As AI deepfakes cause havoc during other elections, experts warn the UK’s politicians should be prepared.
“Just tell me what you had for breakfast”, says Mike Narouei, of ControlAI, recording on his laptop. I speak for around 15 seconds, about my toast, coffee and journey to their offices.
Within seconds, I hear my own voice, saying something entirely different.
In this case, words I have written: “Deepfakes can be extremely realistic and have the ability to disrupt our politics and damage our trust in the democratic process.”
Image: Tamara Cohen’s voice being turned into a deepfake
We have used free software, it hasn’t taken any advanced technical skills, and the whole thing has taken next to no time at all.
This is an audio deepfake – video ones take more effort to produce – and as well as being deployed by scammers of all kinds, there is deep concern, in a year with some two billion people going to the polls, in the US, India and dozens of other countries including the UK, about their impact on elections.
London mayor Sadiq Khan was also targeted this year, with fake audio of him making inflammatory remarks about Remembrance weekend and calling for pro-Palestine marches going viral at a tense time for communities. He claimed new laws were needed to stop them.
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Ciaran Martin, the former director of the UK’s National Cyber Security Centre, told Sky News that expensively made video fakes can be less effective and easier to debunk than audio.
“I’m particularly worried right now about audio, because audio deepfakes are spectacularly easy to make, disturbingly easy”, he said. “And if they’re cleverly deployed, they can have an impact.”
Those which have been most damaging, in his view, are an audio deepfake of President Biden, sent to voters during the New Hampshire primaries in January this year.
A “robocall” with the president’s voice told voters to stay at home and “save” their votes for the presidential election in November. A political consultant later claimed responsibility and has been indicted and fined $6m (£4.7m).
Mr Martin, now a professor at the Blavatnik School of Government at Oxford University, said: “It was a very credible imitation of his voice and anecdotal evidence suggests some people were tricked by that.
“Not least because it wasn’t an email they could forward to someone else to have a look at, or on TV where lots of people were watching. It was a call to their home which they more or less had to judge alone.
“Targeted audio, in particular, is probably the biggest threat right now, and there’s no blanket solution, there’s no button there that you can just press and make this problem go away if you are prepared to pay for it or pass the right laws.
“What you need, and the US did this very well in 2020, is a series of responsible and well-informed eyes and ears throughout different parts of the electoral system to limit and mitigate the damage.”
He says there is a risk to hyping up the threat of deepfakes, when they have not yet caused mass electoral damage.
A Russian-made fake broadcast of Ukrainian TV, he said, featuring a Ukrainian official taking responsibility for a terrorist attack in Moscow, was simply “not believed”, despite being expensively produced.
The UK government has passed a National Security Act with new offences of foreign interference in the country’s democratic processes.
The Online Safety Act requires tech companies to take such content down, and meetings are being regularly held with social media companies during the pre-election period.
Democracy campaigners are concerned that deepfakes could be used not just by hostile foreign actors, or lone individuals who want to disrupt the process – but political parties themselves.
Polly Curtis is chief executive of the thinktank Demos, which has called on the parties to agree to a set of guidelines for the use of AI.
Image: Polly Curtis, the chief executive of Demos
She said: “The risk is that you’ll have foreign actors, you’ll have political parties, you’ll have ordinary people on the street creating content and just stirring the pot of what’s true and what’s not true.
“We want them to come together and agree together how they’re going to use these tools at the election. We want them to agree not to create generative AI or amplify it, and label it when it is used.
“This technology is so new, and there are so many elections going on, there could be a big misinformation event in an election campaign that starts to affect people’s trust in the information they’ve got.”
Deepfakes have already been targeted at major elections.
Last year, within hours before polls closed in the Slovakian presidential election, an audio fake of one of the candidates claiming to have rigged the election went viral. He was heavily defeated and his pro-Russian opponent won.
The UK government established a Joint Election Security Preparations Unit earlier this year – with Whitehall officials working with police and security agencies – to respond to threats as they emerge.
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A UK government spokesperson said: “Security is paramount and we are well-prepared to ensure the integrity of the election with robust systems in place to protect against any potential interference.
“The National Security Act contains tools to tackle deepfake election threats and social media platforms should also proactively take action against state-sponsored content aimed at interfering with the election.”
A Labour spokesperson said: “Our democracy is strong, and we cannot and will not allow any attempts to undermine the integrity of our elections.
