Connect with us

Published

on

Nigel Farage is still “assessing” what role he will play in the upcoming general election, the leader of Reform UK has said.

Holding a news conference to kick off the long campaign for the general election expected this year, Reform UK leader Richard Tice revealed he had been talking to Mr Farage over the festive break about what role he would play.

“We’ve been talking over the Christmas period and he’s obviously giving a lot of thought as to the extent of the role he wants to play in helping Reform UK frankly save Britain,” Mr Tice said.

Politics latest: Lib Dems target seats of top cabinet ministers

“He is still assessing that.

“Nigel is the master of political timing but I’m very clear the job at hand is so big to save Britain, the more help that Nigel is able to give in the election campaign, frankly, the better.”

Mr Farage, who is currently Reform UK’s honorary president, stood down as party leader in 2021, when he was replaced by Mr Tice.

There has been speculation Mr Farage, who founded Reform, could make a political comeback to challenge the Tories over issues including legal and illegal migration.

Mr Tice claimed the Conservatives were “terrified” of the threat his party poses at the ballot box and that they needed a wake-up call because a Labour win – which he branded “Starmergeddon” – would be a “disaster” for Britain economically.

He insisted his party would not do any “deals” with the Tories and would instead stand in every seat, with the party claiming to have already approved 500 candidates who will be unveiled at a rally next month.

Asked by Sky News how he would feel if Labour won a majority because Reform had split the Conservative vote, Mr Tice said: “I would feel pleased that I’ve helped punish the utter failure of the Conservative Party who have broken Britain.

“They must be punished. They must be ousted. You cannot reward failure with more incumbency.”

Pressed on whether he would contemplate doing a deal with the Conservatives after the election if not before, the Reform leader replied: “Let’s see what happens. I’m focusing on before the election, not after.”

What will a good result look like for Reform UK at the general election?

“Winning it”, said the party’s leader Richard Tice. Of course, it’s not going to happen but others in the room said they would be happy with a handful of seats.

However, if current polling is anything to go by, its main contribution will be to split the Conservative vote. That could pave the way for a Labour majority.

For Reform UK, Labour and the Conservatives are “two sides of the same coin”.

It accuses Mr Sunak of “breaking Britain”, while Sir Keir Starmer will “bankrupt Britain”.

It’s presenting itself as the only meaningful alternative to the status quo and has been buoyed by a bounce in the polls.

Mr Tice said the party’s current polling of about 1 % means the Tories “aren’t laughing anymore” but Labour may well be.

It will not be lost on them that the Labour majorities in the Tamworth and mid-Bedfordshire by-elections were smaller than the number of votes cast for Reform UK. In neither seat was Reform able to sufficiently capitalise on Conservative disenchantment. The winner was Labour.

Mr Tice rubbished the suggestion that his party may be an enabler for Labour.

He said he was “optimistic politically”, but the party has struggled to forge an identity for itself beyond being a meeting ground for disaffected Conservative voters.

For all his bluster about winning the election, the party is thin on policy.

Mr Tice said he wanted to boost economic growth and he presented some vague ideas. Chief among them was a plan to raise the personal allowance to £20,000.

It was an entirely unfunded pledge that may remind some of the Liz Truss era.

If today was about presenting Reform UK as more than just an agitator, it didn’t quite do the job.

Mr Tice accused the Conservatives of failing to bring down immigration in what he called a “betrayal” of Brexit voters.

He said there should be a policy of “one in, one out” and that businesses should “stop relying on the sort of cocaine-like addictive drug of cheap, low skilled immigration”.

He also criticised the party for overseeing tax hikes that mean the UK’s tax burden is still on course to reach its highest level since the Second World War by the next election.

Read more from Sky News:
Nigel Farage attacks ‘moron’ James Cleverly
What 2024 could have in store for UK politics

Mr Tice said in the news conference that the income tax threshold should to be raised to £20,000, allowing potentially millions to avoid paying tax at all.

The Reform leader told Sky News that he believed his income tax policy would cost around £40bn, depending on how many people were in work.

He said the policy would gift workers a net £30 a week in their pay packets, saying that money could be saved for the policy by scrapping the remaining leg of HS2 after the prime minister cancelled the northern leg last year.

rexit Party presentation on postal votes
Brexit Party leader Nigel Farage (left) and party chairman Richard Tice at a presentation on postal votes at Carlton House Terrace in London.
Read less
Picture by: Stefan Rousseau/PA Archive/PA Images
Date taken: 24-Jun-2019
Image:
Mr Tice says he discussed a potential comeback with Mr Farage

The poll average for Reform currently stands at 9%, behind Labour which is sitting on an average of 42.5%, with the Tories on 25.5%.

