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The home secretary has warned the Speaker against changing Commons conventions due to intimidation from outside parliament, telling Sky News: “The only thing MPs should fear is the ballot box.”

James Cleverly offered his support to Sir Lindsay Hoyle to stay in post – despite 67 MPs having now signed a no-confidence petition against him after Wednesday’s chaotic scenes in the Commons – calling him “a breath of fresh air”.

But he added: “We should not be changing our procedures in response to threats or intimidation. That would indicate that the threats and the intimidation is working – that is the opposite of the message that we want to send.

“If people think that they can target members of parliament, they are wrong. The full force of the law will be brought down.”

Politics live: Speaker comes out fighting

A huge row erupted on Wednesday as parliament held an opposition day debate over the Israel-Hamas conflict, with the SNP calling for an immediate ceasefire.

Pressure had been mounting on the Labour Party to move away from the government’s position of calling for a pause in fighting to echo the SNP’s stance – and they announced they would put forward their own amendment, calling for a ceasefire, albeit with a number of caveats.

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Commons conventions say that opposition motions cannot be amended by opposition parties, but Sir Lindsay took the decision to let Labour’s position be debated and voted on, claiming it gave MPs the widest range of positions to discuss and back, and citing the safety of members who were facing threats and intimidation over their position on a ceasefire.

But his decision was met with rage from the Conservatives, who pulled their own amendment and “played no further part” in the proceedings, and ended with the SNP not even getting to vote on their own motion.

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‘I have a duty of care to protect’

Despite the Speaker making two apologies in the Commons on both Wednesday and Thursday for how his decision had played out, calls for him to resign grew – led by the Westminster leader of the SNP, Stephen Flynn, who said his position was now “intolerable”.

Prime Minister Rishi Sunak also criticised Sir Lindsay’s actions, calling them “very concerning”, while former home secretary Suella Braverman wrote an angry piece in the Daily Telegraph, saying it had “undermined the integrity of Parliament” and that “the Islamists, the extremists and the antisemites are in charge now”.

Asked about his position on Sir Lindsay as the row entered its third day, Mr Cleverly said: “I think the Speaker’s done a fantastic job. I think he’s been a breath of fresh air compared with his predecessor.

“He made a mistake. He apologised for the mistake. My view is that I’m supportive of him.”

But the current home secretary said it would be down to MPs to decide his fate, adding: “The selection of the Speaker is House business and for the House of Parliament rather than for government.

“And I know that sounds like we’re dancing on the head of a pin, but in our constitution, it’s a very important division. So this is House business for members of parliament, rather than for the government.”

There is no formal way for the Speaker to be removed, but he could choose to resign if calls for him to go continue to grow – as one of his predecessors, Michael Martin, did in 2009.

However, with support from the Labour benches and senior Conservatives, Sir Lindsay could instead decide to fight on to stay on post.

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Speaker ‘cannot continue’ in role

The Tories have sought to blame Labour for the shambolic scenes in parliament this week, amplifying reports that party leader Sir Keir Starmer threatened to withdraw support from the Speaker if he did not select their ceasefire amendment.

A Conservative source told Sky News on Friday: “Starmer’s undermined parliament, bullied the Speaker into doing something he admitted was ‘wrong’, and it sadly won’t be long before more antisemitic views emerge from Labour.”

And Energy Secretary Claire Coutinho told reporters: “I think the Speaker is a decent man. He’s a really well-respected parliamentarian. I didn’t agree with the ruling that he made, but I think the real culprit here is Keir Starmer.

“I think he’s put the Speaker in an intolerable position by saying that we should bow to intimidation and external influences. No intimidation should change the way that we vote in parliament or what we vote on.”

But Sir Keir “categorically” denied making any such threat, telling reporters that when he met Sir Lindsay, he “simply urged” him to have “the broadest possible debate” by putting a number of options in front of MPs.

The Labour leader added: “The tragedy is the SNP walked off the pitch because they wanted to divide the Labour Party and they couldn’t, and the government walked off the pitch because it thought it was going to lose a vote.”

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Starmer denies threatening Speaker

Speaking to Sky News on Friday morning, shadow home secretary Yvette Cooper insisted Sir Lindsay was “right” to select Labour’s amendment to the ceasefire vote – which ended up passing – “making sure the widest possible range of views can be debated, sit on and can be voted on, that is something that is good for democracy”.

But she agreed decisions on parliamentary procedure should not be made because of intimidation from outside.

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

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

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.

Related: If Trump fired Powell, what would happen to crypto?

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.

Cryptocurrencies, United States
Source: David Sacks

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

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

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

<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.

Related: Atkins SEC era sparks massive industry optimism, crypto execs speak out

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

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Nasdaq urges SEC to treat certain digital assets as ‘stocks by any other name’

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<div>Nasdaq urges SEC to treat certain digital assets as 'stocks by any other name'</div>

<div>Nasdaq urges SEC to treat certain digital assets as 'stocks by any other name'</div>

Nasdaq has urged the US Securities and Exchange Commission (SEC) to hold digital assets to the same regulatory standards as securities if they constitute “stocks by any other name,” according to an April 25 comment letter. 

The exchange said the US financial regulator needs to establish a clearer taxonomy for cryptocurrencies, including categorizing a portion of digital assets as “financial securities.” Those tokens, Nasdaq argued, should continue to be regulated “as they are regulated today regardless of tokenized form.”

“Whether it takes the form of a paper share, a digital share, or a token, an instrument’s underlying nature remains the same and it should be traded and regulated in the same ways,” the letter said. 

It also proposed categorizing a portion of cryptocurrencies as “digital asset investment contracts,” to be subject to “light touch regulation” but still overseen by the SEC.

Nasdaq urges SEC to treat certain digital assets as 'stocks by any other name'
Nasdaq’s April 25 letter to the SEC. Source: Nasdaq

Related: Certain stablecoins aren’t securities, SEC says in new guidance

Regulatory U-turn

The SEC has dramatically pivoted its stance on cryptocurrency oversight since US President Donald Trump took office in January. 

Under the leadership of former Chair Gary Gensler, the SEC took the position that practically all cryptocurrencies, with the exception of Bitcoin (BTC), represent investment contracts and therefore qualify as securities. 

This stance led the agency to bring upwards of 100 lawsuits against crypto firms for alleged securities law violations.

However, under Trump nominee Paul Atkins, who was sworn in as chair on April 21 after a lengthy Senate confirmation, the SEC has claimed jurisdiction over a narrower segment of cryptocurrencies. 

In February, the agency issued guidance stating that memecoins — if clearly identified as purely speculative assets with no intrinsic value — do not qualify as investment contracts pursuant to US law. 

In April, the SEC said that stablecoins — digital tokens pegged to the US dollar — similarly do not qualify as securities if they are marketed solely as a means of making payments.

Nasdaq urges SEC to treat certain digital assets as 'stocks by any other name'
Stablecoin market overview. Source: RWA.xyz

Integrating crypto into TradFi

In its April 21 letter, Nasdaq said existing financial infrastructure “can readily absorb digital assets by establishing the proper taxonomy and calibrating certain rules to reflect what is truly new and novel about digital assets.”

The Depository Trust & Clearing Corporation (DTCC) — a private US securities clearinghouse closely overseen by the SEC — has been laying the foundation for integrating blockchain technology into regulated financial markets.

In March, the DTCC committed to promoting Ethereum’s ERC-3643 standard for permissioned securities tokens.

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

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