Rishi Sunak ‘deeply concerned’ about potential Israeli offensive in Rafah after Palestinians told to evacuate
Rishi Sunak is “deeply concerned” about a potential Israeli offensive in the city of Rafah in the south of Gaza.
It comes after Israel’s military told Palestinians to leave parts of the city, with the announcement appearing to signal a long-threatened Israeli ground invasion is imminent.
Hamas accepts ceasefire deal proposed by mediators – follow live
Speaking on Monday, Mr Sunak said: “I’ve been very consistent that we are deeply concerned about the prospect of a military incursion into Rafah, given the number of civilians that are sheltering there and the importance of that crossing for aid.
“I’ve made those points repeatedly to Prime Minister Netanyahu.
“The priority right now should be on all parties, but particularly Hamas, to agree to a deal to release hostages and allow more aid to go in as part of a temporary pause, which will allow us to build a sustainable ceasefire.
“That’s the best way to end the suffering. And that’s what I continue to call on all parties to do.”
Labour leader Sir Keir Starmer has said an Israeli offensive “must not go ahead”, while shadow foreign secretary David Lammy called for an “immediate ceasefire” and said an Israeli offensive in Rafah “would be catastrophic”.
Israel says Rafah is the last significant Hamas stronghold but had previously paused plans to attack the city in southern Gaza so hostage release negotiations could take place.
However, Israeli defence minister Yoav Gallant claimed on Sunday that Hamas was not serious about a deal and the army was preparing “a powerful operation in the very near future in Rafah”.
On Sunday, Hamas set off rockets from Rafah towards Kerem Shalom, Israel’s main crossing point for delivering aid, killing three Israeli soldiers.
Overnight, Israeli strikes killed at least 19 people, including a baby, according to Palestinian health officials.
Follow live updates from the Israel-Hamas war
A house in Rafah was hit by Israeli strikes overnight. Pic: Reuters
Israel’s army has told about 100,000 people to evacuate eastern Rafah to a humanitarian zone designated by Israel on the Mediterranean coast.
Rafah, Gaza’s most southern city, on the Egyptian border, is where more than a million people – more than half of Gaza’s population – have taken refuge during the war that began last October.
Joining other Western nations and humanitarian organisations in urging Israel not to strike Rafah, Sir Keir said on social media: “With more than a million Palestinian civilians sheltering in Rafah, an Israeli offensive must not go ahead.
“There must be an immediate ceasefire, the immediate release of all hostages, and unimpeded aid into Gaza that can be delivered regularly, quickly and safely.”
Read more: Why has Israel’s offensive prompted widespread international condemnation?
People were fleeing Rafah
Mr Lammy wrote: “An Israeli offensive in Rafah would be catastrophic. It must not go ahead.
“We need an immediate ceasefire, the immediate release of hostages, and immediate unimpeded aid to Gaza.”
UK Foreign Secretary Lord Cameron earlier said the UK is “very concerned” about the situation in Rafah and called for Israel to “stop and think seriously” before taking further action.
Charity ActionAid said forcing Palestinians from Rafah “without a safe destination is not only unlawful but would lead to catastrophic consequences”.
They said “there are no safe zones in Gaza” and aid workers have seen some of the “most severe conditions in recent memory” with widespread disease, starvation and chaos.
People in eastern Rafah were told to move to al Mawasi, an Israeli-declared humanitarian area near the coast
Madeleine McGovern, from Care International UK, said ministers need to urgently suspend licences for arms sales to Israel to prevent an expansion of military operations in Rafah.
“It would be unconscionable for British-made weapons to be used in an assault on Rafah,” she said.
Islamic Relief warned the area where Palestinians have been ordered to move, al Mawasi, is not safe and that forcing more people there will make the humanitarian crisis worse.
The US House of Representatives has voted in favor of nullifying a rule that would have required decentralized finance (DeFi) protocols to report to the Internal Revenue Service.
On March 11, the House of Representatives voted 292 for and 132 against a motion to repeal the so-called IRS DeFi broker rule that aimed to expand existing IRS reporting requirements to crypto.
All 132 votes to keep the rule were Democrats. However, 76 of those in the party joined the Republican vote to repeal it.
This follows the US Senate’s March 4 vote on the motion to repeal, which saw it pass with a vote of 70 to 27.
The rule would force DeFi platforms, such as decentralized exchanges, to disclose gross proceeds from crypto sales, including information regarding taxpayers involved in the transactions.
Speaking after the vote, Republican Representative Mike Carey, who submitted the repeal motion, said, “The DeFi broker rule invades the privacy of tens of millions of Americans, hinders the development of an important new industry in the United States and would overwhelm the IRS.”
Congressman Mike Carey speaking after the vote. Source: Mike Carey
House Financial Services Committee Chairman French Hill also applauded the overturning of the rule, calling it “a clear example of government overreach that threatens to push American digital asset development overseas.”
