Speaker clinging on to job as some MPs sign no-confidence motion after Commons Gaza vote descends into row

Published

1 year ago

February 21, 2024

admin

Commons Speaker Sir Lindsay Hoyle has apologised to MPs after the chamber descended into chaos around a motion calling for a ceasefire in Gaza.

Wednesday was designated as an opposition day for the SNP, which chose to debate the Israel-Hamas war – and sought to persuade MPs to back its calls for an immediate halt to the fighting.

But a controversial decision from Sir Lindsay to allow a Labour amendment to be put to the House led to an uproar from Tory MPs – and eventually saw the government pledging to “play no further part” in proceedings, as well as the SNP not even getting to vote on its original proposal.

After Conservative and SNP politicians stormed out of the chamber in protest, Sir Lindsay returned to the Commons to face his critics, apologising for “how it all ended up” and saying he took “responsibility” for his actions.

But SNP leader Stephen Flynn said he would “take significant convincing” that the Speaker’s position was “not now intolerable”.

And 33 MPs from both his party and the Tories have now signed a no-confidence motion in Sir Lindsay – not enough to oust him yet, but a motion that could gain traction in the coming days.

Politics live: Speaker sparks fury with amendments decision

Today’s debate was set to be the conclusion of days of drama over whether Labour would change its position on the conflict in the Middle East.

The party initially supported the government’s stance, calling for a pause in the fighting rather than a ceasefire, as it did not believe the latter would be sustainable.

However, after the SNP decided to force the issue to a vote in the Commons, Labour went further – putting forward an amendment calling instead for an “immediate humanitarian ceasefire”, albeit still with its initial caveats that both sides would need to lay down their arms and Israeli hostages would have to be released.

A fresh row erupted on Wednesday after Speaker Sir Lindsay Hoyle broke with convention to put Labour’s amendment to a vote – as opposition parties cannot usually amend opposition motions, only the government.

Labour sources told Sky News Sir Lindsay – who was a Labour MP before taking on the role of Speaker – had been pressured by party whips to select it, but a party spokesman denied the claim.

However, Tory MPs accused him of making an “overtly political decision” to select the amendment in order to prevent Sir Keir Starmer facing a rebellion from his backbenchers – who could have supported the SNP’s motion without a Labour option.

In a surprise move, Leader of the House Penny Mordaunt announced the government would be withdrawing its own amendment to the SNP’s motion – which reiterated the government’s existing position – saying the Conservatives would “play no further part in the decision this House takes on today’s proceedings”.

She said the decision of Sir Lindsay to select the Labour amendment had “undermined the confidence” of MPs in procedures, “raised temperatures in this House on an issue where feelings are already running high” and “put honourable and right honourable members in a more difficult position”.

But due to parliamentary rules, the decision to walk away meant Labour’s amendment passed and MPs could only vote on the altered motion – stopping the SNP’s original proposal even being voted on.

Instead of the aftermath being about the significance of the UK parliament officially backing an immediate ceasefire in Gaza for the first time, the focus returned to the impact of Sir Lindsay’s earlier decisions – with some Tory and SNP MPs leaving the chamber in protest.

The SNP’s Mr Flynn called for the Speaker to come to the Commons, asking deputy speaker Dame Rosie Winterton: “How do we bring him to this House now to explain to the Scottish National Party why our views and our votes in this House are irrelevant to him?”

And after some delaying tactics by MPs, the Speaker appeared to offer his apologies to MPs on all sides.

As some MPs called out “resign”, Sir Lindsay reiterated his earlier justifications for selecting the Labour amendment, saying he had been trying to ensure all options were on the table for MPs to vote on – as well as protecting MPs’ safety.

He added: “I thought I was doing the right thing and the best thing, and I regret it, and I apologise for how it’s ended up.

“I do take responsibility for my actions.”

But while Mr Flynn accepted the intention of the apology, he said the result of the Speaker’s actions saw “an SNP opposition day turn into a Labour Party opposition day”.

“I’m afraid that is treating myself and my colleagues in the Scottish National Party with complete and utter contempt,” he said.

“I will take significant convincing that your position is not now intolerable.”

How do you oust a Speaker?

On a chaotic night, the Speaker of the House of Commons appears to be fighting for his future in the role.

Our deputy political editor Sam Coates says he probably has as little as 24 hours to save his political life.

But how would he end up leaving the role?

According to the Institute for Government, there’s no formal means of removing the House Speaker from office.

However, they can fall victim to a vote of no confidence – making it extremely difficult, and likely untenable, for them to stick around.

One famous example was during the expenses scandal in 2009, when speaker Michael Martin resigned in anticipation of losing such a vote.

There has been speculation today that the government may look to make Sir Lindsay Hoyle subject to one too.

