Business Secretary Kemi Badenoch has said alleged comments made about Diane Abbott by a Tory donor were “racist” – but that there should be “space for forgiveness”.
Ms Badenoch is the first cabinet minister to use the term to describe Frank Hester‘s reported remarks about the former Labour MP, after government ministers including Graham Stuart and Mel Stride criticised the comments but did not call them racist.
Mr Hester allegedly said Ms Abbott made him “want to hate all black women” and that the MP “should be shot”, according to reports in the Guardian.
In a statement written on his behalf on Monday night, Mr Hester – who donated £10m to the Tories last year – said he was “deeply sorry” about the comments but said they had “nothing to do with her gender nor colour of skin”.
Rishi Sunak’s official spokesperson has described the remarks as “unacceptable” but also would not say if they he believed they were racist.
But in a post on X, Ms Badenoch wrote: “Hester’s 2019 comments, as reported, were racist. I welcome his apology.
“Abbott and I disagree on a lot. But the idea of linking criticism of her, to being a black woman is appalling.
“It’s never acceptable to conflate someone’s views with the colour of their skin.”
She added: “MPs have a difficult job balancing multiple interests – often under threats of intimidation as we saw recently in parliament.
“Some people make flippant comments without thinking of this context.
“This is why there needs to be space for forgiveness where there is contrition.”
According to the Westminster Accounts project, a joint venture between Sky News and Tortoise Media to shine a light on how money works in politics, Mr Hester’s Phoenix Partnership has donated £5.1m to the Conservatives since the 2019 election and has also individually donated £5m.
The company also made a single donation of £15,900 to Mr Sunak. Dated 11 December 2023, the donation was categorised as “support linked to an MP but received by a local party organisation or indirectly via a central party organisation”.
The prime minister’s entry in the register of members’ financial interests said the donation involved the “provision of [a] helicopter to fly me to a political visit and event on 23 November 2023”.
According to The Guardian, Mr Hester made the remarks about Ms Abbott in 2019 during a meeting at his Leeds company headquarters.
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He reportedly said: “It’s like trying not to be racist but you see Diane Abbott on the TV, and you’re just like… you just want to hate all black women because she’s there.
“And I don’t hate all black women at all, but I think she should be shot.”
In a statement on Tuesday, Ms Abbott – the UK’s first black woman to become an MP – said Mr Hester’s comments had put her in a “frightening” position and that she found the remarks “alarming” following the murders of fellow politicians Jo Cox in 2016 and Sir David Amess in 2021.
“It is frightening,” said Ms Abbott. “I live in Hackney and do not drive, so I find myself, at weekends, popping on a bus or even walking places more than most MPs.
She added: “For all of my career as an MP I have thought it important not to live in a bubble, but to mix and mingle with ordinary people. The fact that two MPs have been murdered in recent years makes talk like this all the more alarming.”
Read more:
Who is Tory donor Frank Hester and what did he reportedly say about Diane Abbott?
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Opposition parties have strongly criticised the government’s response to Mr Hester’s alleged remarks, with London mayor Sadiq Khan saying it “beggars belief” that the Tories have “failed to call out” the remarks as “racist and misogynistic”.
Labour and the Liberal Democrats have also called on the Conservatives to return the money donated by Mr Hester.
Chair of the Labour Party, Anneliese Dodds, also told Sky News the party had been in touch with Ms Abbott and would “continue to make sure” her welfare was looked after.
Ukraine’s financial regulator has proposed taxing certain crypto transactions as personal income at a rate of up to 23% but excluding crypto-to-crypto transactions and stablecoins.
Crypto transactions would be taxed at 18% with a 5% military levy on top as part of the proposed framework, released on April 8 by Ukraine’s National Securities and Stock Market Commission.
NSSMC Chairman Ruslan Magomedov said in an April 8 statement that “the issue of crypto taxes is not a hypothesis, but a reality that is fast approaching.”
He added that the agency created the framework to help lawmakers make an “informed resolution” by considering each suggestion’s advantages and disadvantages because “these aspects can have a critical impact on the market and tax liability.”
Under the NSSMC’s proposed crypto framework, a tax will be applied when crypto is cashed out for fiat currency or exchanged for goods or services.
Crypto-to-crypto transactions wouldn’t be taxed, bringing Ukraine in line with other European countries, including Austria and France, as well as crypto-friendly jurisdictions like Singapore, the NSSMC said.
The regulator says it “makes sense” to exclude stablecoins backed by foreign currencies or only apply a 5% or 9% tax because Ukraine’s tax code already excludes income from transactions in “foreign exchange values.”
A translated excerpt of the NSSMC’s report said stablecoins backed by foreign currencies could be exempt from taxation. Source: NSSMC
Mining, staking, hard forks and airdrops
Other crypto-related activities, such as mining, staking and airdrops, are also addressed in the framework which floated a few options for taxation.
The NSSMC said crypto mining is generally considered a business activity, but there might be a general tax-free limit for certain crypto transactions, including mining.
Under the framework, staking could be considered as “business captive income” or only taxed if the crypto is cashed out for fiat currencies. While hard forks and airdrops could be taxed either as ordinary income or when the tokens are cashed.
Related: Ukraine officials get training on crypto and virtual assets investigation
The regulator suggests a tax-free threshold could help “relieve the burden on small investors” and is common in other jurisdictions.