The resolution will need to pass another Senate vote before being sent to President Donald Trump, who has signaled he’d support it.
Those opposing the rule repeal included Democrat Representative Lloyd Doggett, who said getting a “special interest exemption” from IRS disclosures “makes tax evasion and money laundering so much easier for wealthy Republican donors who have been using these decentralized exchanges.”
He claimed killing the rule would create a “loophole that would be exploited by wealthy tax cheats, drug traffickers and terrorist financiers.”
Related: US lawmakers advance resolution to repeal ‘unfair’ crypto tax rule
In early March, White House AI and crypto czar David Sacks said the administration would support congressional efforts to rescind the DeFi broker rule.
At the time, officials from the Office of Management and Budget wrote “This rule … would stifle American innovation and raise privacy concerns over the sharing of taxpayers’ personal information, while imposing an unprecedented compliance burden on American DeFi companies.”
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Securities exchange Cboe BZX is seeking permission from US regulators to incorporate staking into Fidelity’s Ether exchange-traded fund (ETF), according to a March 11 filing.
The filing marks Cboe’s latest attempt to support staking for the Ether (ETH) funds traded on its US exchange.
Cboe’s proposed rule change would allow Fidelity Ethereum Fund (FETH) to “stake, or cause to be staked, all or a portion of the Trust’s ether through one or more trusted staking providers,” the filing said.
The Fidelity Ethereum Fund is among the most popular Ether ETFs, with nearly $1 billion in assets under management, according to data from VettaFi.
In February, Cboe asked permission to add staking to another Ether ETF, the 21Shares Core Ethereum ETF.
Staking Ether enhances returns and involves posting ETH as collateral with a validator in exchange for rewards.
As of March 11, staking Ether yields approximately 3.3% APR, denominated in ETH, according to Staking Rewards.
Other popular cryptocurrencies, including Solana (SOL), also feature staking mechanisms.
Staking rewards by asset type. Source: Staking Rewards
Related: SEC seeks comment on in-kind redemptions for Bitcoin, Ether ETFs
Proposed rule changes
The US Securities and Exchange Commission must still approve Cboe’s proposed rule changes before staking can commence.
In February, the SEC acknowledged more than a dozen exchange filings related to cryptocurrency ETFs, according to records.
The SEC’s acknowledgments highlight how the agency has softened its stance on crypto since US President Donald Trump started his second term on Jan. 20.
In addition to staking, the filings, submitted by Cboe and other exchanges, addressed proposed rule changes concerning options, in-kind redemptions and new types of altcoin funds.
Cboe has also asked permission to list Canary and WisdomTree’s proposed XRP (XRP) ETFs and support in-kind creations and redemptions for Fidelity’s Bitcoin (BTC) and ETH ETFs, among other proposed changes.
Magazine: MegaETH launch could save Ethereum… but at what cost?
A member of the Texas legislature has proposed a bill that could limit the amount local and state authorities invest in cryptocurrency as a reserve asset.
In a bill filed on March 10, Texas Representative Ron Reynolds proposed the state’s comptroller not be allowed to invest more than $250 million of its Economic Stabilization Fund — otherwise known as a “rainy day” fund — in Bitcoin (BTC) or other cryptocurrencies. The legislation also suggested that Texas municipalities or counties could not invest more than $10 million in crypto.
HB 4258, filed by Texas Representative Ron Reynolds. Source: Texas legislature
The proposed bill followed the Texas Senate passing legislation on March 6 to establish a strategic Bitcoin reserve in the state. The SB 21 bill seemingly could allow the Texas comptroller to have no limit on purchasing BTC for a reserve, based on the most recent draft.
Related: Bitcoin reserve backlash signals unrealistic industry expectations
The plan for a strategic Bitcoin reserve in Texas was one of many separate bills proposed in US state governments following the inauguration of President Donald Trump and Republican lawmakers winning control of the US House of Representatives and Senate. Texas Lieutenant Governor Dan Patrick said in January that the state’s legislative priorities for 2025 would include a proposal to establish a Texas Bitcoin Reserve.
Is there a partisan divide on state and federal crypto plans?
It’s unclear if Rep. Reynolds, a Democrat, intended to support the BTC reserve bill introduced by State Senator Charles Schwertner, a Republican, or propose restrictions in the event the legislation becomes law. If passed and signed by Governor Greg Abbott, the bill would take effect on Sept. 1. Cointelegraph reached out to Rep. Reynolds’ office for comment but did not receive a response at the time of publication.
Though Trump signed an executive order on March 7 to create a federal “Strategic Bitcoin Reserve” and “Digital Asset Stockpile,” many legal experts have questioned the US president’s authority to enact specific policies through EOs. Wyoming Senator Cynthia Lummis reintroduced legislation on March 11 to codify the proposed BTC reserve into law in the Senate.
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