Lee Anderson says he regrets not backing Rwanda bill and would take his old job back

Published

2 years ago

January 24, 2024

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Lee Anderson has said he regrets not voting for the Rwanda bill and would take back his old job as deputy Tory party chairman if asked.

The outspoken MP told The Telegraph he should have been “brave” and sided with Rishi Sunak instead of abstaining.

His plan had actually been to vote down the bill and he resigned from his government position in order to do so.

Politics Live: Sunak faces Starmer for first time since call to quit

But it later emerged he had abstained, with the Ashfield MP saying he walked out of the “no” lobby because Labour MPs were laughing at him.

Mr Anderson, who believed the bill needed to be strengthened, told the newspaper that with hindsight he should have “accepted democracy” and voted in line with the government.

He previously said that he ended up abstaining because, when he went to vote against the legislation, “the Labour lot were giggling and laughing and taking the mick and I couldn’t do it”.

Elaborating on the moment he changed his mind, he said: “It wasn’t anything to do with running away or being scared.

“It was a reminder that actually I was letting my colleagues down and I’m not going to give you the satisfaction, that sort of stuff.”

Mr Anderson, a former coal miner, was once a Labour councillor before switching his allegiance to the Tories during Jeremy Corbyn’s leadership.

He quit his party role last week alongside fellow deputy chairman Brendan Clarke-Smith, saying he was unable to vote for something he did not “believe in”.

He said he was “acting on a point of principle” when he quit – but that he would “of course” return to his old role if approached by Mr Sunak.

In the interview, he also weighed in on the recent infighting sparked by Sir Simon Clarke’s broadside against the prime minister.

The former cabinet minister has told Mr Sunak to stand down or risk a “massacre” at the next election, but senior Tories have lined up to criticise his remarks.

Mr Anderson said there was “no chance” of the prime minister being replaced before the next election, playing down reports that “several” no confidence letters had been submitted.

He told colleagues plotting against the PM to “stop being silly”, saying “our only chance to win the next election is by keeping Rishi in Number 10”.

He went on to say he would not “knife the Conservatives in the back” by joining Reform UK, which is to the right of the Tories.

And he said he would vote for Donald Trump in a US election if he was American, because he “couldn’t vote” for Joe Biden.

Politics

US Fed pulls guidance blocking its banks from engaging with crypto

Published

3 hours ago

December 18, 2025

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US Fed pulls guidance blocking its banks from engaging with crypto

The US Federal Reserve has withdrawn a 2023 guidance that limited how Fed-supervised banks, including uninsured ones, engaged with crypto, as US regulators continue to pivot positively toward digital assets.

The 2023 guidance required uninsured banks to follow the same rules as federally insured institutions, based on the principle that similar activities pose similar risks and should be subject to identical regulation.

This prevented uninsured banks from engaging in activities that weren’t permitted for national banks, like crypto services, which automatically disqualified Fed membership because the institution’s primary activities weren’t allowed.

Fed says financial system has evolved since 2023

The Fed said a key reason for withdrawing the guidance was that it was outdated and “the financial system and the Board’s understanding of innovative products and services have evolved.”

“As a result, the 2023 policy statement is no longer appropriate and has been withdrawn,” it said.

Caitlin Long, the CEO of the crypto‑focused Custodia Bank, applauded the move in an X post on Wednesday, explaining the 2023 guidance was why her institution’s application for a master account was previously denied.

A master account with the Fed enables a financial institution to hold balances directly with the US central bank and access its core payment systems, allowing for payment settlement in central bank money rather than relying on another bank as an intermediary.

“The Fed broke the law by citing this very guidance in the Custodia denial, even tho the guidance hadn’t become official yet, that didn’t happen until Feb 2023,” Long said.

“But most of that team is now gone or out of power at the Fed. Nature is healing. Thank you VCS Bowman & Gov Waller!” she added.

New guidance to boost bank innovation

The move on Wednesday came as the Federal Reserve issued new guidance to establish a formal pathway for both insured and uninsured Federal Reserve-supervised state member banks to pursue “innovative activities,” such as cryptocurrencies, provided risk-management expectations are met, according to a statement on Wednesday by the Fed.

Fed vice chair for Supervision Michelle Bowman said that by “creating a pathway for responsible, innovative products and services, the Board is helping ensure that the banking sector remains safe and sound while also modern, efficient, and effective.”

Fed decision wasn’t unanimous

Fed Governor Michael Barr dissented to the decision, arguing that the principle of equal treatment among banks helps maintain a level playing field and prevents regulatory arbitrage.

“This principle continues to hold true today. Therefore, I cannot agree to rescind the current policy statement and adopt a new one that would, in effect, encourage regulatory arbitrage, undermine a level playing field, and promote incentives misaligned with maintaining financial stability. I dissent,” he said.

Barr has been accused of being linked to Operation Chokepoint 2.0, a federal effort to debank crypto companies. However, he was also previously an adviser at Ripple and has pushed for responsible stablecoin regulation.

Magazine: Unstablecoins: Depegging, bank runs and other risks loom