Rep. Patrick McHenry, who chairs the United States House Financial Services Committee, has suggested that he may try to subpoena the Securities and Exchange Commission (SEC) over documents related to former FTX CEO Sam Bankman-Fried, or SBF.
In a Sept. 27 hearing on oversight of the commission, McHenry claimed chair SEC Gary Gensler had made efforts to “choke off the digital asset ecosystem” in addition to “refus[ing] to be transparent with Congress” in aconnections between the commission, FTX and SBF. The committee chair said the government body had “made multiple requests” for documents regarding the timing of SBF’s arrest given a previously scheduled appearance before Congress.
“Seven months later, the committee has not received a single non-public document that was not part of a [Freedom of Information Act] production,” said McHenry. “As I said, our patience is wearing thin […] I do not want to be the first chairman of this committee to issue a subpoena to the Securities and Exchange Commission.”
In February, the committee leadership under McHenry requested the SEC provide documents related to communications between its staff as well as the Justice Department regarding charges filed against Bankman-Fried. McHenry renewed the request in April and May, after claiming the SEC had only provided publicly available information.
While McHenry’s opening statement at the hearing focused on digital assets and oversight, ranking member Maxine Waters expressed concerns about how a potential shutdown of the U.S. government could affect the SEC’s capabilities. Gensler said that if U.S. lawmakers were unable to reach an agreement on government spending by Sept. 30, roughly 92-93% of SEC staff would be furloughed.
Upon questioning from McHenry, Gensler said Bitcoin (BTC) was “not a security” as it didn’t meet the Howie test over what qualifies as an investment contract. The SEC chair comments seemed to affirm the same position on BTC he took during his time as professor with the Massachusetts Institute of Technology in 2018.
Sir Keir Starmer has called for a tougher approach to policing Europe’s borders ahead of a meeting between leaders to discuss a potential shake-up of the European Convention on Human Rights (ECHR).
The prime minister said the way in which the ECHR is interpreted in courts must be modernised, with critics long claiming the charter is a major barrier to deportations of illegal migrants.
His deputy, David Lammy, will today be in Strasbourg, France, with fellow European ministers to discuss reforms of how the agreement is interpreted in law across the continent.
In an opinion piece for The Guardian, Sir Keir and his Danish counterpart, Mette Frederiksen, said the change was necessary to prevent voters from turning to populist political opponents.
Image: Small boat crossings have risen this year. File pic: PA
What’s the issue with the ECHR?
The ECHR, which is the foundation of Britain’s Human Rights Act, includes the right to family life in its Article 8.
That is often used as grounds to prevent deportations of illegal migrants from the UK.
More on Asylum
Related Topics:
There has also been a rise in cases where Article 3 rights, prohibiting torture, were used to halt deportations over claims migrants’ healthcare needs could not be met in their home country, according to the Home Office.
The Conservatives and Reform UK have both said they would leave the ECHR if in power, while the Labour government has insisted it will remain a member of the treaty.
But Sir Keir admitted in his joint op-ed that the “current asylum framework was created for another era”.
“In a world with mass mobility, yesterday’s answers do not work. We will always protect those fleeing war and terror – but the world has changed, and asylum systems must change with it,” the two prime ministers wrote, as they push for a “modernisation of the interpretation” of the ECHR.
Please use Chrome browser for a more accessible video player
2:16
System ‘more than broken’, says asylum seeker
What is happening today?
Mr Lammy is attending an informal summit of the Council of Europe.
He is expected to say: “We must strike a careful balance between individual rights and the public’s interest.
“The definition of ‘family life’ can’t be stretched to prevent the removal of people with no right to remain in the country [and] the threshold of ‘inhuman and degrading treatment’ must be constrained to the most serious issues.”
It is understood that a political declaration signed by the gathered ministers could carry enough weight to directly influence how the European Court of Human Rights interprets the treaty.
The UK government is expected to bring forward its own legislation to change how Article 8 is interpreted in UK courts, and is also considering a re-evaluation of the threshold for Article 3 rights.
Image: David Lammy will swap Westminster for Strasbourg today
The plans have been criticised by Amnesty International UK, which described them as weakening protections.
“Human rights were never meant to be optional or reserved for comfortable and secure times. They were designed to be a compass, our conscience, when the politics of fear and division try to steer us wrong,” Steve Valdez-Symonds, the organisation’s refugee and migrant rights programme director, said.
Sir Keir’s government has already adopted several hardline immigration measures – modelled on those introduced by Ms Federiksen’s Danish government – to decrease the number of migrants crossing the Channel via small boats.
Please use Chrome browser for a more accessible video player
2:40
Beth Rigby: The two big problems with Labour’s asylum plan
Starmer-Macron deal ‘a sticking plaster’
Meanwhile, French far-right leader Jordan Bardella told The Daily Telegraph he would rewrite his country’s border policy to allow British patrol boats to push back small vessels carrying migrants into France’s waters if he were elected.
