also directed prosecutors not to charge violations of securities and commodities laws when the case would require the DOJ to determine if a digital asset is a security or commodity when charges such as wire fraud are available.
An excerpt of the letter Karony sent to Judge Komitee. Source: PACER
In the footnote of the letter, Karony’s counsel wrote an exemption to the DOJ’s new directive would be if the parties have an interest in defending that a crypto asset is a security, but added that “Karony does not have such an interest.”
The Justice Department and the Securities and Exchange Commission filed simultaneous charges of securities violations, wire fraud, and money laundering against Karony and other SafeMoon executives in November 2023.
The government alleged Karony, SafeMoon creator Kyle Nagy and chief technology officer Thomas Smith withdrew assets worth $200 million from the project and misappropriated investor funds.
Another attempt to nix the case
The letter is Karony’s latest attempt to get the case thrown out. In February, he asked that his trial, scheduled to begin on March 31, be delayed as he argued President Donald Trump’s proposed crypto policies could potentially affect the case.
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Later in February, Smith changed his plea to guilty and said he took part in the alleged $200 million crypto fraud scheme. Nagy is at large and is believed to be in Russia.
SafeMoon filed for bankruptcy in December 2023, a month after it was hit with twin cases from the SEC and DOJ. It was also hacked in March 2023, with the hacker agreeing to return 80% of the funds.
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Ukraine’s financial regulator has proposed taxing certain crypto transactions as personal income at a rate of up to 23% but excluding crypto-to-crypto transactions and stablecoins.
Crypto transactions would be taxed at 18% with a 5% military levy on top as part of the proposed framework, released on April 8 by Ukraine’s National Securities and Stock Market Commission.
NSSMC Chairman Ruslan Magomedov said in an April 8 statement that “the issue of crypto taxes is not a hypothesis, but a reality that is fast approaching.”
He added that the agency created the framework to help lawmakers make an “informed resolution” by considering each suggestion’s advantages and disadvantages because “these aspects can have a critical impact on the market and tax liability.”
Under the NSSMC’s proposed crypto framework, a tax will be applied when crypto is cashed out for fiat currency or exchanged for goods or services.
Crypto-to-crypto transactions wouldn’t be taxed, bringing Ukraine in line with other European countries, including Austria and France, as well as crypto-friendly jurisdictions like Singapore, the NSSMC said.
The regulator says it “makes sense” to exclude stablecoins backed by foreign currencies or only apply a 5% or 9% tax because Ukraine’s tax code already excludes income from transactions in “foreign exchange values.”
A translated excerpt of the NSSMC’s report said stablecoins backed by foreign currencies could be exempt from taxation. Source: NSSMC
Mining, staking, hard forks and airdrops
Other crypto-related activities, such as mining, staking and airdrops, are also addressed in the framework which floated a few options for taxation.
The NSSMC said crypto mining is generally considered a business activity, but there might be a general tax-free limit for certain crypto transactions, including mining.
Under the framework, staking could be considered as “business captive income” or only taxed if the crypto is cashed out for fiat currencies. While hard forks and airdrops could be taxed either as ordinary income or when the tokens are cashed.
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The regulator suggests a tax-free threshold could help “relieve the burden on small investors” and is common in other jurisdictions.
Exemptions for donations, transfers between family members, and holders who keep their crypto for a set amount of time are also flagged as possibilities. However, the NSSMC says the exemption might not apply to non-custodial crypto wallets.
Last December, Daniil Getmantsev, head of the tax committee of Ukraine’s parliament, said a draft bill to legalize cryptocurrencies was under review and expected to be finalized early this year.
Ukrainian President Volodymyr Zelenskyy first signed a law establishing a legal framework for the country to operate a regulated crypto market in March 2022.
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Digital asset manager 21Shares has filed with the US Securities and Exchange Commission to launch a spot Dogecoin exchange-traded fund, following similar filings from rivals Bitwise and Grayscale.
The 21Shares Dogecoin ETF would seek to track the price of the memecoin Dogecoin (DOGE), according to the firm’s April 9 Form S-1 registration statement. The Dogecoin Foundation’s corporate arm, House of Doge, plans to assist 21Shares with marketing the fund.
21Shares said Coinbase Custody would be the proposed custodian of its Dogecoin ETF but did not specify a fee, ticker or what stock exchange it would list on.
Source: James Seyffart
21Shares must also file a 19b-4 filing with the SEC to kickstart the regulator’s approval process for the fund.
DOGE currently has a $24.2 billion market cap and is the eighth-largest cryptocurrency by value. It was created in 2013 as a joke and is a fork of Lucky Coin, which itself is a fork of Bitcoin.
21Shares’ proposed Dogecoin ETF is the company’s latest effort to expand its spot crypto ETF offerings, which currently includes only a spot Bitcoin (BTC) and Ether (ETH) fund.
The issuer also filed with the SEC in February to launch a spot Polkadot (DOT) ETF and last year, it filed to create a spot XRP (XRP) ETF.
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The recent surge in crypto ETF filings reflects a “spaghetti cannon approach” from issuers testing which products the new SEC leadership might approve, Bloomberg ETF analyst James Seyffart said in February.
“Issuers will try to launch many many different things and see what sticks,” Seyffart said.
Seyffart and fellow Bloomberg ETF analyst Eric Balchunas said in February that there is a 75% chance that the SEC will approve a spot Dogecoin ETF this year, while the betting platform Polymarket currently gives approval odds of 64%.
21Shares and House of Doge partner for DOGE funds in Switzerland
21Shares also said on April 9 that it partnered with House of Doge to launch a fully backed Dogecoin exchange-traded product on Switzerland’s SIX Swiss Exchange.
The 21Shares Dogecoin product will trade under the ticker “DOGE” with a 2.5% fee.
21Shares president Duncan Moir said that Dogecoin “has become more than a cryptocurrency: it represents a cultural and financial movement that continues to drive mainstream adoption, and DOGE offers investors a regulated avenue to be part of this exciting project.”
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