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The Scottish government has survived a vote of no confidence at Holyrood.

Scottish Labour pressed ahead with its motion despite Humza Yousaf announcing earlier this week his intention to stand down as SNP leader and first minister.

It failed by 58 votes to 70.

The Scottish Greens voted against the motion, with party co-leader Patrick Harvie branding it “chaos for the sake of chaos”.

If it had passed, all ministers in the minority SNP government would have been forced to quit.

Opening the debate, Scottish Labour leader Anas Sarwar thanked Mr Yousaf for his service and wished him well, but said Scotland was “crying out for change” from the UK Conservative government and the SNP Scottish government.

He said the country needed “credible and effective leadership” to deal with “twin crises” in the economy and NHS.

More on Humza Yousaf

Mr Sarwar added: “I have no confidence in the SNP’s ability to deliver that and that is why I am bringing this motion to parliament today.”

The outgoing first minister defended his government’s record, adding that in the 13 months he has spent in charge he had not “heard a single positive idea” from Scottish Labour.

Scottish Labour leader Anas Sarwar during a debate on a motion of no confidence in the Scottish Government, at the Scottish Parliament in Holyrood, Edinburgh. Picture date: Wednesday May 1, 2024.
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Anas Sarwar thanked Mr Yousaf for his service, but said Scotland was ‘crying out for change’. Pic: PA

Mr Yousaf added: “What I have heard is the deafening sound of principle after principle being thrown out of Anas Sarwar’s window.

“U-turning on the two-child cap, U-turning on the devolution of employment law, U-turning on the devolution of drug law, U-turning on his support for Waspi women.”

Mr Yousaf said pro-UK parties, in their “cosy Westminster alliance”, would be “terrified” of a vote of no confidence.

He added: “As I have found out only too well in the last few days, politics is definitely about the choices we choose to make.

“As a government, I am exceptionally proud of our choices.”

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What comes next for the SNP?

The debate and vote has come following the breakdown of the Bute House Agreement.

Within hours of the powersharing deal with the Scottish Greens coming to an end last week, Scottish Tory leader Douglas Ross announced he would be bringing a motion of no confidence in the first minister.

Angry over the way the party was dumped from government, the Scottish Greens announced its MSPs would be backing the motion.

Scottish Labour then announced it was planning a motion of no confidence in the Scottish government.

Mr Yousaf reached out to his political opponents in an effort to stem the uprising but conceded that he had “underestimated the level of hurt and upset” his actions had caused Scottish Green colleagues.

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Speaking to Sky News earlier on Wednesday, Mr Yousaf said: “I will certainly be regretting the way it ended.”

The Scottish Tories dropped their motion following Mr Yousaf’s resignation, but Scottish Labour pressed on as the party believes the decision on the next first minister should be put to the public.

Mr Yousaf intends to remain in post until his successor is announced.

Read more:
Who could replace Humza Yousaf?
What happens now following his resignation
SNP stands at a crossroads – what direction will party take?

Former deputy first minister John Swinney and ex-finance secretary Kate Forbes have emerged as potential frontrunners to throw their hat into the ring.

Kate Forbes speaks to the media at the Scottish Parliament in Edinburgh. The SNP is beginning the search for a new leader after a day of drama in Scottish politics saw Humza Yousaf announce his resignation as the country's First Minister. Picture date: Tuesday April 30, 2024.
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Kate Forbes speaking to journalists earlier this week. Pic: PA

Mr Sarwar pointed to reports that Ms Forbes could struggle to appoint ministers and described Mr Swinney as “the finance secretary that broke the public finances and the worst education secretary in the history of the Scottish parliament”.

Mr Ross, whose party threw its support behind the Scottish Labour motion, was forced to apologise to Mr Swinney after referring to him as “not so honest John” in the Holyrood chamber.

John Swinney at the Scottish Parliament in Edinburgh. The SNP is beginning the search for a new leader after a day of drama in Scottish politics saw Humza Yousaf announce his resignation as the country's First Minister. Picture date: Tuesday April 30, 2024.
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John Swinney at Holyrood on Tuesday. Pic: PA

Mr Ross was first reprimanded for referring to Mr Swinney as “honest John”, but when presiding officer Alison Johnstone reminded him not to use nicknames, he said: “Oh sorry, I thought it was on accuracy because it would be not so honest John with some of the things we’ve heard recently.”

Scottish Conservative party leader Douglas Ross being interviewed at the Scottish Parliament in Edinburgh. The SNP is beginning the search for a new leader after a day of drama in Scottish politics saw Humza Yousaf announce his resignation as the country's First Minister. Picture date: Tuesday April 30, 2024.
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Douglas Ross (pictured) was first reprimanded for referring to Mr Swinney as ‘honest John’. Pic: PA

Apologising, Mr Ross said: “I will apologise. I’m very sorry for any hurt caused.”

The Scottish Tory leader added: “Whether we have a bitter battle or a cosy coronation to elect the next leader of the SNP, they will continue campaigning for independence and the Scottish people will continue to be failed by them.”