The National Rally leader called Sir Keir’s “one-in, one-out” agreement with Emmanuel Macron, which includes Britain returning illegal arrivals in exchange for accepting a matching number of legitimate asylum seekers, a “sticking plaster” and “smokescreen”.
Please use Chrome browser for a more accessible video player
4:02
Far-right, 30, and France’s most popular politician
He said that only a complete overhaul of French immigration policy would stop the Channel crossings.
Mr Bardella is currently leading in opinion polls to win the first round of France’s next presidential election, expected to happen in 2027, to replace Mr Macron.
The race for the new US Federal Reserve chair is nearing the finish line, with US President Donald Trump reportedly set to begin interviewing finalists for the top job this week.
According to a report from the Financial Times on Tuesday, Treasury Secretary Scott Bessent has presented a list of four names to the White House.
One of these is former Fed governor Kevin Warsh, whom Bessent is scheduled to meet with on Wednesday. Another is National Economic Council director Kevin Hassett, who is seen as the frontrunner for the role.
Another two names would be picked from a list of other finalists, which includes Fed governors Christopher Waller and Michelle Bowman, and BlackRock chief investment officer Rick Rieder.
Trump and Bessent are expected to hold at least one interview next week, as a decision looks likely to be announced in January.
However, Trump has revealed he already has his eye on one particular candidate.
“We’re going to be looking at a couple different people, but I have a pretty good idea of who I want,” Trump said to journalists on Air Force One on Tuesday.
Kevin Hassett is a frontrunner for Fed chair role
The upcoming round of interviews suggests that Hassett may not be the clear lock in for the role as previously thought, though he is seen as the favorite.
Earlier this month, prediction market odds on Kalshi and Polymarket shot up for Hassett significantly following comments from Trump at the White House on Dec. 2.
While welcoming guests, Trump labeled Hassett as “potential Fed chair” leading many to assume the president had let a major hint slip.
With Hassett’s odds spiking to 85% after Trump’s comments last week, they have since declined to around 73% for Hassett, while Warsh’s odds sit at 13% on Kalshi at the time of writing, which has floated around this range over December.
Regardless of who ends up taking over as chair, the move is bound to impact crypto markets under the new leadership.
If elected, Hassett has asserted that he will be apolitical in terms of running the Fed, despite his close ties to Trump. Speaking with The Wall Street Journal this week, Hassett said that “You just do the right thing” when asked if he would blindly follow orders from Trump.
“Suppose that inflation has gotten from, say, 2.5% to 4%. You can’t cut,” Hassett said, adding that he would rely on his own “judgment, which I think the president trusts.”
Sir Keir Starmer has declared it his “moral mission” to “turn the tide on the lost decade of young kids left as collateral damage”.
The government launches its 10-year youth plan today, which has pledged £500m to reviving youth services.
Culture Secretary Lisa Nandy has also warned that young people are now “the most isolated in generations” and face challenges that are “urgent and demand a major change in direction”.
But despite the strong language, the Conservatives have warned that “under Labour, the outlook for the next generation is increasingly bleak”.
Launching the 10-year strategy, Sir Keir said: “As a dad and as prime minister, I believe it is our generation’s greatest responsibility to turn the tide on the lost decade of young kids left as collateral damage. It is our moral mission.
“Today, my government sets out a clear, ambitious and deliverable plan – investing in the next generation so that every child has the chance to see their talents take them as far as their ability can.”
What’s in the government’s strategy?
Under the plans, the government will seek to give 500,000 more young people across England access to a trusted adult outside their homes – who are assigned through a formal programme – and online resources about staying safe.
The prime minister said the plans will also “ensure” that those who choose to do apprenticeships rather than go to university “will have the same respect and opportunity as everyone else”.
OTHER MEASURES INCLUDE
Creating 70 “young futures” hubs by March 2029, as part of a £70m programme to provide access to youth workers – the first eight of these will open by March next year;
Establishing a £60m Richer Young Lives fund to support organisations in “underserved” areas to deliver high-quality youth work and activities;
Improving wellbeing, personal development and life skills through a new £22.5m programme of support around the school day – which will operate in up to 400 schools;
Investing £15m to recruit and train youth workers, volunteers and “trusted adults”;
Improving youth services by putting £5m into local partnerships, information-sharing and digital tech.
The plan comes following a so-called “state of the nation” survey commissioned by Ms Nandy, which heard from more than 14,000 young people across England.
Launching the strategy, she said: “Young people have been crystal clear in speaking up in our consultation: they need support for their mental health, spaces to meet with people in their communities and real opportunities to thrive. We will give them what they want.”
Image: Lisa Nandy will speak about the plan on Sky News on Wednesday morning. Pic: PA
But the Conservatives have criticised the government for scrapping the National Citizen Service (NCS), which ended in March this year.
Shadow culture secretary Nigel Huddlestone said “any renewed investment in youth services is of course welcome”, but said Labour’s “economic mismanagement and tax hikes are forcing businesses to close, shrinking opportunities while inflation continues to climb”.