What will be in the King’s speech? Here’s what we’re expecting – from smoking crackdown to focus on crime

Published

1 year ago

November 7, 2023

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Westminster will be awash with pomp and ceremony today as parliament hosts the King’s Speech.

But what will the day involve and how will it play out? And what plans for the country’s future are likely to be unveiled?

Read on to find out all you need to know.

What is the King’s Speech?

While a parliament – meaning the period of time between general elections – can last for up to five years, a new parliamentary session is normally launched annually. It gives the government of the day a chance to outline its legislative plans for the year ahead.

The start of a new session is marked with the grandest of ceremonies, the State Opening of Parliament.

It brings together members of the House of Commons and House of Lords, as well as the monarchy, dressed up in their finest regalia for the day ahead. Look out for the robes, britches and, of course, the crown.

After numerous traditions are played out – from searching the bowels of the building for gunpowder to slamming a door in Black Rod’s face – peers and MPs gather in front of the monarch to listen to them deliver the King’s (or Queen’s) Speech.

While the address may be read out by the head of state, the content is written by the government and sees their legislative agenda given a stately introduction to the ears of parliamentarians and the public.

The speech will fall to King Charles III in his first state opening as monarch – though he had a dry run back in May 2022, when he stood in for his mother due to her mobility issues.

The late Queen Elizabeth II delivered the speech a total of 67 times during her reign, and only missed it on a handful of occasions, including when she was pregnant with Prince Andrew and then Prince Edward.

After the document is read out, MPs return to the Commons and spend around five days debating its content, but not before two backbench MPs nominated by the prime minister kick off proceedings by giving a loyal address to parliament – a light-hearted affair, often littered with some cringeworthy jokes.

What will the speech mean for Rishi Sunak?

This is the first time this prime minister has had his plans delivered in a King’s Speech since he moved in to Number 10.

Liz Truss’s short premiership meant she missed out on this particular spotlight for her policy agenda. Boris Johnson was the last prime minister to oversee a state opening 18 months ago.

King’s Speech live: Watch our special programme on Sky News, hosted by Sophy Ridge, from 10.30am today. You will also be able to follow the event live via the Politics Hub on the Sky News app and website.

Tuesday’s ceremony is likely to be the final King’s Speech of this parliament as Mr Sunak will have to call a general election by the end of January 2025 at the latest.

That means it may also be his last chance to show both his party and the public what he stands for, following his first year of trying to steady the ship after the chaos surrounding last autumn’s revolving door in Downing Street.

Hard to see how Rishi Sunak’s first King’s Speech won’t be his last

The King’s Speech is supposed to be the landmark moment in the life of parliament.

It is the occasion for a prime minister to set down his or her mission for government, and outline the laws they will pass to try to achieve their goals.

But this year, the moment will belong to King Charles III, rather than Rishi Sunak, for two reasons.

First is the sheer symbolism of the new monarch delivering the first King’s Speech in over seven decades.

An epoch-making moment, it reminds us all in the most formal of settings, laced with symbolism, that we have passed from the first Elizabethan era to the new Carolean age.

Second is the reality of Mr Sunak’s predicament.

His first King’s Speech in power will be less about landing a vision and more about holding position, for this is a prime minister running out of time and with little space to push through new ideas.

Read Beth Rigby’s full analysis here

Mr Sunak will also need to bring his MPs and members with him to ensure they back his leadership going into the looming general election, so he may choose to be cautious with his priorities – while throwing some red meat to please particular wings of the Conservative Party.

But the upcoming national poll also leaves questions over how much legislation the prime minister and his government can push through in a short space of time – during which MPs will also want to be out on the doorstep campaigning to keep their seats.

What will be in the speech?

While the spectacle of the speech is designed for a new legislative agenda to be proposed, the government can also “carry over” some bills from the previous session that it was unable to pass into law.

According to the House of Commons Library, five carry-over motions have been agreed for bills, giving them another 12 months to achieve royal assent, namely:

• Data Protection and Digital Information (No 2) Bill – which aims to update the UK’s data protection laws post-Brexit

• Digital Markets, Competition and Consumers Bill – which proposes new powers to improve competition between online businesses and new protections for consumers

• Economic Activity of Public Bodies (Overseas Matters) Bill – which would introduce a ban on public bodies, such as councils, from boycotting other countries, with a special status for Israel

• Victims and Prisoners Bill – which aims to improve support for victims of crime, along with reform of the parole system

• Renters (Reform) Bill – which features proposed changes to regulations covering the rented housing sector

Two so-called “hybrid” bills will also continue to be scrutinised in the next parliament – one on the future of the northern leg of HS2, which was scrapped by Mr Sunak at his party’s conference, and one on a Holocaust memorial in Westminster.

