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Almost one million private renters in England have been handed no-fault evictions since the Conservative government promised to abolish them, new data has shown.

Research carried out by YouGov on behalf of homelessness charity Shelter – and shared exclusively with Sky News – showed that since April 2019 a total of 943,000 people had been given Section 21 notices, which is the equivalent of more than 500 renters every day.

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The figures also showed unwanted moves were costing private renters in England £550m a year, with 830,000 people having to move in the last 12 months alone due to either their fixed tenancies coming to an end, being priced out by rent increases or being served with a Section 21.

Add in the soaring upfront costs for rents and deposits and unwanted moves are costing more than £1bn a year – or an average of £1,245 per person.

Polly Neate, Shelter’s chief executive, said tenants were “bearing the cost of the government’s inaction” and warned any further delays to banning no-fault evictions would see more people “tipped into homelessness”.

But Levelling Up minister Jacob Young defended the government. He said abolishing Section 21s was “the biggest change to the private rented sector in more than 30 years” so it “takes time to make sure we get it right”.

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In England, the equivalent of more than 500 renters a day are being evicted through no fault of their own. Pic: iStock

A Section 21 notice is the legal mechanism allowing landlords to evict tenants without providing a reason, which creates uncertainty for those who rent their homes.

The government first promised to ban them five years ago this week – back when Theresa May was still in Number 10.

Yet despite subsequent Conservative leaders pledging to see through the policy, it still hasn’t come into law – with the housing secretary announcing an indefinite delay to the Renters Reform Bill last month.

‘I had a meltdown’

Natalie was served with two Section 21 notices within 18 months.

The 47-year-old from Brighton told Sky News she received the first one just after COVID and she took it in her stride. She said: “It wasn’t an ideal rental, it was quite dilapidated… but I had got into quite a good relationship with the landlord and I wasn’t freaking out. They just wanted to sell their flat and get out of the rental market.”

However, the relationship soon soured and turned into a “nasty environment” as she struggled to find a new home in a market with soaring costs and poor quality places.

“You couldn’t even see a property without having a £35k guarantor or you would have to have a whole year’s rent in advance and it just turned into a figures game,” said Natalie.

“If you don’t look good on paper, you are not going to get to see a flat, you are not going to be considered for it. You are not going to tick all the boxes. It is financial discrimination.”

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Natalie faced two no-fault evictions within 18 months

After staying with friends for two months, Natalie found a new property, but in the first three weeks, it had flooded, and she noticed day by day the “shoddy workmanship”.

And after a year, again through no fault of her own, she got a call from the estate agent to say the rent was going up by £150 a month and she would need to leave.

Natalie said she had a “meltdown”.

“It’s an awful thing, not feeling like you’re an adult and not being able to support yourself or find space in a location you have decided is home – finding out that it doesn’t mean anything that you have been living there for 21 years,” she said.

She added: “I’d like people to be able to have a home if we are living in a so-called civilised society. How’s anybody supposed to get anywhere without having their home? It should just be like water and air – we all need that to function.

“Something really drastic needs to be done.”

Tories criticised for ‘excuse’ holding back change

Mr Young, the Levelling Up minister, told Sky News his “hope” and “primary focus” was to see the bill passed, banning Section 21s for new tenancies before the next general election – which must take place before the end of January 2025.

But he couldn’t “give a commitment on a solid date” for the ban to also apply to existing tenancies, meaning millions – including Natalie – would continue to be at risk of losing their homes.

“We have to do this in a proportionate and phased way, working with the sector to make sure our reforms are actually effective,” he told Sky News.

“If we were to abolish everything straightaway, that would create a lot of uncertainty in the sector.”

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However, Shelter’s Ms Neate argued the reason for the delay was not about getting the legislation right, but about “bowing to backbench landlords”.

A group of Tory MPs – a number of whom are landlords themselves – raised concerns the courts were not prepared for the legal cases that could result from the simpler mechanism being outlawed.

As a result, the government said Section 21s would remain in place until an assessment had been made of whether the legal system could handle the changes.

But Ms Neate called it an “excuse”. She said: “The reason why they’re delaying is because they’re under pressure from their own backbenchers, many of whom are landlords, who just don’t want to see no-fault evictions ending.

“Why you would want the right to evict somebody for absolutely no reason is beyond me, frankly.”

She added: “Our frontline services every single day are seeing the worst effects of this.

“Section 21 no-fault eviction is one of the leading causes of homelessness in this country. And that’s why we’re so eager for the government to end it.”

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Government still ‘committed’ to abolishing no-fault evictions

Mr Young denied there were “vested interests” in his party and said he did not “begrudge” his colleagues for having rental properties.

He said: “We can’t just listen to one side of the sector in this argument. It has to be that we’re delivering a bill that benefits both tenants and landlords.

“This bill is about protecting good tenants and landlords, and pitting them against the rogue actors in the system.”

Revealing his own aunt had been subject to a Section 21 just before Christmas, Mr Young added: “It takes time to make sure that we get it right. There are 11 million renters in the country. If we get it wrong for those 11 million renters, that doesn’t help them at all.

“I know the uncertainty that [Section 21s] can provide to families. That’s why I’m committed to abolishing it. That’s why I’m focused on delivering this.”

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Conservative minister Jacob Young defended the government, despite his aunt being subject to a Section 21 before Christmas

Matthew Pennycook, Labour’s shadow minister for housing and planning, said his party is committed to ending the “ever-present fear” of Section 21s “immediately” if it gets into power – and would put forward amendments for government legislation to speed up the process.

He told Sky News the abolition of no-fault evictions could be done “overnight” if the Conservatives chose to, leading to “a stable private rental system… [where] families can live and thrive in what should be their homes, not just an asset that can just be taken back at a moment’s notice”.

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Labour promises ‘immediate’ end to no-fault evictions

Mr Pennycook also said he believed the court system could “cope” with the changes, but added: “I think what private tenants would argue is [the government has] had five years to get to the point where that they can introduce a system to honour this commitment to abolish Section 21 notices, and they’ve played around for far too long.

“We think they’re selling out to vested interests in bringing these changes forward.”

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

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

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

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

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

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CFPB likely to step back from crypto regulation — Attorney

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CFPB likely to step back from crypto regulation — Attorney

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.

Related: Elon Musk’s ‘government efficiency’ team turns its sights to SEC — Report

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

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

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

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.

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

FTX court filing, estimated claims. Source: Sunil

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.

Related: FTX liquidated $1.5B in 3AC assets 2 weeks before hedge fund’s collapse

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.

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

FTX KYC portal. Source: Sunil

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.

Related: Crypto trader turns $2K PEPE into $43M, sells for $10M profit

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.

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