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US crypto rules like ‘floor is lava’ game without lights — Hester Peirce

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<div>US crypto rules like 'floor is lava' game without lights — Hester Peirce</div>

<div>US crypto rules like 'floor is lava' game without lights — Hester Peirce</div>

SEC Commissioner and head of the crypto task force, Hester Peirce, says US financial firms are navigating crypto in a way that’s similar to playing the children’s game “the floor is lava,” but in the dark.

“It is time that we find a way to end this game. We need to turn on the lights and build some walkways over the lava pit,” Peirce said at the SEC “Know Your Custodian” roundtable event on April 25.

The lava is crypto, says Peirce

Peirce explained that SEC registrants are forced to approach crypto-related activities like “the floor is lava,” where the aim is to jump from one piece of furniture to the next without touching the ground, except here, touching crypto directly is the lava.

“A D.C. version of this game is our regulatory approach to crypto assets, and crypto asset custody in particular,” she said.

Peirce said that, much like in the game, firms wanting to engage with crypto must avoid directly holding it due to unclear regulatory rules. “To engage in crypto-related activities, SEC-registrants have had to hop from one poorly illuminated regulatory space to the next, all while ensuring that they never touch any crypto asset,” Peirce said.

Cryptocurrencies, SEC, United States
Source: US Securities and Exchange Commission

Peirce said that investment advisers are often unsure which crypto assets qualify as securities, what entities count as qualified custodians, and whether “exercising staking or voting rights” could trigger custody violations.

“The twist in the regulatory version is that it is largely played in the dark: burning legal lava and no lamps to illuminate the way.”

Peirce also said that a broker or ATS that cannot custody or manage crypto assets will struggle to facilitate trading, making it unlikely for a “robust market” to develop.

Echoing a similar sentiment, SEC Commissioner Mark Uyeda said at the event that as more SEC registrants work with crypto assets, it’s essential that they have access to custodial options that meet legal and regulatory requirements.

Uyeda said the agency should consider letting advisers use “state-chartered limited-purpose trust companies” with the authority to hold crypto assets as qualified custodians.

Related: Blockchain needs regulation, scalability to close AI hiring gap

Meanwhile, the recently sworn-in chair of the SEC, Paul Atkins, said that 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.

Magazine: Bitcoin $100K hopes on ice, SBF’s mysterious prison move: Hodler’s Digest, April 19 – 25

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Labour and Reform in battle for Runcorn by-election seat – but disillusionment could be eventual winner

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Labour and Reform in battle for Runcorn by-election seat - but disillusionment could be eventual winner

On the banks of the Mersey, Runcorn and Helsby is a more complicated political picture than the apparent Labour heartland that first presents itself.

Yes, there are industrial and manufacturing areas – an old town that’s fallen victim to out-of-town shopping, and an out-of-town shopping centre that’s fallen victim to Amazon.

But there are also more middle-class new town developments, as well as Tory-facing rural swathes.

Space Café director Marie Moss says a sense of community has faded
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Space Cafe director Marie Moss says a sense of community has faded

One thing this area does mirror with many across the country, though, is a fed-up electorate with little confidence that politics can work for them.

In the Space Cafe in Runcorn Old Town, its director Marie Moss says many in the region remember a time when a sense of community was more acute.

“People were very proud of their town… and that’s why people get upset and emotional as they remember that,” she says.

It’s this feeling of disenfranchisement and nostalgia-tinged yearning for the past that Reform UK is trading off in its targeting of traditional Labour voters here.

More on Liverpool

Party leader Nigel Farage features heavily on leaflets in these parts, alongside spikey messaging around migration, law and order, and Labour’s record in government so far.

Runcorn 2024 result
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Runcorn 2024 result

Taxi driver Mike Holland hears frequent worries about that record from those riding in the back of his cab.

A Labour voter for decades, he says locals were “made up” at last year’s election result but have been “astonished” since then, with benefit changes a common topic of concern.

“Getting a taxi is two things, it’s either a luxury or a necessity… the necessity people are the disabled people… and a lot of the old dears are so stressed and worried about their disability allowance and whether they are going to get it or not get it,” he says.

But will that mean straight switchers to Reform UK?

Taxi driver Mike Holland has voted for Labour for decades, but is looking at the Liberal Democrats and Greens, or may not vote
Image:
Taxi driver Mike Holland has voted for Labour for decades, but is now looking at the Lib Dems and Greens – or may not vote at all

Mike says he agrees with some of what the party is offering but thinks a lot of people are put off by Mr Farage.

He’s now looking at the Liberal Democrats and Greens, both of whom have put up local politicians as candidates.

Or, Mike says, he may just not vote at all.

It’s in places like Runcorn town that some of the political contradictions within Reform UK reveal themselves more clearly.

Many here say they were brought up being told to never vote Tory.

And yet, Reform, chasing their support, has chosen a former Conservative councillor as its candidate.

It’s no surprise Labour has been trialling attack lines in this campaign, painting Mr Farage’s party as “failed Tories”.

As a response to this, look no further than Reform’s recent nod to the left on industrialisation and public ownership.