The Commons’ researchers have also highlighted several bills announced in the last session that were never officially introduced, meaning they could return under Mr Sunak.

They include the much-touted ban on conversion therapy – though some on the right of the party could influence Number 10 to chuck it out – as well as further measures to tackle modern slavery and a transport bill to bring in some of the HS2 replacement projects announced by the prime minister.

What new proposals are we expecting?

Ministers have already confirmed there will be a bill to phase out leaseholds, with all new houses in England and Wales having to be sold as freehold properties.

Mr Sunak’s party conference announcement to raise the legal age for buying cigarettes in England by one year every year to phase out smoking is sure to get a showing too.

But reports suggest the major focus will be on crime, not just with existing plans being finalised – such as compelling criminals to attend sentencing – but with the introduction of bills to introduce tougher sentences for serious crimes, such as rape, and a scheme to rent prison space abroad.

The prime minister is also expected to accelerate his plans to disrupt existing net zero policies with the introduction of an annual system to award new oil and gas licences.

Meanwhile, the government could give its backing to establishing an independent football regulator.

By lunchtime on Tuesday, we will have the full list of what Mr Sunak has in store.

It could either be his springboard to winning the next election – or his last legislative dance while still holding the keys to Number 10.

Politics

Trump tariffs squeeze already struggling Bitcoin miners — Braiins exec

Published

7 hours ago

April 4, 2025

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Trump tariffs squeeze already struggling Bitcoin miners — Braiins exec

The new trade tariffs announced by US President Donald Trump may place added pressure on the Bitcoin mining ecosystem both domestically and globally, according to one industry executive.

While the US is home to Bitcoin (BTC) mining manufacturing firms such as Auradine, it’s still “not possible to make the whole supply chain, including materials, US-based,” Kristian Csepcsar, chief marketing officer at BTC mining tech provider Braiins, told Cointelegraph.

On April 2, Trump announced sweeping tariffs, imposing a 10% tariff on all countries that export to the US and introducing “reciprocal” levies targeting America’s key trading partners.

Community members have debated the potential effects of the tariffs on Bitcoin, with some saying their impact has been overstated, while others see them as a significant threat.

Tariffs compound existing mining challenges

Csepcsar said the mining industry is already experiencing tough times, pointing to key indicators like the BTC hashprice.

Hashprice — a measure of a miner’s daily revenue per unit of hash power spent to mine BTC blocks — has been on the decline since 2022 and dropped to all-time lows of $50 for the first time in 2024.

According to data from Bitbo, the BTC hashprice was still hovering around all-time low levels of $53 on March 30.

“Hashprice is the key metric miners follow to understand their bottom line. It is how many dollars one terahash makes a day. A key profitability metric, and it is at all-time lows, ever,” Csepcsar said.

He added that mining equipment tariffs were already increasing under the Biden administration in 2024, and cited comments from Summer Meng, general manager at Chinese crypto mining supplier Bitmars.

“But they keep getting stricter under Trump,” Csepcsar added, referring to companies such as the China-based Bitmain — the world’s largest ASIC manufacturer — which is subject to the new tariffs.

Trump’s latest measures include a 34% additional tariff on top of an existing 20% levy for Chinese mining imports. In response, China reportedly imposed its own retaliatory tariffs on April 4.

BTC mining firms to “lose in the short term”

Csepcsar also noted that cutting-edge chips for crypto mining are currently massively produced in countries like Taiwan and South Korea, which were hit by new 32% and 25% tariffs, respectively.

“It will take a decade for the US to catch up with cutting-edge chip manufacturing. So again, companies, including American ones, lose in the short term,” he said.

Csepcsar also observed that some countries in the Commonwealth of Independent States region, including Russia and Kazakhstan, have been beefing up mining efforts and could potentially overtake the US in hashrate dominance.

“If we continue to see trade war, these regions with low tariffs and more favorable mining conditions can see a major boom,” Csepcsar warned.

As the newly announced tariffs potentially hurt Bitcoin mining both globally and in the US, it may become more difficult for Trump to keep his promise of making the US the global mining leader.

