Asking Israel to reach a ceasefire with Hamas is “untenable”, the UK’s defence secretary has said, as the number of MPs calling for a cessation of hostilities grows.
Grant Shapps said Israel has “a right” to “go after” Hamas after its gunmen killed more than 1,400 Israelis on 7 October and abducted over 220 other people who are now being held hostage in Gaza.
Mr Shapps, who recently replaced Ben Wallace as defence secretary, took the same position as Rishi Sunak who said during Prime Minister’s Questions on Wednesday that the “first and most important principle is that Israel has the right to defend itself under law”.
However, Mr Sunak agreed that humanitarian aid had to get to civilians in Gaza and confirmed an RAF plane was on its way to the region with 21 tonnes of supplies, including medical equipment and water filters.
Image: An Israeli tank and military vehicles are seen near Israel’s border with the Gaza Strip, in southern Israel
The Hamas-run health ministry has said at least 6,546 Palestinians have been killed in Israeli retaliatory strikes on Gaza.
Mr Shapps told the Politics Hub with Sophy Ridge that he agreed it was “very important that we can deliver that aid”.
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“The difference is we understand that Israel was attacked in a very brutal way by Hamas terrorists, butchering men, women and children ISIS-style,” he said.
“I think to then ask Israel not to respond – or what you would describe as a ceasefire – I think is untenable.
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“They have a right to go after those terrorists but it is the international humanitarian situation that a pause could assist with.”
Mr Shapps went on to argue that if there had been a terrorist attack in the UK on the same scale that Israel had endured, “no one would expect us not to go after the perpetrators”.
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Reality of Palestinians in Gaza City
“To call for a ceasefire is to essentially say to Israel, having gone through that absolutely horrific terrorist attack just over two weeks ago, don’t go after Hamas – and I don’t think anyone thinks that would be right,” he said.
“And so we can understand and appreciate under international law that Israel has the absolute right to do that.
“We also believe that it needs to be done in a proportionate way with international human rights law in place and that is very clear.”
In the past few days, a number of MPs from across the political divide have called for a ceasefire, arguing that there was a “human responsibility” to protect civilians in the Gaza Strip who have had their water and power limited by Israel following the 7 October attack.
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Grandmother on losing her grandson
Speaking at this week’s PMQs, the deputy leader of the SNP, Mhairi Black, pointed to warnings from the United Nations that some hospitals in Gaza City had less than 20 hours of fuel left and their electricity “runs out tonight”.
She was joined by the leader of Northern Ireland’s Social Democratic and Labour Party, Colum Eastwood, who asked: “As 1,400 Israelis and almost 6,000 Palestinians lay dying and dead, when will the prime minister say enough is enough? When will he call for a ceasefire?”
Labour shadow minister for equalities Yasmin Qureshi also echoed the calls for a truce and read out an email from one of her constituents with relatives in Gaza, which read: “My heart can’t handle this. We are being massacred, relentlessly bombed, homes are being destroyed [and there is] no water, no food, no electricity.”
In response to the calls from MPs, Mr Sunak urged people to remember that Israel had suffered “a shockinglybrutal terrorist attack”.
“Hamas is responsible for this conflict and Israel has the right to protect itself in line with international law as the UN charter makes clear.”
The Labour Party has also resisted calls for a ceasefire but has signalled its support for a humanitarian pause in order to protect civilians.
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The stance is the same as that adopted by US Secretary of State Antony Blinken, who told the UN Security Council on Tuesday that a humanitarian pause meant Israel “must take all possible precautions to avoid harm to civilians.
“It means food, water, medicine, and other essential humanitarian assistance must be able to flow into Gaza and to the people who need them.”
Asked whether he believed a ground invasion would fall under Israel’s right to defend itself, Mr Shapps told Ridge: “As long as the people that they are going after are the Hamas terrorists, yes.
“The problem we have with Hamas is not just that they butchered and killed and raped those Israelis. It’s that they also use their own Palestinian population – who are no friends of Hamas – as human shields, and they hide themselves amongst them.
“And so we understand and appreciate that it’s a very difficult position for Israel to be in.”
Recent efforts to “debank” crypto firms in the US revealed a “staggering” level of corruption among government officials, and the problem is not yet resolved, one banking executive said in a Feb. 27 interview during Bitcoin Investor Week.
“The magnitude of skullduggery that is happening in Washington D.C. is really incredible… and it’s not over yet,” Caitlin Long, Custodia Bank’s founder and CEO, said during a panel at the event.
In 2023, the US Federal Reserve, which regulates banks, stymied Custodia’s efforts to service crypto firms by denying the bank access to a master account, citing Custodia’s involvement in “crypto-asset-related activities.”
A master account would allow the bank to custody assets directly with the central bank and access payment rails for inter-bank transfers. Custodia took legal action against the Fed in a bid to reverse the decision.
