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Voting has closed and counting is now under way to replace shamed MP Margaret Ferrier.

Ms Ferrier was ousted from her Rutherglen and Hamilton West seat in August following a successful recall petition for breaching COVID restrictions in 2020.

Voters took to the polls between 7am and 10pm on Thursday for the by-election, with Ms Ferrier’s successor expected to be announced during the early hours of Friday morning.

Out of the 82,104 electorate, a total of 30,531 votes were cast (37.19% turnout).

The turnout is down from 66.48% at the snap 2019 general election, when 53,794 valid votes were cast.

Fourteen candidates are battling it out for the hotly contested seat.

All eyes will be on the SNP and Scottish Labour – with both parties treating the by-election as an important battleground ahead of the next UK general election.

More on Scotland

The South Lanarkshire seat has changed hands between the parties at each of the past three general elections.

Scottish Labour leader Anas Sarwar with candidate Michael Shanks arrive at the count for the Rutherglen and Hamilton West by-election, at South Lanarkshire Council Headquarters in Hamilton. Picture date: Friday October 6, 2023.
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Scottish Labour leader Anas Sarwar and candidate Michael Shanks arriving at the count

Upon arrival at the count, Scottish Labour leader Anas Sarwar told Sky News: “I think it’s going to be a significant night.”

Meanwhile, an SNP source earlier said: “We have to be realistic. It’s been a tough time and we think the turnout will be very low.”

Votes are counted in the count hall at the South Lanarkshire Council Headquarters in Hamilton for the Rutherglen and Hamilton West by-election. Picture date: Thursday October 5, 2023.
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The result is expected during the early hours of Friday morning

Ms Ferrier, who won the seat for the SNP in 2019, was forced to sit as an independent after losing the party whip when her COVID breach came to light.

Ms Ferrier was subsequently charged by police, ordered to undertake unpaid work, suspended from the Commons for 30 days and removed from her seat following a successful recall petition.

Ballot boxes arrive in the count hall at the South Lanarkshire Council Headquarters in Hamilton for the Rutherglen and Hamilton West by-election. Picture date: Thursday October 5, 2023.
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Ballot boxes arriving at the count

The count is taking place at South Lanarkshire Council headquarters in Hamilton.

Who is standing?

• Gloria Adebo (Scottish Liberal Democrats)
• Bill Bonnar (Scottish Socialist Party)
• Garry Cooke (Independent)
• Andrew Daly (Independent)
• Cameron Eadie (Scottish Green Party)
• Prince Ankit Love (Independent)
• Niall Fraser (Scottish Family Party)
• Ewan Hoyle (Volt UK)
• Thomas Kerr (Scottish Conservatives)
• Katy Loudon (SNP)
• Christopher Sermanni (Scottish Trade Unionist and Socialist Coalition)
• Michael Shanks (Scottish Labour Party)
• David Stark (Reform UK)
• Colette Walker (Independence for Scotland Party)

SNP: Katy Loudon

SNP leader Humza Yousaf and SNP candidate Katy Loudon outside the polling station at St Charles' primary school, Cambuslang, during the Rutherglen and Hamilton West by-election. Picture date: Thursday October 5, 2023.
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SNP leader Humza Yousaf and candidate Katy Loudon outside a Cambuslang polling station earlier on Thursday

The SNP are fielding South Lanarkshire councillor Katy Loudon.

The former primary school teacher has lived in the constituency for 14 years and has been a councillor since 2017.

Ms Loudon believes the by-election is an opportunity to “show Westminster that Scotland wants – and deserves – better than the Tory status quo”.

She added: “The Tories and Labour now stand hand in hand on a range of damaging policies including Brexit and the two-child cap and rape clause, which hits 1,600 children in Rutherglen and Hamilton West.”

During her campaign, Ms Loudon said she would push Westminster to reinstate a £400 energy bill rebate to help struggling families over winter.

She also said she would happily speak out on issues which disproportionately impacted her constituents.

She said: “I’m not shy to come forward. I’ve got the ear of the first minister and the ear of ministers, especially through this campaign.”

Ms Loudon also accused opponent Mr Shanks of “only talking about Margaret Ferrier” on the doorstep and claimed Scottish Labour “are offering nothing”.