Trump’s stance on crypto has shifted multiple times over the years. As his administration embraces a more pro-crypto agenda, it remains to be seen how the latest economic policies will impact his long-term strategy for digital assets.

Magazine: Bitcoin ATH sooner than expected? XRP may drop 40%, and more: Hodler’s Digest, March 23 – 29

Politics

Malta regulator fines OKX crypto exchange $1.2M for past AML breaches

Published

7 hours ago

April 4, 2025

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Malta regulator fines OKX crypto exchange .2M for past AML breaches

Cryptocurrency exchange OKX is under renewed regulatory scrutiny in Europe after Maltese authorities issued a major fine for violations of Anti-Money Laundering (AML) laws.

Malta’s Financial Intelligence Analysis Unit (FIAU) fined Okcoin Europe — OKX’s Europe-based subsidiary — 1.1 million euros ($1.2 million) after detecting multiple AML failures on the platform in the past, the authority announced on April 3.

While admitting that OKX has significantly improved its AML policies in the past 18 months, the authority “could not ignore” its past compliance failures from 2023, “some of which were deemed to be serious and systematic,” the FIAU notice said.

OKX was among the first crypto exchanges to receive a license under Europe’s new Markets in Crypto-Assets (MiCA) regulation via its Malta hub in January 2025.

The news of the $1.2 million penalty in Malta came after Bloomberg in March reported that European Union regulators were probing OKX for laundering $100 million in funds from the Bybit hack.

Bybit CEO Ben Zhou previously claimed that OKX’s Web3 proxy allowed hackers to launder about $100 million, or 40,233 Ether (ETH), from the $1.5 billion hack that occurred in February.

This is a developing story, and further information will be added as it becomes available.

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Politics

US court fines UAE crypto firm CLS Global $428K for wash trading

Published

8 hours ago

April 4, 2025

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US court fines UAE crypto firm CLS Global 8K for wash trading

Authorities in the US state of Massachusetts continue targeting unlawful cryptocurrency market practices, with a local court fining crypto financial services firm CLS Global.

A federal court in Boston on April 2 sentenced CLS Global on criminal charges related to fraudulent manipulation of crypto trading volume, according to an announcement from the Massachusetts US Attorney’s Office.

In addition to a $428,059 fine, the court prohibited CLS Global from offering services in the US for a probation period of three years.

CLS Global, a crypto market maker registered in the United Arab Emirates, in January pleaded guilty to one count of conspiracy to commit market manipulation and one count of wire fraud.

CLS agreed to manipulate the FBI’s “trap token” NexFundAI

The charges against CLS Global followed an undercover law enforcement operation involving NexFundAI, a token created by the FBI as part of a sting operation in May 2024.

CLS Global was among at least three firms that took the FBI’s bait and agreed to provide “market maker services” for NexFundAI, including a fraudulent scheme to attract investors to purchase the token.

In October 2024, the Securities and Exchange Commission announced fraud charges against CLS and its employee, Andrey Zhorzhes. The US securities regulator also filed complaints against two other NexFundAI manipulators, Hong Kong-linked ZM Quant Investment and Russia-linked Gotbit Consulting.

CLS Global’s profile

According to CLS Global CEO Filipp Veselov, the company was founded in 2017 to fill in a “huge gap in the market for high-quality market-making solutions and trading consulting.”

Prior to CLS, Veselov worked at the Russian cryptocurrency exchange platform Latoken, which is advertised as a “global digital asset exchange” and has about 370,000 followers on X.

The CLS team also includes chief revenue officer Pavel Singaevskii, who previously served as sales manager at Stex, a crypto platform that reportedly ceased operations without warning in 2023.

US court fines UAE crypto firm CLS Global $428K for wash trading — *Source:* *CLS Global*

According to CLS Global’s X page, the platform continues operating and has more than 110,000 followers at the time of publication.

How much wash trading is in crypto?

Wash trading is an illegal practice involving artificially inflating trading volume by repeatedly buying and selling the same asset, generating a misleading perception of demand.

According to a January 2025 report by the US blockchain analytics firm Chainalysis, the crypto market has at least $2.6 billion in estimated wash traded volumes, or just about 2% of total daily crypto trading volumes, as reported by CoinGecko.

Some studies indicate that wash trading makes up a bigger share of the crypto market.

In 2022, the US National Bureau of Economic Research reported that illegal wash trading may account for as much as 70% of average trading volumes on unregulated exchanges.

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