Custodia Bank CEO Caitlin Long speaks at Bitcoin Investor Week. Source: Cointelegraph
Industry outrage over alleged debanking reached a crescendo when a June 2024 lawsuit spearheaded by Coinbase resulted in the release of letters showing US banking regulators asked certain financial institutions to “pause” crypto banking activities.
US President Donald Trump, who started his term on Jan. 20, has criticized the prior administration’s approach to crypto-friendly banks and vowed to better integrate cryptocurrencies, including stablecoins, into the regulated financial system.
In a Jan. 23 executive order, Trump told agencies to prioritize “fair and open access to banking services” for digital asset firms.
Stablecoin scrum
However, the battle for regulatory clarity isn’t over, Long said. Instead, it has evolved into a multi-directional fight among different types of stablecoin issuers seeking preferential rules, she said.
There is an ongoing “scrum between the big banks… and the incumbent stablecoin issuers, and then there’s Tether,” which is not based in the US, Long said.
The result has been “this incredible flow of money that has gone from the banks and the crypto industry to people in [Washington] D.C., and they’re all going to fight,” Long said.
“I don’t know how it’s going to come out,” she added.
The Finance Ministry of Pakistan is considering forming a “National Crypto Council” to explore the legalization of cryptocurrencies in the country, according to a report from local publication Dawn. The change in position came after Finance Minister Muhammad Aurangzeb had a meeting on digital assets with a foreign delegation that included US President Donald Trump’s advisers.
According to the report, the crypto council will be made up of key government representatives, regulatory authorities and industry experts. It will oversee policy development, address regulatory challenges, and ensure that the country’s crypto ecosystem evolves in a sustainable and secure manner.
Pakistan has over 20 million residents involved in crypto, but they face significant challenges, including high transaction fees. Aurangzeb directed the stakeholders to create a framework that would ensure economic viability and regulatory compliance while protecting against financial crimes and illicit activities.
Pakistan’s preliminary move to legalize cryptocurrency is in line with global trends. The United States, Europe, the United Arab Emirates and other countries have taken preliminary steps over the past year to increase industry regulation, which may increase innovation while bettering consumer protection.
In years past, the Finance Ministry and State Bank of Pakistan opposed the idea of cryptocurrencies. Aisha Ghaus Pasha, a previous Pakistani Minister of State for Finance and Revenue, once said that cryptocurrencies would never be legal in the country and that the State Bank sought to ban all cryptocurrencies in January 2022.
However, Finance Minister Aurangzeb asked authorities to approach the legalization and regulation of crypto in the country with “an open mind.” In November 2024, the State Bank of Pakistan announced a package of proposals that would have paved the way for a central bank digital currency, or CBDC, and the buying, selling and trading of crypto.
According to Dawn, the foreign delegation that met with Aurangzeb included Gentry Beach Jr., a business associate of President Trump; Nikita Goldsmith, a tech entrepreneur; Alex Malkov, a consultant for blockchain firms; and Jerad Finck, CEO of Cosmic Wire. The delegation’s visit was not announced by the US Embassy.
Texas Senate Bill 21 (SB-21), establishing a Bitcoin and cryptocurrency strategic reserve, passed the Texas Senate Banking Committee on Feb. 27 in a 9–0 vote and now advances to the Senate floor for further deliberation.
The bill gives the Texas Comptroller of Public Accounts the authority to acquire, sell and trade any investment “that a prudent investor exercising reasonable care, skill, and caution would acquire.” The bill also read:
“Bitcoin and other cryptocurrencies can serve as a hedge against inflation and economic volatility, and the establishment of a strategic bitcoin reserve serves the public purpose of providing enhanced financial security to residents of this state.”
Several US states have pending Bitcoin (BTC) strategic reserve bills, including Oklahoma, Arizona and Utah, to diversify state financial reserves and hedge against rising US dollar inflation.
Page one of SB-21 establishing a Bitcoin and digital asset reserve. Source: Texas State Senate
Texas Bitcoin strategic reserve bill gets overhaul
The Texas strategic Bitcoin reserve legislation was introduced by State Senator Charles Schwertner in January 2025 as a Bitcoin-only bill that omitted the acquisition of other digital assets.
President Trump signs an executive order on cryptocurrencies. Source: The White House
Nexo analyst Iliya Kalchev told Cointelegraph that the Feb. 18 public hearing for SB-21 was symbolic and was not a major BTC adoption or price catalyst.
Kalchev added that unless specific policies were enacted — like the state of Texas actively acquiring BTC as part of its portfolio — the markets would have a lukewarm response to the news.
Pierre Rochard, a Bitcoin advocate and vice president of research at mining company Riot Platforms, testified at the hearing for SB-21, arguing for a BTC strategic reserve.
The executive said that while Texas currently has a flourishing economy, it must be prepared for future economic downturns and fiscal uncertainty.
“Public trust and financial institutions have eroded due to a lack of transparency, but Bitcoin is a unique asset because it is fully auditable,” the executive added.