Scottish Labour: Michael Shanks

(Left to right) Scottish Labour deputy leader Dame Jackie Baillie, Labour leader Sir Keir Starmer, Scottish Labour candidate Michael Shanks and Scottish Labour leader Anas Sarwar at a party rally in Rutherglen ahead of the Rutherglen and Hamilton West by-election. Picture date: Friday September 29, 2023.
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Scottish Labour deputy leader Dame Jackie Baillie, Labour leader Sir Keir Starmer and Scottish Labour leader Anas Sarwar joined candidate Michael Shanks on the campaign trail

Scottish Labour are championing Renfrewshire teacher Michael Shanks.

Mr Shanks previously made headlines after running along all 6,110 streets in Glasgow. He started the challenge during the first COVID lockdown and “crossed the finish line” in January last year.

Sir Keir Starmer’s party is hopeful that a win in Rutherglen and Hamilton West will show that Labour can make gains against the SNP at the upcoming general election, potentially paving the way for the party’s return to power at Westminster.

Scottish Labour put the cost of living crisis front and centre of its campaign.

It set out proposals to tackle the issue – including a clean energy plan that will reportedly save households up to £1,400 a year and a new deal for working people that it said would boost the minimum wage and make work pay.

As the count got under way, Scottish Labour deputy leader Jackie Baillie said: “Michael Shanks should be proud of the energetic campaign he has led in Rutherglen and Hamilton West.

“It is clear for all to see that Scottish Labour is once more a serious force in Scottish politics.

“From our plans to make work pay to acting to put money into the pockets of working people, Scottish Labour has proudly campaigned on the priorities of the people.

“The people of Rutherglen and Hamilton West have spoken – soon we will know whether they have chosen a fresh start with Scottish Labour.”

Scottish Conservatives: Thomas Kerr

Scottish Tory leader Douglas Ross with candidate Thomas Kerr, second right. Pic: Scottish Conservatives
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Scottish Tory leader Douglas Ross with candidate Thomas Kerr, second right. Pic: Scottish Conservatives

The Scottish Conservatives are backing Glasgow councillor Thomas Kerr, who has pledged to tackle the cost of living crisis, reduce NHS waiting times and protect local services.

At the count, Mr Kerr said his party ran a “pretty positive campaign”.

He noted that the Scottish Tories were “punching above their weight” against favourites the SNP and Scottish Labour, but added his party was laying the groundwork ahead of the next Westminster and Holyrood elections.

Mr Kerr said many of the constituents he spoke to during his campaign highlighted their struggles with the cost of living crisis, which he could relate to.

He stated that there was no “real difference” between the SNP and Scottish Labour.

Mr Kerr earlier said the SNP will be “fully focused on relentlessly pushing for another divisive referendum”.

He added: “Meanwhile, Scottish Labour cannot credibly offer voters a fresh start when on so many issues you cannot put a cigarette paper between them and the SNP, including when they voted for Nicola Sturgeon’s flawed gender self-id bill.”

Mr Kerr told Sky News: “We’re offering a real alternative and a real change.”

Scottish Greens: Cameron Eadie

Gillian Mackay MSP, Cameron Eadie, and Lorna Slater MSP. Pic: Scottish Greens
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Gillian Mackay MSP and Scottish Greens co-leader Lorna Slater with candidate Cameron Eadie. Pic: Scottish Greens

Student Cameron Eadie is standing for the Scottish Greens and had urged voters to put “people and planet” at the top of the agenda at Westminster.

If elected, he said he would fight to remove the “cruel two-child benefit cap and rape clause whilst standing up for our environment”.

At the count, Mr Eadie told Sky News that he was “absolutely proud” of his campaign and team, and said it had been a “fantastic opportunity” to energise activists in the area.

He said most people he spoke to while canvassing were concerned about the cost of living crisis and climate damage.

Mr Eadie acknowledged that most people believe it’s a “two-horse race” between the SNP and Scottish Labour.

But speaking of his run, he said: “It’s something I’ve really enjoyed. It’s been a good experience.”

Scottish Liberal Democrats: Gloria Adebo

Scottish Liberal Democrats leader Alex Cole-Hamilton with candidate Gloria Adebo, Pic: Scottish Liberal Democrats
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Scottish Liberal Democrats leader Alex Cole-Hamilton with candidate Gloria Adebo. Pic: Scottish Liberal Democrats

Data analyst Gloria Adebo is running for the Scottish Liberal Democrats.