The Lib Dems, meanwhile, are polling on average 11% of the vote, according to the Sky News live poll tracker, followed by Reform and the Greens on 5.9% and the SNP on 3.1%.

Conservative Party chair Richard Holden said: “A vote for Reform will only strengthen Labour’s hand – that means a vote for Labour’s £28bn a year spending splurge, driving up taxes for hardworking families.

“The Conservative government is focused on long-term decisions for the country – stopping the boats, driving down inflation and cutting taxes. If voters want real action to deliver a brighter future, the Conservatives are the only choice.”

Continue Reading

Politics

US Senate moves forward with GENIUS stablecoin bill

Published

on

By

US Senate moves forward with GENIUS stablecoin bill

US Senate moves forward with GENIUS stablecoin bill

The US Senate has voted to advance a key stablecoin-regulating bill after Democrat Senators blocked an attempt to move the bill forward earlier in May over concerns about President Donald Trump’s sprawling crypto empire.

A key procedural vote on the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, passed in a 66-32 vote on May 20.

Several Democrats changed their votes to pass the motion to invoke cloture, which will now set the bill up for debate on the Senate floor.

Republican Senator Cynthia Lummis, one of the bill’s key backers, said on May 15 that she thinks it’s a “fair target” to have the GENIUS Act passed by May 26 — Memorial Day in the US.

Government, United States, Stablecoin
The US Senate voted 66-32 to advance debate on the GENIUS stablecoin bill. Source: US Senate

The GENIUS Act was introduced on Feb. 4 by US Senator Bill Hagerty and seeks to regulate the nearly $250 billion stablecoin market — currently dominated by Tether (USDT) and Circle’s USDC (USDC).

The bill requires stablecoins be fully backed, have regular security audits and approval from federal or state regulators. Only licensed entities can issue stablecoins, while algorithmic stablecoins are restricted.

Several Democratic senators withdrew support for the bill on May 8, blocking a motion to move it forward, citing concerns over potential conflicts of interest involving Trump’s crypto ventures and anti-money laundering provisions.

Related: Circle plans IPO but talks with Ripple, Coinbase could lead to sale: Report

The bill was revised soon after to receive enough bipartisan support to proceed to a vote.

Hagerty’s stablecoin bill builds on the discussion draft he submitted for former Representative Patrick McHenry’s Clarity for Payment Stablecoins Act in October.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Continue Reading

Politics

DOJ is investigating Coinbase data breach— Report

Published

on

By

DOJ is investigating Coinbase data breach— Report

DOJ is investigating Coinbase data breach— Report

The US Department of Justice is reportedly conducting a probe over Coinbase’s contracted customer service agents in India, who accepted bribes in exchange for allowing criminals access to user data.

According to a May 19 Bloomberg report, DOJ investigators are looking into the data breach, which Coinbase disclosed to the public on May 15. The exchange reported that a group of customer support contractors — subsequently fired — “abused their access to […] systems to steal the account data for a small subset of customers.”

“We have notified and are working with the DOJ and other US and international law enforcement agencies and welcome law enforcement’s pursuit of criminal charges against these bad actors,” said Coinbase’s chief legal officer, Paul Grewal, according to Bloomberg.

Related: New Zealand man arrested in $265M crypto scam tied to FBI probe

Though “no passwords, private keys, or funds were exposed” according to Coinbase, the data breach resulted in social engineering attacks targeting users, including a Sequoia Capital partner, with losses estimated at up to $400 million. The attackers also attempted to extort $20 million from Coinbase in exchange for not disclosing the breach, which the company refused.

Backlash in the courts

The attempted social engineering attacks have resulted in Coinbase users filing several lawsuits against the exchange, alleging that the company mishandled their personal data. One user, a retired artist named Ed Suman, reported losing $2 million to the scammers.

Coinbase’s stock price fluctuated following the news of the breach and an unrelated probe from the US Securities and Exchange Commission over its reported “verified user” numbers. Cointelegraph reached out to Coinbase for comment but had not received a response at the time of publication.

