SNP leadership race: John Swinney announces bid to succeed Humza Yousaf as Scotland’s first minister

Published

12 months ago

May 2, 2024

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John Swinney has announced his bid to take over from Humza Yousaf as SNP leader and Scotland’s first minister.

The Perthshire North MSP has spent a year on the backbenches after he stepped down as deputy first minister when Nicola Sturgeon resigned in 2023.

Announcing his intention to run for first minister during a visit to Grassmarket Community Project in Edinburgh on Thursday, he said: “I want to build on the work of the SNP government to create a modern, diverse, dynamic Scotland that will ensure opportunities for all of our citizens.

“I want to unite the SNP and unite Scotland for independence.”

Mr Swinney accepted that the SNP is “not as cohesive as it needs to be” to achieve its goal of Indyref2.

He said: “That has to change. I could have stood back and hoped others would sort things out, but I care too much about the future of Scotland and the Scottish National Party to walk on by.”

Highlighting how he joined the SNP as a teenager and has served as a senior minister for 16 years, he added: “I believe I have the experience, the skills, and I command the trust and the confidence of people across this country to bring the SNP back together again and get us focused on what we do best – uniting Scotland, delivering for the people and working to create the best future for our country.”

The search is currently on to find a new leader for the SNP and Scotland following Mr Yousaf’s resignation on Monday.

Within hours of his resignation, several senior figures within the SNP voiced their support for Mr Swinney, including the party’s Westminster leader Stephen Flynn, education secretary Jenny Gilruth, and MPs Pete Wishart, Ian Blackford and Alyn Smith.

Former finance secretary Kate Forbes is expected to give a statement later on Thursday. She is being tipped as a potential frontrunner to join the leadership race.

Mr Swinney said: “We have many talented people leading the work of the Scottish government. I want Kate Forbes to play a significant part in that team.

“She is an intelligent, creative, thoughtful person who has much to contribute to our national life. And if elected, I will make sure that Kate is able to make that contribution.

“And that will be part of a united team that draws together our whole party, which given my deep, deep devotion to the SNP, I think I am best placed to put together.”

Mr Swinney has been an MSP since the Scottish parliament’s inception in 1999, serving North Tayside, and previously representing the same constituency at Westminster in 1997.

The politician, who was also finance secretary under Alex Salmond’s government, is said by his supporters to have the experience needed to lead the country following Mr Yousaf’s departure.

Under Ms Sturgeon, he occupied several ministerial offices, including education secretary, COVID-19 recovery secretary and again in finance – taking over from Ms Forbes during her maternity leave.

During his time as Ms Sturgeon’s deputy, he cemented his reputation as a dogged defender of his boss, as well as an SNP stalwart.

However, he faced two close no-confidence votes in Holyrood, first over the handling of school exams during the pandemic, and his initial refusal to publish legal advice during the inquiry into the botched handling of harassment complaints against Mr Salmond.

The former SNP leader – who resigned from that post in 2004 following poor European parliament election results – ruled himself out of the 2023 leadership race to replace Ms Sturgeon, citing that he had to put his young family first.

But he said today: “One of the benefits of stepping back from frontline politics a year ago is that I’ve had the time and the opportunity to see our political situation from a different perspective than before.”

Mr Swinney said the SNP had achieved a “huge amount” for the people of Scotland, highlighting his pride in the Scottish child payment, free university tuition and the “massive expansion” of childcare.

He said SNP policies “lift children from poverty, give them a better start in life and enable them to go to university”.

He added: “Only the SNP stand with the majority of people who want their government to be in the moderate centre-left of Scottish politics.

“That is where I stand. And if elected by my party and by parliament, my goals as first minister will come straight from that centre-left tradition.

“The pursuit of economic growth and social justice. Economic growth not for its own sake, but to support the services and the society we all want to see.

“I will pursue priorities that will make Scotland the best our country can be as a modern, innovative, dynamic nation.”

Mr Swinney said further action must be taken to raise more children out of poverty.

He also said the climate emergency is a “real and present threat to our society” and an approach to net zero must be designed that takes “people and businesses with us”.

Raising the topic of independence, he said: “I’ve believed all of my adult life that Scotland’s future is best served as an independent country. But I recognise that more people need to be convinced of that point before independence can be achieved.

“I want to focus my efforts on reaching out in Scotland with respect and courtesy to address the obstacles in the way of winning the case for independence – to persuade people that Scotland’s future is best served with the powers of independence.”

Speaking to Sky News on Wednesday, Mr Yousaf said any suggestion of him being forced out of office to make way for Mr Swinney was “complete and utter rubbish”.

And Mr Swinney said today: “I am no caretaker. I am no interim leader.”

He added that he intends to lead the SNP beyond the next general election and the 2026 Scottish parliament election, stating: “So, my message is crisp and simple – I’m stepping forward to bring the SNP together to deliver economic growth and social justice, to deliver the very best future for everyone in a modern, dynamic, diverse Scotland.

“I want to unite the SNP and unite Scotland for independence. I invite everyone in the SNP and in our country who wants to join me in that journey to do so now.”

Nominations for SNP leader close at noon on Monday 6 May.

Prospective candidates will have to gain the support of 100 members from 20 different SNP branches to qualify for the contest.

Any potential ballot will then open at 12pm on Monday 13 May and will close at noon on Monday 27 May.

Politics

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

Published

3 hours ago

April 27, 2025

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<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.

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

Politics

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

Published

5 hours ago

April 27, 2025

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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.

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.

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.

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?

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 👈

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.

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.

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

Politics

Solana’s Loopscale pauses lending after $5.8M hack

Published

11 hours ago

April 26, 2025

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<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.

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.

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.

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