Ms Adebo said constituents had been “badly hammered by unnecessary and damaging SNP government cuts”.

She added: “SNP cuts now look set to cause the closure of all local police stations in the area – on top of the threat to care homes, day services, swimming pools and leisure facilities.

“It is time to stop the SNP’s centralising policies in their tracks and give a fair share of the Scottish budget to local services and local people.”

Ms Adebo said the SNP have “no interest” in working constructively.

She added: “Rather than perpetuate division, Scottish Liberal Democrats would work in partnership across the UK on key issues like the cost of living and reforming the UK to make it work better, strengthen ties with our European neighbours and build a better way forward together.”

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Americans lost $9.3B to crypto fraud in 2024 — FBI

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Americans lost .3B to crypto fraud in 2024 — FBI

Americans lost .3B to crypto fraud in 2024 — FBI

The Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3) has released its annual report detailing complaints and losses due to scams and fraud involving cryptocurrency in 2024.

According to the report released on April 23, the IC3 received more than 140,000 complaints referencing cryptocurrency in 2024, resulting in roughly $9.3 billion in losses. The bureau reported that individuals over the age of 60 had been the most affected by crypto-related fraud, with roughly 33,000 complaints and $2.8 billion in losses.

FBI, Fraud, United States, Crimes
Source: FBI

“Last year saw a new record for losses reported to IC3, totaling a staggering $16.6 billion,” said the report. “Fraud represented the bulk of reported losses in 2024, and ransomware was again the most pervasive threat to critical infrastructure, with complaints rising 9% from 2023,” notes the report, adding that, as a group, those over the age of 60 suffered the most losses and submitted the most complaints.

The report added that the resultant losses had increased roughly 66% since 2023, from roughly $5.6 billion to $9.3 billion. The most significant percentage of losses occurred due to crypto investment schemes, while the largest number of complaints related to “sextortion” schemes, in which fraudsters manipulated photos and videos to create explicit content. Other scams included schemes involving the use of crypto ATMs or kiosks.

Related: Crypto scam uses trade war fears to lure victims, Canadian watchdogs warn

In February, the FBI reported its “Operation Level Up” had saved potential victims of crypto fraud roughly $285 million between January 2024 and January 2025. However, blockchain analytics firm Chainalysis speculated that 2025 could see the largest number of scams to date, given that generative AI is making the practice “more scalable and affordable for bad actors to conduct.”

Globally, Chainalysis estimated that there had been roughly $41 billion in illicit crypto volume in 2024, with roughly 25% of the funds involved with “hacking, extortion, trafficking, or scams.” Some of the most high-profile crimes included the $1.4 billion in crypto stolen from the Bybit exchange in March and North Korean hackers taking more than $1.3 billion.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

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Bretton Woods institutions must reorient, US Treasury secretary says

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Bretton Woods institutions must reorient, US Treasury secretary says

Bretton Woods institutions must reorient, US Treasury secretary says

United States Treasury Secretary Scott Bessent recently called for “Bretton Woods institutions,” such as the International Monetary Fund (IMF), to reorient themselves, a signal that the global monetary order could be shifting.

Speaking at the Institute of International Finance (IIF) on April 23, Bessent called on the IMF and the World Bank to correct trade imbalances and protect the value of fiat currencies against exchange rate risk.

“The Bretton Woods institutions must step back from their sprawling and unfocused agendas,” Bessent said. He added:

“The IMF’s mission is to promote international monetary cooperation, facilitate the balanced growth of international trade, encourage economic growth, and discourage harmful policies like competitive exchange rate depreciation.”

Bessent’s call for the IMF to correct trade imbalances between countries, specifically the US and China, coincides with a decline in the US dollar to three-year lows, $36 trillion in US government debt, and stiff economic competition from China.

Dollar, Economy, United States, Bitcoin Adoption
The Dollar Currency Index (DXY), a measure of the US dollar’s strength relative to other major fiat currencies, plunges to three-year lows. Source: TradingView

Investor and hedge fund manager Ray Dalio argues that the world is experiencing a global macroeconomic shift that will upend the post-WWII financial order and eventually replace the US dollar as the global reserve currency, potentially with a digital form of money.

Related: Trump tariffs reignite idea that Bitcoin could outlast US dollar

The Bretton Woods Agreement

The Bretton Woods Agreement was signed in 1944 and pegged the currencies of 44 countries to the value of the US dollar, which, at that point, was pegged to the value of gold at $35 per ounce.

