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

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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

Stablecoins are the best way to ensure US dollar dominance — Web3 CEO

Published

6 hours ago

April 6, 2025

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Stablecoins are the best way to ensure US dollar dominance — Web3 CEO

Stablecoins are the single best tool for the United States government to maintain the US dollar’s hegemony in global financial markets, according to LayerZero Labs CEO and founder Bryan Pellegrino.

In an interview with Cointelegraph, the CEO of LayerZero Labs, which created the LayerZero interoperability protocol recently chosen by Wyoming to be the distribution partner for the Wyoming stablecoin, said that the cross-border accessibility of dollar-pegged tokens makes them an obvious choice to drive US dollar demand. Pellegrino added:

“Stablecoins for the US dollar are the single best tool — the last Trojan Horse or vampire attack on every single other currency in the world — whether it is Argentina, whether it is Venezuela, whether it is all of the countries that have massive inflation.”

The CEO said he expects support for stablecoins on both the federal and state levels to grow because of the obvious boost stablecoins give to the US dollar in foreign exchange markets and the financial moat stablecoin-driven demand will create around the US dollar’s global reserve currency status.

Dollar, US Government, Stablecoin — *Stablecoin market overview. Source:* *RWA.XYZ*

US government looks to stablecoins to protect US dollar

Pellegrino cited Tether’s emerging role as one of the largest buyers of US Treasury bills in the world as evidence of the demand for US debt instruments from stablecoin issuers.

Tether recently became the seventh-largest holder of US Treasuries, beating out Canada, Germany, Norway, Hong Kong, and Saudi Arabia.

Speaking at the White House Crypto Summit on March 7, US Treasury Secretary Scott Bessent said the Trump administration would leverage stablecoins to extend US dollar hegemony and indicated this would be a top priority for officials in 2025.

According to a 2023 report from Chainalysis, over 50% of all the digital asset value transferred to countries in the Latin American region, including Argentina, Brazil, Columbia, Mexico, and Venezuela was denominated in stablecoins.

The low transaction fees, relative stability, and near-instant settlement times for dollar-pegged stablecoins make these real-world tokenized assets ideal for remittances and stores of value for residents in developing countries suffering from high inflation and capital controls.

Magazine: Bitcoin payments are being undermined by centralized stablecoins

Politics

CFPB likely to step back from crypto regulation — Attorney

Published

8 hours ago

April 6, 2025

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CFPB likely to step back from crypto regulation — Attorney

The Consumer Financial Protection Bureau (CFPB) will likely see a reduced role in crypto regulations as other federal agencies like the Securities and Exchange Commission (SEC) and state-level regulators assume a bigger role in crypto policy, according to Ethan Ostroff, partner at the Troutman Pepper Locke law firm.

“I think with the current administration, my sense is, we are highly likely to see a significant pullback by the CFPB in the context of the activity by other regulators,” Ostroff told Cointelegraph in an interview.

State regulators also have the authority under the Consumer Financial Protection Act (CFPA) to assume some of the regulatory roles of the CFPB, the attorney said but also added that some regulatory functions will continue to fall within the purview of the CFPB as a matter of established law.

Ostroff cited the New York Department of Financial Services (NYDFS) and the California Department of Financial Protection and Innovation (DFPI) as regulators to keep an eye on as potential leaders of crypto regulations at the state level.

However, the attorney clarified that while the CFPB may see a diminished role during the Trump administration, the agency would not be outright dismantled during the current regime due to “statutorily mandated obligations and requirements” that require acts of Congress to change.

Trump administration targets CFPB in efficiency push

The Trump administration targeted the CFPB as part of a broader push by the Department of Government Efficiency (DOGE) to slash government spending and reduce the federal debt.

Russell Vought, the recently appointed head of the CFPB, announced major funding cuts to the agency and scaled back operations within days of assuming the helm at the CFPB in February 2025.

Bitcoin Regulation, US Government, United States, Donald Trump — *Source:* *Russell Vought*

Massachusetts Senator Elizabeth Warren criticized Elon Musk for dismantling the CFPB, which the US senator co-founded back in 2007.

Warren characterized Musk as a “bank robber” and claimed that the Trump administration dismantled the CFPB to undo consumer protection rules and have greater control over the financial system.

In a February 12 interview with Mother Jones, the senator stressed that the Executive Branch of government does not have the statutory authority to fully dismantle the CFPB, which can only be done through Congressional approval.

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

Politics

Nearly 400,000 FTX users risk losing $2.5 billion in repayments

Published

15 hours ago

April 6, 2025

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Nearly 400,000 FTX users risk losing .5 billion in repayments

Nearly 400,000 creditors of the bankrupt cryptocurrency exchange FTX risk missing out on $2.5 billion in repayments after failing to begin the mandatory Know Your Customer (KYC) verification process.

Roughly 392,000 FTX creditors have failed to complete or at least take the first steps of the mandatory Know Your Customer verification, according to an April 2 court filing in the US Bankruptcy Court for the District of Delaware.

FTX users originally had until March 3 to begin the verification process to collect their claims.

“If a holder of a claim listed on Schedule 1 attached thereto did not commence the KYC submission process with respect to such claim on or prior to March 3, 2025, at 4:00 pm (ET) (the “KYC Commencing Deadline”), 2 such claim shall be disallowed and expunged in its entirety,” the filing states.

Nearly 400,000 FTX users risk losing $2.5 billion in repayments — *FTX court filing. Source:* *Bloomberglaw.com*

The KYC deadline has been extended to June 1, 2025, giving users another chance to verify their identity and claim eligibility. Those who fail to meet the new deadline may have their claims permanently disqualified.

According to the court documents, claims under $50,000 could account for roughly $655 million in disallowed repayments, while claims over $50,000 could amount to $1.9 billion — bringing the total at-risk funds to more than $2.5 billion.

The next round of FTX creditor repayments is set for May 30, 2025, with over $11 billion expected to be repaid to creditors with claims of over $50,000.

Under FTX’s recovery plan, 98% of creditors are expected to receive at least 118% of their original claim value in cash.

How FTX users can complete KYC

Many FTX users have reported problems with the KYC process.

However, users who were unable to submit their KYC documentation can resubmit their application and restart the verification process, according to an April 5 X post from Sunil, FTX creditor and Customer Ad-Hoc Committee member.

Impacted users should email FTX support (support@ftx.com) to receive a ticket number, then log in to the support portal, create an account, and re-upload the necessary KYC documents.

FTX’s Bahamian subsidiary, FTX Digital Markets, processed the first round of repayments in February, distributing $1.2 billion to creditors.

The crypto industry is still recovering from the collapse of FTX and more than 130 subsidiaries launched a series of insolvencies that led to the industry’s longest-ever crypto winter, which saw Bitcoin’s (BTC) price bottom out at around $16,000.

While not a “market-moving catalyst” in itself, the beginning of the FTX repayments is a positive sign for the maturation of the crypto industry, which may see a “significant portion” reinvested into cryptocurrencies, Alvin Kan, chief operating officer at Bitget Wallet, told Cointelegraph.