👉 Click here to listen to Electoral Dysfunction on your podcast app 👈

Read more:
Tough test for Labour after MP quits
MP jailed for late-night brawl
Local elections could re-shape politics

But head 15 minutes south from Runcorn docks, and this by-election campaign changes.

Rural areas like Frodsham and Helsby have, in the past, tended towards the Tories.

The Conservatives, of course, have a candidate in this vote, one who stood in a neighbouring constituency last year.

But Reform is now making a hard play for their supporters in these parts, with a softer message compared to the one being put out in urban areas – an attempt to reassure those anxious about too much political revolution coming to their privet-lined streets.

Labour, meanwhile, is actively trying to mobilise the anti-Farage vote by presenting their candidate – another local councillor – as the only person who can stop Reform.

Nadine Tan is concerned about division and anger in the community
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Makeup artist Nadine Tan is concerned about division and anger in the community

The pitch here is aimed at voters like Frodsham makeup artist Nadine Tan, who are worried about division and anger in the community.

“I think they need to kind of come together and stop trying to divide everyone,” she says.

But like Mike the taxi driver five miles north, disillusionment could be the eventual winner as Nadine says, despite the “thousands of leaflets” through her door, she still thinks “they all say the same thing”.

One factor that doesn’t seem to be swinging too many votes, though, is the insalubrious circumstances in which the area’s former Labour MP left office.

Suspended Labour MP Mike Amesbury walks outside Chester Magistrates Court.
Pic: Reuters
Image:
Labour MP Mike Amesbury was convicted of punching a man in the street. Pic: Reuters

Mike Amesbury stepped down after being convicted of repeatedly punching a constituent in a late-night brawl outside a pub.

But across the patch, many praise their ex-MP’s local efforts, while also saying he was “very silly” to have acted in the way he did.

That may be putting it mildly.

But it’s hard to find much more agreement ahead of Thursday’s vote.

A constituency still hungry for change, but unsure as to who can deliver it.

Full list of candidates, Runcorn and Helsby by-election:

Catherine Anne Blaiklock – English Democrats
Dan Clarke – Liberal Party
Chris Copeman – Green Party
Paul Duffy – Liberal Democrats
Peter Ford – Workers Party
Howling Laud Hope – Monster Raving Loony Party
Sean Houlston – Conservatives
Jason Philip Hughes – Volt UK
Alan McKie – Independent
Graham Harry Moore – English Constitution Party
Paul Andrew Murphy – Social Democratic Party
Sarah Pochin – Reform UK
Karen Shore – Labour
John Stevens – Rejoin EU
Michael Williams – Independent

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Solana’s Loopscale pauses lending after $5.8M hack

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<div>Solana's Loopscale pauses lending after .8M hack</div>

<div>Solana's Loopscale pauses lending after .8M hack</div>

Solana decentralized finance (DeFi) protocol Loopscale has temporarily halted its lending markets after suffering an approximately $5.8 million exploit. 

On April 26, a hacker siphoned approximately 5.7 million USDC (USDC) and 1200 Solana (SOL) from the lending protocol after taking out a “series of undercollateralized loans”, Loopscale co-founder Mary Gooneratne said in an X post. 

The exploit only impacted Loopscale’s USDC and SOL vaults and the losses represent around 12% of Loopscale’s total value locked (TVL), Gooneratne added. 

Loopscale is “working to resume repayment functionality as soon as possible to mitigate unforeseen liquidations,” its said in an X post. 

“Our team is fully mobilized to investigate, recover funds, and ensure users are protected,” Gooneratne said.

Solana's Loopscale pauses lending after $5.8M hack
Loopscale’s ‘Genesis’ lending vaults. Source: Loopscale

In the first quarter of 2025, hackers stole more than $1.6 billion worth of crypto from exchanges and on-chain smart contracts, blockchain security firm PeckShield said in an April report. 

More than 90% of those losses are attributable to a $1.5 billion attack on ByBit, a centralized cryptocurrency exchange, by North Korean hacking outfit Lazarus Group.

Related: Crypto hacks top $1.6B in Q1 2025 — PeckShield

Unique DeFi lending model

Launched on April 10 after a six-month closed beta, Loopscale is a DeFi lending protocol designed to enhance capital efficiency by directly matching lenders and borrowers.

It also supports specialized lending markets, such as “structured credit, receivables financing, and undercollateralized lending,” Loopscale said in an April announcement shared with Cointelegraph. 

Loopscale’s order book model distinguishes it from DeFi lending peers such as Aave that aggregate cryptocurrency deposits into liquidity pools.

Solana's Loopscale pauses lending after $5.8M hack
Loopscale’s daily active users. Source: Mary Gooneratne

Loopscale’s main USDC and SOL vaults yield APRs exceeding 5% and 10%, respectively. It also supports lending markets for tokens such as JitoSOL and BONK (BONK) and looping strategies for upwards of 40 different token pairs. 

The DeFi protocol has approximately $40 million in TVL and has attracted upwards of 7,000 lenders, according to researcher OurNetwork.

Magazine: Ripple says SEC lawsuit ‘over,’ Trump at DAS, and more: Hodler’s Digest, March 16 – 22

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