Angela Rayner criticises Tories for ‘obsessing’ over her living arrangements as renters face no fault eviction ‘limbo’

Published

1 year ago

April 24, 2024

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Labour’s Angela Rayner has attacked the Conservatives for “obsessing” over her living arrangements while renters continue to face uncertainty over the government’s promise to end no-fault evictions.

The deputy leader has been facing scrutiny over the sale of her former home in Stockport from before she was an MP, with claims she did not pay the right amount of capital gains tax and may have registered to vote at the wrong address – allegations she denies.

Greater Manchester Police are now looking into the latter issue, which could be a breach of electoral rules, following a complaint from Tory MP James Daly.

But standing in at Prime Minister’s Questions on the day the much-delayed Renters’ Reform Bill returned to the Commons, Ms Rayner said: “I know this party opposite is desperate to talk about my living arrangements, but the public want to know what this government is going to do about theirs.”

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Ministers first promised to scrap no-fault evictions – or Section 21s – in April 2019, but agreed to an indefinite delay to outlawing the mechanism after a group of Conservative backbenchers, including some landlords, raised concerns that the courts were not prepared for the legal cases that could replace them.

A new clause being added to the bill by the government today would, if approved, order an assessment of the courts before any ban could be enacted. But it offers no timetable for when the probe would have to take place.

This has led to a huge backlash from campaigners, renters and opposition parties, who have claimed the government is “running scared” of their own MPs and leaving renters in “limbo”.

Pointing to an exclusive Sky News article showing almost one million people had been subject to no-fault evictions since the Tories promised to ban them, Ms Rayner spoke about our case study, Natalie, who has been served two Section 21s in 18 months.

“She joins nearly a million families at risk of homelessness due to his party’s failure to ban this cruel practice,” she added.

“Now instead of obsessing over my house, when will he get a grip and show the same obsession with ending no-fault evictions?”

Representing Rishi Sunak at PMQs while he is abroad, Deputy Prime Minister Oliver Dowden poked fun at the Labour MP over the allegations about her former property, saying: “It is a pleasure to have another exchange with [Ms Rayner] in this House, our fifth in 12 months. Anymore of these and she’ll be claiming it as her principal residence.”

But he then insisted the government was “taking action” to help renters, and he was “confident that in line with our manifesto, we will deliver on that commitment” to end no-fault evictions.

Speaking to reporters earlier, Levelling Up Secretary Michael Gove insisted his “determination” to end Section 21s was “ironclad”, but he could not commit to the ban coming in before the election – saying it would depend on opposition parties and the House of Lords supporting the whole bill.

Opening today’s debate in the Commons, one of his ministers, Jacob Young, also refused to give a date “because I can’t say until we’re confident that the county court system is ready”.

Mr Young said the government was investing £1.2m to deliver the new legal processes needed, but added: “If we don’t have a ready court system when we make this change, the biggest change in 30 years, if the courts aren’t ready for these changes that will not benefit tenants, it won’t benefit landlords, but it certainly won’t benefit tenants either.”

However, Labour’s shadow housing minister, Matthew Pennycook, accused ministers of “grubby political horse trading” with their backbenchers, telling the Commons: “The truth is that the only balance the government has ever sought to strike when it comes to this bill is attempting to honour the letter of the 2019 Conservative Party commitment, and appeasing the vested interest pressing for the very minimum amount of reform required to assert that it has been met.”

Mr Pennycook said his party would be supporting the bill overall, despite its “numerous defects, deficiencies, omissions”, but Labour would be voting against the new clause implementing the indefinite delay on the Section 21 ban.

Sky News research has revealed more than 100 MPs in the Commons have earned over £10,000 a year as landlords over the course of this parliament.

A total of 83 Tories have declared they received the sizeable rental payments since the last election in December 2019, along with 18 Labour MPs, four Liberal Democrats and one member of the SNP.

But many more could be benefiting from a smaller income as landlords, as MPs only have to publish it on the register of interests if rent tops the £10,000 annual figure.

Politics

Canada ‘got it wrong’ labeling stablecoins securities — NDAX exec

Published

2 hours ago

May 14, 2025

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<div>Canada 'got it wrong' labeling stablecoins securities — NDAX exec</div>

Tanim Rasul, chief operating officer at Canadian crypto exchange NDAX, said Canada “got it wrong” categorizing stablecoins as securities in 2022, and the country needs to realize that every other regulatory regime is looking at stablecoins as payment instruments.

Rasul made the remarks during a panel on May 13 at the Blockchain Futurist Conference in Toronto, pointing to Europe’s crypto regulatory framework as a model for Canada to consider:

“I’m sure the regulators are wondering if this was the right choice to approach stablecoins as a security. […] I would just say, look at MiCA, look at the way they’re approaching stablecoins. It’s a payment instrument. It should be regulated as such.”

The Canadian Securities Administrators (CSA) classified stablecoins as “securities and/or derivatives” in December 2022, following “recent events in the crypto market,” such as the dramatic collapse of crypto exchange FTX just a month before.

Canada, Cryptocurrency Exchange, Stablecoin — *Canadian Web3 Regulation panel at Blockchain Futurist Conference. Source: Cointelegraph*

The agency elaborated on stablecoin rules in February and October of 2023, placing such tokens under the umbrella of “value-referenced crypto assets.”

Canada’s stance on digital assets led many top crypto companies, including Binance, Bybit, OKX, and Paxos, to scale back operations in the local market. Crypto exchange Gemini also announced exit plans in September 2024.

The regulatory setback, however, hasn’t stopped Canada’s digital asset market from flourishing. According to Grand View Research, the local crypto industry posted revenue of $224 million in 2024, higher than in previous years. It is expected to grow at a compound annual growth rate of 18.6% until 2030, when it is forecast to reach $617.5 million in annual revenue.