Given his apology to MPs tonight, he clearly recognises the strength of feeling and sheer anger at his handling of the Gaza votes

Were he to resign, it would kick off a vote to select his successor.

Candidates are put forward via written nominations, and if one secures more than 50% of the vote among MPs then a motion is put to the Commons asking to confirm their appointment.

If it doesn’t pass, selection and voting starts again.

If nobody secures 50% in the first place, the candidate with the lowest vote share gets removed from the ballot and the vote is repeated until someone does hit the threshold and a winner emerges.

Speaking to Sky News after the drama had unfolded, Mr Flynn apologised to the public, saying today should have been about Palestinians in Gaza.

“But Westminster does this, doesn’t it?” he added. “It turns into a [debate] all about Westminster and what a circus this is.

“Because thanks to the actions of the Speaker of the House of Commons, the SNP has been stitched up to the point that the Labour Party were the only game in town today.”

He said there would be some “serious recriminations”, adding: “Today was about something much bigger than Westminster, and yet here we are debating Westminster is nonsense.”

Labour’s shadow defence secretary, John Healey, defended Sir Lindsay, telling Sky News’s Politics Hub With Sophy Ridge: “The Speaker is there to protect the rights of all MPs and he was trying to do the right thing.

“He was trying to make sure [there was] the widest possible debate because he knows it matters in parliament, it matters in our communities and it matters beyond the shores of Britain.”

However, Mr Healey criticised other MPs, adding: “This was a chance when we could have shown the best of parliament in coming together to demand an end to the fighting in Gaza.

“But instead we’ve revealed the worst of Westminster, with this descending into a row about procedure, with a boycott from the Conservatives, a walkout from the SNP, and frankly, this does nothing to help the Palestinians and it does nothing to advance the cause of peace.”

Politics

Deloitte predicts $4T tokenized real estate on blockchain by 2035

Published

5 hours ago

April 26, 2025

admin

Deloitte predicts T tokenized real estate on blockchain by 2035

Over $4 trillion worth of real estate could be tokenized on blockchain networks during the next decade, potentially offering investors greater access to property ownership opportunities, according to a new report.

The Deloitte Center for Financial Services predicts that over $4 trillion worth of real estate may be tokenized by 2035, up from less than $300 billion in 2024. The report, published April 24, estimates a compound annual growth rate (CAGR) of more than 27%.

The $4 trillion of tokenized property is predicted to stem from the benefits of blockchain-based assets, as well as a structural shift across real estate and property ownership.

Deloitte predicts $4T tokenized real estate on blockchain by 2035 — *Global tokenized real estate value, growth predictions. Source: Deloitte*

“Real estate itself is undergoing transformation. Post-pandemic work-from-home trends, climate risk, and digitization have reshaped property fundamentals,” according to Chris Yin, co-founder of Plume Network, a blockchain built for real-world assets (RWAs).

“Office buildings are being repurposed into AI data centers, logistics hubs and energy-efficient residential communities,” Yin told Cointelegraph.

“Investors want targeted access to these modern use cases, and tokenization enables programmable, customizable exposure to such evolving asset profiles,” he said.

The uncertainty triggered by US President Donald Trump’s import tariffs has boosted investor interest in the RWA tokenization sector, which involves minting financial products and tangible assets on a blockchain.

Both stablecoins and RWAs have attracted significant capital as safe-haven assets amid the global trade concerns, Juan Pellicer, senior research analyst at IntoTheBlock, told Cointelegraph.

The tariff concerns also led tokenized gold volume to surpass $1 billion in trading volume on April 10, its highest level since March 2023 when a US banking crisis saw the sudden collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank

Blockchain innovation could drive regulatory clarity

Growing RWA adoption may inspire a more welcoming stance from global regulators, Yin said.

“While regulation is a hurdle, regulation follows usage,” he explained, likening tokenization to Uber’s growth before widespread regulatory acceptance:

“Tokenization is similar — as demand increases, regulatory clarity will follow.”

He added that making tokenized products compliant with a wide range of international regulations is key to unlocking broader market access.

However, some industry watchers are skeptical about the benefits introduced by tokenized real estate.

“I don’t think tokenization should have its eyes directly set on real estate,” said Securitize chief operating officer Michael Sonnenshein at Paris Blockchain Week 2025.

“I’m sure there are all kinds of efficiencies that can be unlocked using blockchain technology to eliminate middlemen, escrow, and all kinds of things in real estate. But I think today, what the onchain economy is demanding are more liquid assets,” he added.