“However, the rapid pace of AI technology means that government must now always be one step ahead of malign actors intent on using deepfakes and disinformation to undermine trust in our democratic system.
“Labour will be relentless in countering these threats.”
Crypto companies seeking a US federal bank charter should be treated no differently than other financial institutions, says Jonathan Gould, the head of the Office of the Comptroller of the Currency (OCC).
Gould told a blockchain conference on Monday that some new charter applicants in the digital or fintech spaces could be seen as offering novel activities for a national trust bank, but noted “custody and safekeeping services have been happening electronically for decades.”
“There is simply no justification for considering digital assets differently,” he added. “Additionally, it is important that we do not confine banks, including current national trust banks, to the technologies or businesses of the past.”
The OCC regulates national banks and has previously seen crypto companies as a risk to the banking system. Only two crypto banks are OCC-licensed: Anchorage Digital, which has held a charter since 2021, and Erebor, which got a preliminary banking charter in October.
Crypto “should have” a way to supervision
Gould said that the banking system has the “capacity to evolve from the telegraph to the blockchain.”
He added that the OCC had received 14 applications to start a new bank so far this year, “including some from entities engaged in novel or digital asset activities,” which was nearly equal to the number of similar applications that the OCC received over the last four years.
Comptroller of the Currency Jonathan Gould giving remarks at the 2025 Blockchain Association Policy Summit. Source: YouTube
“Chartering helps ensure that the banking system continues to keep pace with the evolution of finance and supports our modern economy,” he added. “That is why entities that engage in activities involving digital assets and other novel technologies should have a pathway to become federally supervised banks.”
Gould brushes off banks’ concerns
Gould noted that banks and financial trade groups had raised concerns about crypto companies getting banking charters and the OCC’s ability to oversee them.
“Such concerns risk reversing innovations that would better serve bank customers and support local economies,” he said. “The OCC has also had years of experience supervising a crypto-native national trust bank.”
Gould said the regulator was “hearing from existing national banks, on a near daily basis, about their own initiatives for exciting and innovative products and services.”
“All of this reinforces my confidence in the OCC’s ability to effectively supervise new entrants as well as new activities of existing banks in a fair and even-handed manner,” he added.
The US Commodity Futures Trading Commission has issued updated guidance for tokenized collateral in derivatives markets, paving the way for a pilot program to test how cryptocurrencies can be used as collateral in derivatives markets.
Collateral in derivatives markets serves as a security deposit, acting as a guarantee to ensure that a trader can cover any potential losses.
The digital asset pilot, announced by CFTC acting chairman Caroline Pham on Monday, will allow futures commission merchants (FCM) — a company that facilitates futures trades for clients — to accept Bitcoin (BTC), Ether (ETH) and Circle’s stablecoin USDC (USDC) for margin collateral.
Pham said in a statement that the pilot program also “establishes clear guardrails to protect customer assets and provides enhanced CFTC monitoring and reporting.”
As part of the pilot, participating FCMs will be subject to strict reporting criteria, which require weekly reports on total customer holdings and any significant issues that may affect the use of crypto as collateral.
The CFTC’s Market Participants Division, Division of Market Oversight, and Division of Clearing and Risk also issued updated guidance on the use of tokenized assets as collateral in the trading of futures and swaps.
The guidance covers tokenized real-world assets, including US Treasury’s money market funds, and topics such as eligible tokenized assets, legal enforceability, segregation and control arrangements.
Pham said in an X post on Monday that the “guidance provides regulatory clarity and opens the door for more digital assets to be added as collateral by exchanges and brokers, in addition to US Treasurys and money market funds.”
The Market Participants Division also issued a “no-action position” on specific requirements regarding the use of payment stablecoins as customer margin collateral and the holding of certain proprietary payment stablecoins in segregated customer accounts.
A CFTC Staff Advisory that restricted FCMs’ ability to accept crypto as customer collateral, Staff Advisory 20-34, was also withdrawn because it is “outdated and no longer relevant,” in part due to the GENIUS Act.
Crypto execs back CFTC move
Several crypto executives applauded the move by the CFTC.
Katherine Kirkpatrick Bos, the general counsel at blockchain company StarkWare, said the use of “tokenized collateral in the derivatives markets is MASSIVE.”
“Atomic settlement, transparency, automation, capital efficiency, savings. Feels abrupt but who recalls the tokenization summit in 2/24, a glimmer of hope in the darkness,” she said.
Coinbase chief legal officer Paul Grewal also supported the action, calling Staff Advisory 20-34 a “concrete ceiling on innovation.”
“It relied on outdated info, went well beyond the bounds of regulation and frustrated the goals of the PWG.”
Salman Banaei, the general counsel at layer-1 blockchain the Plume Network, said it was a “major move” by the CFTC, and another push toward wider adoption.
“This is a step toward the use of onchain infra to automate settlement for the biggest asset class in the world: OTC derivatives, swaps,” he added.
The day after Sir Keir Starmer said he wanted Angela Rayner back in the cabinet, she showed Labour MPs what they’ve been missing.
The former deputy prime minister delighted Labour backbenchers with a powerful Commons speech defending her workers’ rights legislation on Monday evening.
With the House of Lords locked in a battle of parliamentary “ping pong” with MPs, she told ministers: “Now is not the time to blink or buckle.”
Her very public intervention came amid claims that her next move has the Labour Party on tenterhooks and that she’s the favourite to succeed Sir Keir if she wants the job.
And her speech, delivered from notes and clearly meticulously prepared, appeared to send a message to Labour MPs: I’m here to make a comeback.
The government’s flagship Employment Rights Bill was championed by Ms Rayner when she was deputy PM, in the face of bitter opposition from the Conservatives.
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In a bid to end the deadlock with the Lords, ministers have backed down on unfair dismissal protection from day one, proposing a compromise of six months.
Backing the compromise, brokered with the TUC, Ms Rayner said: “I know ministers had faced difficult decisions and difficult discussions with the employers and worker representatives.
“But I strongly believe that the work that has been done has been necessary, and we should be able to move forward now.”
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Could Rayner come back?
Attacking the upper chamber for delaying the legislation, she said: “There is now no more time to waste.
“Vested interests worked with the Tories and the Lib Dems and, cheered on by Reform and backed by the Greens, to resist the manifesto on which we were elected.
“And now there can be no excuses. We have a mandate for a new deal for working people, and we must, and we will deliver it.
And she concluded: “It has been a battle to pass this bill, but progress is always a struggle that we fought for. Its passage will be a historic achievement for this Labour government.
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Angela Rayner’s resignation speech
“It will benefit working people now and into the future. Now is not the time to blink or buckle. Let’s not waste a minute more. It’s time to deliver.”
It was the sort of fighting talk and defiance of the government’s opponents that will have cheered up Labour MPs and boosted her hopes of a comeback and even a leadership bid.
It came as speculation over Sir Keir’s future grows more frenzied by the day, with claims that even some of his own supporters have begun the hunt for his successor.
The thinktank that ran his leadership campaign in 2020, Labour Together, is reported to be canvassing party members on candidates to replace him.
Image: Wes Streeting and Angela Rayner.
There was even a claim last week that allies of Wes Streeting were sounding out Labour MPs about a pact with Ms Rayner and a joint ticket for the leadership.
The health secretary dismissed that claim as a “silly season story”, while a Rayner ally said: “There’s no vacancy and there’s no pact”. They added that she will not “be played like a pawn”.
Mr Streeting did, however, start speculation himself when he said in his Labour conference speech: “We want her back. We need her back.”
Fuelling more speculation, Sir Keir went further than he had previously on Sunday, when he was asked in an Observer interview if he missed her and replied; “Yes, of course I do. I was really sad that we lost her.”
And asked if she would return to the cabinet, the prime minister said: “Yes. She’s hugely talented.”
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‘Angela Rayner, this achievement is yours.’
Sir Keir also described Ms Rayner, who left school at 16 without any qualifications, as “the best social mobility story this country has ever seen”.
But a swift return to the cabinet would be hugely controversial, because the PM’s ethic adviser, Sir Laurie Magner, ruled that she breached the ministerial code by underpaying stamp duty when she bought a flat.
But she has been linked to speculation about possible efforts to remove Sir Keir if – as predicted – Labour performs badly in the Scottish, Welsh and local elections next May.
Her supporters also claim she will eventually be cleared by HMRC over her stamp duty breach, clearing the way for her to come back.
And her latest speech – combative, defiant and yet loyal – will have boosted her hopes, and reminded Labour MPs what they’ve missed since she quit in September.