Magazine: Father-son team lists Africa’s XRP Healthcare on Canadian stock exchange

Continue Reading

Politics

What to expect at Trump’s memecoin dinner

Published

on

By

What to expect at Trump’s memecoin dinner

What to expect at Trump’s memecoin dinner

On May 22, US President Donald Trump is expected to host up to 220 people who had purchased the most significant quantities of his memecoin at a private event in Washington, DC.

Though the exact number of attendees was unknown as of May 19, reports and blockchain data have revealed some of the tokenholders who qualified to apply for the May 22 dinner and “VIP tour” and reception, presumed to be in the White House. Bloomberg reported on May 7 that more than half of the 220 wallets were likely controlled by foreign nationals.

Among the memecoin dinner applicants, who likely still face background checks ahead of getting a confirmed appearance before the president, included Synthetix founder Kain Warwick, a consultant named Vincent Deriu, and crypto user Morten Christensen, who reportedly only paid $1,200 for the opportunity.

Others included a World Liberty Financial adviser going by the pseudonym “Ogle,” and a representative from the Singapore-based startup MemeCore. Cointelegraph has also learned that Vincent Liu, chief investment officer of the Taiwan-based company Kronos Research, plans to attend.

Trump’s memecoin, even before the announced dinner and reception, was criticized by many members of Congress.

Some lawmakers said the president was opening the White House up to potential bribes and conflicts of interest by allowing people, perhaps tied to foreign governments, to put money directly into his pockets without transparency.

Interfering with stablecoin, market structure bills

The controversy has spilled over into proposed legislation connected to digital assets, including a bill in the Senate aimed at establishing a regulatory framework for stablecoins and a draft market structure bill in the House of Representatives. Some Democrats said they would not support any legislation until “Trump’s crypto corruption” was addressed.

Law, Politics, United States, Donald Trump, Memecoin
May 14 BlueSky post on Trump memecoin. Source: Elizabeth Warren

“Democrats are thinking that this is just an official means by which to conduct corruption,” said Rebecca Liao, co-founder and CEO of layer-1 blockchain Saga, in a statement shared with Cointelegraph. “What began as a bipartisan bill with potential widespread support has now transformed into a proxy war between the Democrats and the Trump administration.”

Related: Trump’s crypto ties ‘add a certain level of challenge’ to passing bills — Coinbase exec

Some organizations have planned protests during the memecoin dinner on May 22. The Democratic Party’s arm in Arlington, Virginia, announced its members would gather to oppose those in the White House “cashing in on their public office.” Cointelegraph reached out to the organization for comment but had not received a response at the time of publication.

Buying influence, or just speculating on an emerging market?

The top 220 tokenholders reportedly spent a combined $148 million to have the opportunity to attend the event, which finalized its leaderboard on May 12. However, anyone with a wallet can still buy TRUMP tokens and potentially influence the president’s policies after the dinner is completed. 

“The decision to acquire the [TRUMP] token was not political,” Vincent Liu of Kronos Research, who plans on attending the memecoin dinner, told Cointelegraph. “It was based on identifying early momentum, cultural relevance, and potential market catalysts.”

In April, Freight Technologies said it would invest $20 million in the TRUMP token, suggesting that it could affect the president’s trade policies between the US and Mexico, where the firm conducts some of its business. GD Culture Group announced in May that the memecoin would be included in its plans for a $300-million crypto reserve.

“The issue is the conflict of interest between the Trump family’s crypto investments and the administration’s pivot toward crypto-friendly policies,” said Liao. “The Trump family has very openly invested in crypto and has started their own crypto ventures. This has created a perception problem where policy shifts favoring cryptocurrency could be viewed as self-enrichment rather than in the national interest.”

If the stablecoin bill, the GENIUS Act, is the first test for how Republicans and Democrats will respond to Trump’s potential conflicts of interest in the crypto industry, there is already a stark contrast between the two parties. ​​

House Speaker Mike Johnson largely brushed off concerns about the president and his family’s connections to the industry, saying he was “not an expert in that.” White House deputy press secretary Anna Kelly reportedly said there were “no conflicts of interest” because Trump’s children managed his assets through a trust.

Lawmakers are expected to take up a vote on the GENIUS Act in a matter of days, possibly before the memecoin dinner and reception are held. At the time of publication, it was unclear whether Republicans intended to address some of the Democrats’ concerns around Trump and crypto, or move forward with a vote with no significant changes to the bill.

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

Continue Reading

Trending