Magazine: Ripple says SEC lawsuit ‘over,’ Trump at DAS, and more: Hodler’s Digest, March 16 – 22

Politics

Crypto banking rule withdrawal by Fed ‘not real progress’ — Senator Lummis

Published

6 hours ago

April 26, 2025

admin

Crypto banking rule withdrawal by Fed ‘not real progress’ — Senator Lummis

United States Senator Cynthia Lummis suggests the crypto industry may be celebrating too soon over the US Federal Reserve softening its crypto guidance for banks.

“The Fed withdrawing crypto guidance is just noise, not real progress,” Lummis said in an April 25 X post. Lummis called the Fed’s April 24 announcement — withdrawing its 2022 supervisory letter that had discouraged banks from engaging with crypto and stablecoin activities — “just lip service.”

Lummis’ tone was different from the rest of the crypto industry

Lummis, a pro-crypto advocate known for introducing the Bitcoin (BTC) Strategic Reserve Bill in July 2024, pointed out several flaws in the Fed’s announcement, even as Strategy founder Michael Saylor and crypto entrepreneur Anthony Pompliano suggested it was a step forward for banks and crypto.

Cryptocurrencies, United States — *Source:* *Anthony Pompliano*

She argued that the Fed continues to “illegally flout the law on master accounts” and still relies on reputational risk in its bank supervision practices. It comes as the Federal Insurance Deposit Corporation (FDIC) is working on a rule to stop examiners from considering reputational risk when reviewing a bank’s operations, according to a recent Bloomberg report.

Lummis also highlighted the Fed’s policy statement in Section 9(13), which hasn’t been withdrawn, stating that Bitcoin and digital assets are considered “unsafe and unsound.”

She also reiterated many of the same staff behind Operation Chokepoint 2.0 are still involved in crypto policy today.

“We are NOT fooled. The Fed assassinated companies within the industry and hurt American interests by stifling innovation and shuttering businesses. This fight is far from over.”

“I will continue to hold the Fed accountable until the digital asset industry gets more than a life jacket, Chair Powell — they need a fair shake,” Lummis said.

Custodia Bank founder and CEO Caitlin Long seemed to share a similar view to Lummis.

“THANK YOU for seeing this for what it is,” Long said.

However, many crypto executives praised the Fed’s announcement as a positive development for the industry. Saylor said in an April 25 X post that the Fed’s move means that “banks are now free to begin supporting Bitcoin.”

Anastasija Plotnikova, co-founder and CEO of blockchain regulatory firm Fideum, said the Fed’s decision “is a significant development, as it will simplify the path to institutional adoption.”

Magazine: Ethereum is destroying the competition in the $16.1T TradFi tokenization race

Politics

SEC chair suggests ‘huge benefits’ in agency’s third crypto roundtable

Published

19 hours ago

April 25, 2025

admin

<div>SEC chair suggests 'huge benefits' in agency's third crypto roundtable</div>

In one of his first appearances as the recently sworn-in chair of the US Securities and Exchange Commission, Paul Atkins delivered remarks to the agency’s third roundtable discussion of crypto regulation.

In the “Know Your Custodian” roundtable event on April 25, Atkins said he expected “huge benefits” from blockchain technology through efficiency, risk mitigation, transparency, and cutting costs. He reiterated that among his goals at the SEC would be to facilitate “clear regulatory rules of the road” for digital assets, hinting that the agency under former chair Gary Gensler had contributed to market and regulatory uncertainty.

“I look forward to engaging with market participants and working with colleagues in President Trump’s administration and Congress to establish a rational fit-for-purpose framework for crypto assets,” said Atkins.

SEC chair suggests 'huge benefits' in agency's third crypto roundtable — *SEC chair Paul Atkins addressing the April 25 crypto roundtable. Source:* *SEC*

Some critics of US President Donald Trump see Atkins’ nomination to lead the SEC as a nod to the crypto industry, acting on campaign promises to remove Gensler — the former chair resigned the day Trump took office — and cut back on regulation. Democratic lawmakers on the Senate Banking Committee questioned Atkins on his ties to the industry, potentially presenting conflicts of interest in his role regulating crypto.

The direction of the SEC under new leadership

“We’ve noticed that we don’t have to be as concerned […] about being accused of things that we’re not doing, like being broker-dealers for securities,” Exodus chief legal officer Veronica McGregor, who participated in the roundtable, told Cointelegraph on April 24.”It’s just a less scary regulatory environment in general. It is, however, still unclear what the ultimate regs are going to look like for crypto.”

The SEC crypto task force is scheduled to hold two more roundtables in May and June to discuss tokenization and decentralized finance, respectively. Commissioner Hester Peirce, who leads the task force, told Cointelegraph in March that she welcomed the opportunity to work with Atkins to “reorient the agency,” hinting at an SEC with regulations more favorable to the crypto industry.

In addition to the roundtables, the crypto task force has reported several meetings with digital asset firms to discuss various policies and considerations in developing a regulatory framework.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered