Humza Yousaf: Political future of Scotland’s first minister hangs in the balance as Greens back no-confidence motion

Published

1 year ago

April 26, 2024

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The Scottish Green Party will join with rival MSPs to back a no-confidence motion in First Minister Humza Yousaf next week, after the SNP kicked its coalition partners out of government.

Mr Yousaf announced his plan to cut ties with the Greens earlier on Thursday, following a bitter row over the SNP’s climbdown on climate targets.

And soon after, the Scottish Conservatives announced it would lodge a vote of no-confidence in him, claiming the first minister had “failed” in his role and had “focused on the wrong priorities for Scotland”.

Analysis: Humza Yousaf’s defeated leadership rival could hold the key to his political fate
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Both Labour and the Liberal Democrats agreed to back the motion, with its success hanging on whether Green Party MSPs joined the attack to give SNP critics a majority in Holyrood.

Its co-leaders Patrick Harvie and Lorna Slater have now confirmed their party they will join forces to condemn Mr Yousaf’s leadership, with Green sources telling Sky News there was serious anger among the ousted party.

How Mr Yousaf’s ex-SNP leadership rival could be crucial in vote

In the Scottish parliament, the SNP has 63 seats out of 129, two short of an outright majority.

The Greens have seven, the Conservatives 31, Labour has 22, the Liberal Democrats have four, there is one Alba MSP Ash Regan – an ex-SNP leadership rival of Mr Yousaf’s – and there is also presiding officer Alison Johnstone who is both an MSP and Scotland’s equivalent of the Commons speaker.

If Ms Regan, who was formerly part of the SNP but defected to Alex Salmond’s Alba Party last October, backs Mr Yousaf then that would mean both sides having 64 votes, and Ms Johnstone would be expected to vote in favour of the status quo, so the first minister would survive.

But if Ms Regan votes against Mr Yousaf, then the opposition parties will have 65 votes against the SNP’s 63, and the first minister would lose.

If the no-confidence vote passes, it will still be up to Mr Yousaf to decide on how to respond. However, it puts increasing pressure on his position if he fails to hold the confidence of the majority of the parliament.

However, if a no-confidence vote was passed on the government, the SNP administration would have to resign and appoint a new first minister within 28 days or call an election.

Speaking at a news conference, Mr Harvie said: “Humza Yousaf becoming first minister was on the basis of a political cooperation which both parties members signed in good faith, which Humza Yousaf endorsed, and even two days ago was still endorsing.

“He’s now chosen to end that. That’s his decision and it can’t come without consequences.”

Both he and Ms Slater denied that supporting the no-confidence vote was “revenge”.

Mr Harvie added: “This is about how we achieve the greatest political change for Scotland.

“Humza Yousaf has decided to abandon the vehicle that was delivering that progressive change for Scotland. We think that’s a profound mistake.”

The power-sharing deal between the SNP and the Greens was made in 2021, after Nicola Sturgeon’s party came in just shy of an outright majority in the Holyrood election of the same year.

Both backers of Scottish independence, the Bute House Agreement between the parties – named after the first minister’s official residence in Edinburgh – brought the Greens into government for the first time anywhere in the UK, with both Ms Slater and Mr Harvie given ministerial posts.

But signs that the agreement was running into difficulty came after the Scottish government scrapped its commitment to cut emissions by 75% by 2030.

The Greens were also dismayed at the pause of puberty blockers in the wake of the landmark Cass review of gender services for under-18s in England and Wales.

The party had been expected to hold a vote on the future of the agreement, but before they got a chance, Mr Yousaf summoned his cabinet and announced on Thursday that the deal had “served its purpose”.

The first minister said he hoped to pursue a “less formal” agreement with his former partners and heralded what he called a “new beginning” for the SNP, saying his decision showed “leadership”.

But with the Greens now ready to join those against the SNP, there is a possibility it could instead prompt an end to his premiership.

Politics

Crypto sentiment recovers, but weekend liquidity risks remain

Published

2 hours ago

April 26, 2025

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Crypto sentiment recovers, but weekend liquidity risks remain

Crypto investor sentiment has seen a significant recovery from global tariff concerns, but analysts warn that the market’s structural weaknesses may still result in downside momentum during periods of weekend illiquidity.

Risk appetite appeared to return among crypto investors this week after US President Donald Trump adopted a softer tone, saying that import tariffs on Chinese goods may “come down substantially.”

However, the improved investor sentiment “does not guarantee that Bitcoin will avoid volatility over the weekend,” analysts from Bitfinex exchange told Cointelegraph:

“Sentiment improvements reduce fragility, but they do not eliminate structural risks like thin weekend liquidity.”

“Historically, weekends remain vulnerable to sharp moves — especially when open interest is high and market depth is low,” the analysts said, adding that unexpected macroeconomic news can still increase volatility during low liquidity periods.

Bitcoin (BTC) staged a near 11% recovery during the past week, but its rally has previously been limited by Sunday liquidity dynamics.

Bitcoin fell below $75,000 on Sunday, April 6, despite initially decoupling from the US stock market’s $3.5 trillion drop on April 4 after US Federal Reserve Chair Jerome Powell warned that Trump’s tariffs may affect the economy and raise inflation.

The correction was exacerbated by the lack of weekend liquidity and the fact that Bitcoin was the only large liquid asset available for de-risking, industry watchers told Cointelegraph.

“While improved sentiment creates a more stable foundation, cryptocurrency markets are still susceptible to rapid movements during periods of reduced trading volume,” according to Marcin Kazmierczak, co-founder and chief operating officer of RedStone blockchain oracle firm.

“The sentiment recovery provides some cushioning, but traders should remain cautious as weekend liquidity constraints can still amplify price movements regardless of the current market mood,” he told Cointelegraph.

Crypto investors may have “maxed out on tariff-related fears”

Cryptocurrency markets may have priced in the full extent of tariff-related concerns, according to Aurelie Barthere, principal research analyst at crypto intelligence platform Nansen.

“It feels like we’ve maxed out on tariff-related fear,” she told Cointelegraph, adding:

“While many remain uncertain about where things are headed over the next month or so, it also seems like markets were just waiting for the slightest signal that we’re back in the game.”

“Whether the rally is sustainable depends on whether we can break through previous resistance levels, at least in isolation. It could have legs, as markets now seem to believe there’s a ‘Trump put’ under equities, the US dollar and US Treasurys,” Barthere added, warning of more potential volatility amid the upcoming negotiations.

Nansen previously predicted a 70% chance that crypto markets will bottom and start a recovery by June, but highlighted that the timing will depend on the outcome of tariff negotiations.

The tariff negotiations may only be “posturing” for the US to reach a trade agreement with China, which may be the “big prize” for Trump’s administration, according to Raoul Pal, founder and CEO of Global Macro Investor.

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Politics

Deloitte predicts $4T tokenized real estate on blockchain by 2035

Published

6 hours ago

April 26, 2025

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Deloitte predicts T tokenized real estate on blockchain by 2035

Over $4 trillion worth of real estate could be tokenized on blockchain networks during the next decade, potentially offering investors greater access to property ownership opportunities, according to a new report.

The Deloitte Center for Financial Services predicts that over $4 trillion worth of real estate may be tokenized by 2035, up from less than $300 billion in 2024. The report, published April 24, estimates a compound annual growth rate (CAGR) of more than 27%.

The $4 trillion of tokenized property is predicted to stem from the benefits of blockchain-based assets, as well as a structural shift across real estate and property ownership.

Deloitte predicts $4T tokenized real estate on blockchain by 2035 — *Global tokenized real estate value, growth predictions. Source: Deloitte*

“Real estate itself is undergoing transformation. Post-pandemic work-from-home trends, climate risk, and digitization have reshaped property fundamentals,” according to Chris Yin, co-founder of Plume Network, a blockchain built for real-world assets (RWAs).

“Office buildings are being repurposed into AI data centers, logistics hubs and energy-efficient residential communities,” Yin told Cointelegraph.

“Investors want targeted access to these modern use cases, and tokenization enables programmable, customizable exposure to such evolving asset profiles,” he said.

The uncertainty triggered by US President Donald Trump’s import tariffs has boosted investor interest in the RWA tokenization sector, which involves minting financial products and tangible assets on a blockchain.

Both stablecoins and RWAs have attracted significant capital as safe-haven assets amid the global trade concerns, Juan Pellicer, senior research analyst at IntoTheBlock, told Cointelegraph.

The tariff concerns also led tokenized gold volume to surpass $1 billion in trading volume on April 10, its highest level since March 2023 when a US banking crisis saw the sudden collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank

Blockchain innovation could drive regulatory clarity

Growing RWA adoption may inspire a more welcoming stance from global regulators, Yin said.

“While regulation is a hurdle, regulation follows usage,” he explained, likening tokenization to Uber’s growth before widespread regulatory acceptance:

“Tokenization is similar — as demand increases, regulatory clarity will follow.”

He added that making tokenized products compliant with a wide range of international regulations is key to unlocking broader market access.

However, some industry watchers are skeptical about the benefits introduced by tokenized real estate.

“I don’t think tokenization should have its eyes directly set on real estate,” said Securitize chief operating officer Michael Sonnenshein at Paris Blockchain Week 2025.

“I’m sure there are all kinds of efficiencies that can be unlocked using blockchain technology to eliminate middlemen, escrow, and all kinds of things in real estate. But I think today, what the onchain economy is demanding are more liquid assets,” he added.

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Politics

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

Published

7 hours ago

April 26, 2025

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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.

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.

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.”

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