Eliminating complex foreign exchange risks between freely floating currencies to make global trade more efficient was the primary goal of the agreement.

Dollar, Economy, United States, Bitcoin Adoption
US President Richard Nixon delivers the infamous “Nixon shock” speech in August 1971, suspending the dollar’s convertibility to gold. Source: Richard Nixon Presidential Library

In August 1971, US President Richard Nixon announced the end of the dollar’s convertibility to gold — formally ending the Bretton Woods agreement in a move that was supposed to be temporary.

“Your dollar will be worth just as much tomorrow as it does today,” Nixon incorrectly told Americans during his now-infamous address.

The IMF and the World Bank, which were spawned from the Bretton Woods agreement, continue operating in an attempt to curb the effects of free-floating fiat currencies on the foreign exchange market.

Bessent eyes stablecoins to protect the US dollar, BTC advocates have another idea

Speaking at the White House Digital Asset Summit on March 7, Bessent said stablecoins could drive international demand for US dollars and US government debt instruments.

Bessent added that the Trump administration will use stablecoins to protect the US dollar and its status as the global reserve currency.

Bitcoin maximalist Max Keiser argued against this plan, predicting that gold-backed stablecoins would outcompete dollar-pegged tokens due to the desire for low-volatility, inflation-resistant money.

Dollar, Economy, United States, Bitcoin Adoption
The US dollar’s purchasing power has declined by over 90% since the year 1900. Source: Visual Capitalist

In March this year, BlackRock CEO Larry Fink wrote that the $36 trillion US national debt could drive investors to Bitcoin (BTC) as market participants start to see BTC as a better store of value than the US dollar.

Bitwise executive Jeff Park voiced a similar prediction in February, focused on the effects of US President Donald Trump’s trade tariffs.

The analyst wrote that the tumult from the ongoing trade war would cause worldwide inflation, which would cause individuals to seek alternative stores of value like Bitcoin, driving its price much higher in the long term.

Magazine: Bitcoin payments are being undermined by centralized stablecoins

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Alabama drops staking lawsuit against Coinbase

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Alabama drops staking lawsuit against Coinbase

Alabama drops staking lawsuit against Coinbase

The Alabama Securities Commission, a financial regulator for the US state, dropped its lawsuit against crypto exchange Coinbase, which accused the company of violating securities laws by offering staking services to clients.

The regulator cited the ongoing work between the US Securities and Exchange Commission (SEC) and the crypto industry to develop clear crypto regulations as the primary reason for dropping the litigation, according to the April 23 legal filing shared by Coinbase’s chief legal officer, Paul Grewal.

The filing read:

“The SEC has announced the formation of a new task force to, among other things, provide guidance for the promulgation of rules regarding the regulation of cryptocurrency products and services.”

“Due to the foregoing, the Commission believes it would be apt to allow policymakers time to consider regulatory constructs,” the filing continued.

The Alabama Securities Commission filed its lawsuit against Coinbase in June 2023, alongside state regulators from California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington, and Wisconsin.

Alabama drops staking lawsuit against Coinbase
The Alabama Securities Commission dismisses its 2023 lawsuit against Coinbase. Source: Paul Grewal

The Commission’s dropped lawsuit reflects the positive regulatory shift toward cryptocurrencies in the United States as reform at the federal level matriculates into state-level regulatory policy.

Related: Oregon targets Coinbase after SEC drops its federal lawsuit

US states drop Coinbase lawsuit but half still holding out

Five of the 10 states that filed the litigation against Coinbase for its staking services have dropped their lawsuits.

On March 13, Vermont’s Department of Financial Regulation became the first of the 10 state regulators to drop the staking lawsuit against Coinbase.

South Carolina’s securities watchdog was the next to drop the 2023 litigation against Coinbase, dismissing the lawsuit on March 28.

Grewal announced that Kentucky’s Department of Financial Institutions followed Vermont and South Carolina’s lead on April 1 by also dismissing its Coinbase lawsuit.

Despite the domino effect of states rescinding litigation against the crypto exchange, the Coinbase chief legal officer said that more work needs to be done.

“Five holdouts are still electing to waste taxpayer resources on lawsuits, and four of those have banned staking with Coinbase, depriving consumers of the right to earn on their platform of choice,” Grewal wrote in an April 23 X post.

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

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