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Former Conservative MP Scott Benton has said he will appeal his recommended suspension from parliament and intends to make a formal complaint over it.

The Blackpool MP was suspended from the parliamentary Tory party in April after being caught in an undercover sting by The Times suggesting he would be willing to break lobbying rules for money.

Following an investigation into the matter, the Committee on Standards on Thursday recommended a 35-day suspension from the House of Commons, paving the way for a potential by-election.

The committee said Mr Benton committed an “extremely serious breach” of the rules by giving the message “he was corrupt and ‘for sale’ and that so were many other Members of the House”.

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Responding for the first time to the Standards report, Mr Benton said: “I will today be submitting a formal complaint to the House Authorities, as well as appealing the decision of the committee in due course.”

In his statement, Mr Benton claimed the report’s findings had been leaked to journalists the night before it was due to be published.

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He said while he was “sworn to secrecy” and told he could only read the judgment an hour before it would be made public on Thursday morning, the committee “did not adhere to its own standards and principles”.

He said: “The night before the report was published, people on the Committee on Standards leaked contents of the report to a journalist and I was contacted on the evening before publication repeatedly by members of the press. This was not the first such leak whilst the investigation was taking place.

“This process is designed to be open, fair, honest and transparent so the public and MPs can have trust in the process.

“This trust has been breached by Members of the Committee. I can’t have faith in a standards process that doesn’t adhere to its own ethics, standards and principles.”

He claimed that the report into his conduct “makes several pivotal statements that are completely factually inaccurate”.

“If those that judge MPs are not being open-minded, fair and proportionate in the way that they are handling evidence or examining witnesses, our democracy is under threat,” he said.

Read more:
What is lobbying and which MPs have second jobs?

Mr Benton will submit an appeal to the Independent Expert Panel (IEP), the body that sits above the Parliamentary Standards Committee.

It kicks the potential for a by-election into the long-grass, as the IEP will now review the standards committee’s findings before any action is taken.

A suspension of more than 10 days – if passed by a vote in the Commons – means that a recall petition is triggered, paving the way for a by-election if 10% of constituents sign it.

Mr Benton was elected as the Tory MP for Blackpool South in 2019, and has a majority of just 3,690. It had been a Labour seat since 1997 – but was Conservative before that

Labour and the Liberal Democrats have both overturned five-figure majorities in recent by-elections.

The committee highlighted aggravating factors in their decision about Mr Benton – including him providing an “incomplete and incorrect picture of what had transpired”.

They also noted that it was a “repeat offence, or indication that the offence was part of a pattern of behaviour”.

Mr Benton met undercover reporters from The Times who were posing as employees of a fake lobbying company.

The chair of the all-party parliamentary group for betting and gaming suggested he would be happy to be paid between £2,000 and £4,000 a month to help the fake company – complete with a logo, website and office addresses in London and Chennai in India.

There are strict rules that prevent MPs from carrying out paid lobbying or advising how to influence parliament.

Mr Benton ultimately did not accept any financial payment arising from the meeting.

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Nasdaq crypto chief pledges to ‘move as fast as we can’ on tokenized stocks

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Nasdaq crypto chief pledges to ‘move as fast as we can’ on tokenized stocks

The US Nasdaq stock exchange is making SEC approval of its proposal to offer tokenized versions of stocks listed on the exchange a top priority, according to the exchange’s crypto chief.

“We’ll just move as fast as we can,” Nasdaq’s head of digital assets strategy, Matt Savarese, said during an interview with CNBC on Thursday, when asked whether the SEC could approve the proposal this year.

“I think what we have to really evaluate where the public comments come back in and then answer and respond to the SEC questions as they come through,” Savarese said. “We hope to kind of work with them as quickly as possible,” Savarese said.

Savarese says Nasdaq isn’t “upending the system”

The proposal, submitted by Nasdaq on Sept. 8, is requesting to allow investors to buy and sell stock tokens — digital representations of shares in publicly traded companies — on the exchange.

Savarese emphasized that Nasdaq is not trying to overhaul the way stocks are invested in when asked whether he expects other major exchanges to follow suit.

Nasdaq, SEC, United States
Nasdaq’s head of digital assets, Matt Savarese, spoke to CNBC on Thursday. Source: CNBC

“We’re not looking at upending the system; we want everyone to come along for that ride and bring tokenization more into the mainstream,” he said.

“We want to do it in that responsible investor-led way first, under the SEC rules themselves,” he added.

It was only in October that Robinhood CEO Vlad Tenev said that tokenization will “eventually eat the whole financial system.”

The crypto industry is divided on tokenized equities

Savarese emphasized that Nasdaq is aiming to be an innovator in the ecosystem, noting that the exchange was the first to transition markets from paper-based trading to electronic systems.

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Tokenizing stocks has been one of the most significant talking points in the crypto industry this year.

On Sept. 3, Galaxy Digital CEO Mike Novogratz said the company became the first Nasdaq-listed company to tokenize its equity on a major blockchain following its launch on the Solana network.

The conversation around tokenized equities has also drawn skepticism from the crypto industry.

On Oct. 1, Rob Hadick, general partner at crypto venture firm Dragonfly, told Cointelegraph that tokenized equities will be a significant benefit to traditional markets, but may not be a boon to the crypto industry as others have predicted.

Hadick said that if tokenized stocks use layer-2 networks, it creates “leakage” as value and may not flow back to Ethereum or the broader crypto ecosystem as much as hoped.

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