Exemptions for donations, transfers between family members, and holders who keep their crypto for a set amount of time are also flagged as possibilities. However, the NSSMC says the exemption might not apply to non-custodial crypto wallets.
Last December, Daniil Getmantsev, head of the tax committee of Ukraine’s parliament, said a draft bill to legalize cryptocurrencies was under review and expected to be finalized early this year.
Ukrainian President Volodymyr Zelenskyy first signed a law establishing a legal framework for the country to operate a regulated crypto market in March 2022.
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Digital asset manager 21Shares has filed with the US Securities and Exchange Commission to launch a spot Dogecoin exchange-traded fund, following similar filings from rivals Bitwise and Grayscale.
The 21Shares Dogecoin ETF would seek to track the price of the memecoin Dogecoin (DOGE), according to the firm’s April 9 Form S-1 registration statement. The Dogecoin Foundation’s corporate arm, House of Doge, plans to assist 21Shares with marketing the fund.
21Shares said Coinbase Custody would be the proposed custodian of its Dogecoin ETF but did not specify a fee, ticker or what stock exchange it would list on.
Source: James Seyffart
21Shares must also file a 19b-4 filing with the SEC to kickstart the regulator’s approval process for the fund.
DOGE currently has a $24.2 billion market cap and is the eighth-largest cryptocurrency by value. It was created in 2013 as a joke and is a fork of Lucky Coin, which itself is a fork of Bitcoin.
21Shares’ proposed Dogecoin ETF is the company’s latest effort to expand its spot crypto ETF offerings, which currently includes only a spot Bitcoin (BTC) and Ether (ETH) fund.
The issuer also filed with the SEC in February to launch a spot Polkadot (DOT) ETF and last year, it filed to create a spot XRP (XRP) ETF.
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The recent surge in crypto ETF filings reflects a “spaghetti cannon approach” from issuers testing which products the new SEC leadership might approve, Bloomberg ETF analyst James Seyffart said in February.
“Issuers will try to launch many many different things and see what sticks,” Seyffart said.
Seyffart and fellow Bloomberg ETF analyst Eric Balchunas said in February that there is a 75% chance that the SEC will approve a spot Dogecoin ETF this year, while the betting platform Polymarket currently gives approval odds of 64%.
21Shares and House of Doge partner for DOGE funds in Switzerland
21Shares also said on April 9 that it partnered with House of Doge to launch a fully backed Dogecoin exchange-traded product on Switzerland’s SIX Swiss Exchange.
The 21Shares Dogecoin product will trade under the ticker “DOGE” with a 2.5% fee.
21Shares president Duncan Moir said that Dogecoin “has become more than a cryptocurrency: it represents a cultural and financial movement that continues to drive mainstream adoption, and DOGE offers investors a regulated avenue to be part of this exciting project.”
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Update April 10 at 1:41am UTC: This article has been updated to include more background on Paul Atkins before becoming SEC chair.
The US Senate has confirmed US President Donald Trump’s nominee, Paul Atkins, as chair of the Securities and Exchange Commission in a 51-45 vote largely along party lines.
Atkins’ confirmation on April 9 comes after Trump named the pro-crypto former Wall Street consultant to lead the agency late last year. Atkins also served as an SEC commissioner between 2002 and 2008, during the global financial crisis.
”A veteran of our Commission, we look forward to him joining with us, along with our dedicated staff, to fulfill our mission on behalf of the investing public,” the agency’s commissioners wrote in an April 9 statement.
Atkins founded financial consulting firm Patomak Global Partners in 2009, specializing in regulatory compliance and risk management, and served as co-chair of crypto advocacy group Token Alliance between 2017 and late 2024.
After he’s sworn in, Atkins will take over from Mark Uyeda, who has been the SEC’s acting chair since Jan. 20, after former chair Gary Gensler stepped down. Gensler’s tenure saw the SEC launch multiple lawsuits and investigations against crypto firms over alleged breaches of securities laws.
Source: Cynthia Lummis
Senate Banking Committee Chairman Tim Scott expressed confidence that Atkins would continue the SEC’s crypto-friendly approach that it has taken under the Trump administration.
“Atkins will also provide regulatory clarity for digital assets, allowing American innovation to flourish, and ensuring we remain competitive on the global stage.”
Under Trump, the SEC created a Crypto Task Force to consult with the industry on regulation and dropped several crypto-related investigations and enforcement actions undertaken by the Gensler-led SEC.
Atkins is expected to take a different approach, telling a Senate confirmation hearing in March that a top priority of his at the SEC would be “to provide a firm regulatory foundation for digital assets through a rational, coherent, and principled approach.”
Atkins’ confirmation delayed by disclosures
Atkins’ confirmation was reportedly delayed due to several financial disclosures he needed to file as a result of marrying into a billionaire family.
Related: No crypto project has registered with the SEC and ‘lived to tell the tale’ — House committee hearing
He married Sarah Humphreys Atkins in 1990 — whose family is tied to TAMKO Building Products LLC, a manufacturer of residential roofing shingles that turned over $1.2 billion in revenue in 2023, Forbes reported in December. The couple have a reported combined net worth of at least $327 million.
Some of those financial disclosures revealed that Atkins owned up to $6 million worth of crypto-related investments, including crypto custody platform Anchorage Digital and blockchain tokenization platform Securitize, Fortune reported last month.
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