Stablecoins have emerged as key crypto use case

Stablecoins, cryptocurrencies pegged to a fiat currency, have emerged as a key use case for digital assets. According to DefiLlama, the current market capitalization for all stablecoins is at $242.8 billion as of May 14, up 51.9% in the past 12 months.

Nation-states and economic blocs are increasingly working on stablecoin regulations to tackle the rising usage across the world. While the most used stablecoins are pegged to the US dollar, there is demand for stablecoins pegged to other fiat currencies.

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Politics

CFTC commissioner will step down to become Blockchain Association CEO

Published

4 hours ago

May 14, 2025

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CFTC commissioner will step down to become Blockchain Association CEO

Summer Mersinger, one of four commissioners currently serving at the US financial regulatory body Commodity Futures Trading Commission (CFTC), will become the next CEO of the digital asset advocacy group the Blockchain Association (BA).

In a May 14 notice, the Blockchain Association said its current CEO, Kristin Smith, would step down for Mersinger on May 16, allowing an interim head of the group to work until the CFTC commissioner assumes the role on June 2. Though her term at the CFTC was expected to last until April 2028, the BA said Mersinger is set to leave the agency on May 30.

The departure of Mersinger, who has served in one of the CFTC’s Republican seats since 2022, opens the way for US President Donald Trump to nominate another member to the financial regulator. Rules require that no more than three commissioners belong to the same political party.

Like the Securities and Exchange Commission, the CFTC is one of the significant US financial regulators whose policies impact digital assets. Lawmakers in Congress are currently working to pass a market structure bill to clarify the roles each agency could take in overseeing and regulating crypto.

New leadership at the Blockchain Association had been expected since Smith announced her departure on April 1 to become the next president of the Solana Policy Institute. A spokesperson for the Blockchain Association had not responded to Cointelegraph’s request for comment at the time of publication.

Some of the biggest crypto firms in the US, including Coinbase, Ripple Labs and Chainlink Labs, are members of the Association. The organization “support[s] a future-forward, pro-innovation national policy and regulatory framework for the crypto economy,” according to its website.

Changing the leadership at a major US financial regulator

A nominee of former US President Joe Biden, Mersinger has called for standardized crypto-related policies and said the CFTC was the “ideal regulator for the cryptocurrency spot market.” Some expected she would lead the regulator following the election of Trump and the departure of then-CFTC Chair Rostin Behnam, but Commissioner Caroline Pham took on the role in an acting capacity in January.

Trump chose former commissioner Brian Quintenz to chair the CFTC in February, but his nomination has not moved through the Senate for a vote in roughly three months. Commissioner Christy Goldsmith Romero reportedly said she plans to leave the agency once Quintenz is confirmed, potentially giving Trump the chance to nominate three new commissioners to fill the five-seat panel.

Any CFTC commissioner picked by the president needs a majority vote in the Senate to be confirmed for a five-year term or to fill in for a resigning member.

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Politics

Bitcoin more of a ‘diversifier’ than safe-haven asset: Report

Published

8 hours ago

May 14, 2025

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Bitcoin more of a ‘diversifier’ than safe-haven asset: Report

Bitcoin’s fluctuating correlation with US equities is raising questions about its role as a global safe-haven asset during periods of financial stress.

Bitcoin (BTC) exhibited a strong negative correlation with the US stock market when analyzing the short-term, seven-day trailing correlation, according to new research from blockchain data provider RedStone Oracles, shared exclusively with Cointelegraph.

However, RedStone said that the 30-day indicator signals a “variable correlation” between Bitcoin price and the S&P 500 index, with the correlation coefficient ranging from -0.2 to 0.4.

This fluctuating correlation suggests that Bitcoin “doesn’t consistently function as a true hedge for equities” due to its lack of a strong negative correlation below -0.3, which is needed for “reliable counter movement during market stress,” the report said.

The research suggests that while Bitcoin may not be a dependable hedge against stock market declines, it offers value as a portfolio diversifier.

This fluctuating dynamic signals that Bitcoin often moves independently from other assets, potentially offering additional returns while other assets are struggling. Still, Bitcoin has yet to mirror the safe-haven dynamics of gold and government bonds, RedStone suggests.

Bitcoin needs to “mature” before decoupling from stock market

While Bitcoin is poised to grow into a safe-haven asset in the future, the world’s first cryptocurrency still needs to “mature” as a global asset, according to Marcin Kazmierczak, co-founder and chief operating officer at RedStone.

“Bitcoin still needs to mature before decoupling from stock markets,” Kazmierczak told Cointelegraph, adding:

“Increased institutional adoption will absolutely help — we’re already seeing this effect with corporate treasury investments reducing Bitcoin’s 30-day volatility and with BlackRock repetitively praising BTC as an asset in a portfolio.”

Meanwhile, Bitcoin will see growing recognition as a portfolio diversifier, with an annualized return of over 230% for the past five years, which “significantly outperformed” both stocks and traditional safe-haven assets, Kazmierczak said, adding that “even a small 1–5% Bitcoin allocation can meaningfully enhance a portfolio’s risk-adjusted returns.”

Meanwhile, Bitcoin’s declining volatility supports BTC’s growing maturity as a global financial asset. Bitcoin’s weekly volatility hit a 563-day low on April 30, a development that may signal more stable price action.

Bitcoin’s price volatility fell below the realized volatility of the S&P 500 and the Nasdaq 100, signaling that investors are increasingly treating Bitcoin as a long-term investment vehicle, Cointelegraph reported on May 13.