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The co-leader of the Greens has rejected comparisons with Liz Truss for proposing to borrow COVID levels of money to fund his party’s manifesto programme.

Adrian Ramsay, who leads the Greens alongside Carla Denyer, did not reject that his party would spend £325bn over the course of the parliament to invest in public services.

But speaking to Sophy Ridge, Sky News’ lead politics presenter, Mr Ramsay denied the suggestion his proposals could be likened to those put forward by the former prime minister whose economic plans unravelled and forced her from office.

According to the House of Commons library, the total cost of the government’s COVID-19 measures ranges from about £310bn to £410bn.

Election latest: ‘Real collapse’ for Tories after ‘uplift’ in support for Reform

The numbers in the Green Party’s manifesto were crunched by Sky News economics editor Ed Conway and total £325bn.

Put to him that his party could borrow that figure to fund spending, Mr Ramsay said: “Our proposal is that over the course of the parliament, the extra spending that we would have on day-to-day spending would be funded by increased day-to-day taxes.”

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He added: “This is money that’s being borrowed for investment. Investment in things like our school buildings that are crumbling, hospital buildings.”

The Green Party’s manifesto, launched last week, promised to “mend broken Britain” through a programme of investment paid for by the “very richest” in society.

It includes a 1% annual wealth tax on assets above £10m and 2% on assets above £1bn, along with reforms to Capital Gains Tax to align with workers’ income tax, and removing the upper earnings limit on national insurance.

The Greens believe this could raise up to £70bn a year, with their plans to introduce a carbon tax adding another £80bn to the government’s coffers.

Read more:
Who are the Green Party co-leaders?
A guide to the Green Party

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But unlike some of their rivals, the Greens have also made clear they are “prepared to borrow to invest”, rather than be “trapped by a self-imposed fiscal straitjacket”.

Challenged on the choice of language – which Ridge said mirrored that used by Ms Truss – Mr Ramsay said the key difference with the former Tory leader was that she “borrowed to give tax breaks to the very richest in society”.

“We’re talking about investing in a future that will be better for everybody,” he argued.

“And we need to bring about those changes because we have high levels of inequality. We have changes in the climate that are running away with themselves. And the climate experts are always, always very clear. The costs of not acting on the climate emergency are far greater than the costs of acting.”

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Mr Ramsay also defended increasing tax on people earning more than £50,000 by changing national insurance for those who earn over that threshold.

“Our proposal is that national insurance is changed so that everybody pays the same percentage of their salary on national insurance, regardless of what they earn,” he said.

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“I’m not saying £50,000 is too high a salary,” he added.

“Someone earning £55,000 on our proposals would pay £5 extra a week, but let’s look at what they’d get for that – because at the moment we have a situation where people are forking out for a private dentist because there’s no access to NHS dentists, they’re paying exorbitant rail fares, they’re paying high energy and food bills.

“Green proposals are about tackling the cost of living crisis, and the causes of why people are having to fork out those things, and we’d all be better off overall if we put the investment in.”

You can watch the full interview with Adrian Ramsay on the Politics Hub with Sophy Ridge from 7pm on Thursday.

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US Senate crypto bills stall amid Trump ties and ethics concerns

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US Senate crypto bills stall amid Trump ties and ethics concerns

US Senate crypto bills stall amid Trump ties and ethics concerns

Efforts to pass crypto legislation in the US Senate face mounting resistance amid growing ethical concerns around US President Donald Trump’s ties to crypto.

In a May 5 letter to the Office of Government Ethics, Senators Elizabeth Warren and Jeff Merkley said that Trump and his family stand to personally profit from an investment involving UAE state-backed firm MGX, crypto exchange Binance and World Liberty Financial (WLFI).

The senators called for an urgent probe, warning the deal may violate the US Constitution’s Emoluments Clause and federal bribery statutes.

At the center of the controversy is WLFI’s USD1 stablecoin, reportedly chosen for a $2 billion investment MGX plans to make into Binance.

The senators said the transaction amounts to a potential backdoor for foreign influence and self-enrichment, with Trump’s allies allegedly set to receive hundreds of millions of dollars:

“This deal raises the troubling prospect that the Trump and Witkoff families could expand the use of their stablecoin as an avenue to profit from foreign corruption.”

Further complicating ethics concerns, Trump hosted a $1.5 million-per-plate dinner on May 5 at his golf club in Sterling, Virginia. The event came just days after hosting a $1 million-per-plate fundraiser for the MAGA super PAC.

He also plans to hold a gala dinner with major Official Trump (TRUMP) memecoin holders on May 22, despite multiple US lawmakers expressing concerns.

US Senate crypto bills stall amid Trump ties and ethics concerns
Source: Elizabeth Warren

Related: America’s crypto renaissance is already failing; but we can fix it

GENIUS Act faces roadblocks

The Trump family’s controversial $2 billion crypto deal comes as the Senate prepares to vote on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act and other crypto-related bills.

The fallout is already being felt in Congress. Some Democratic lawmakers are pushing for additional hearings before advancing any legislation, while others question whether Trump’s personal stake in digital assets is undermining bipartisan support for crypto regulation.

On May 5, Senate Majority Leader John Thune signaled a willingness to amend the GOP-backed stablecoin legislation to pass the bill in the coming weeks.

Speaking to reporters, Thune said changes can be made on the floor and that he is waiting to hear what Democrats are asking for, per a report from Politico.

Internal GOP challenges also remain, with Senator Rand Paul expressing uncertainty about backing the bill, according to the report.

The stalling isn’t limited to the Senate. House Financial Services Committee ranking member Representative Maxine Waters plans to block a Republican-led event discussing digital assets on May 6.

The hearing, “American Innovation and the Future of Digital Assets,” will discuss a new crypto markets draft discussion paper pitched by the House agricultural and financial services committee chairs, Representatives Glenn Thompson and French Hill, respectively.

Related: Elizabeth Warren joins call for probe of Trump over crypto tokens

Crypto community slams political pushback

Prominent crypto figures are speaking out as political resistance threatens to derail stablecoin legislation in the Senate.

“Elizabeth Warren and Chuck Schumer haven’t learned their lesson,” Tyler Winklevoss, co-founder of Gemini, posted on X.

“If they want Democrats to continue losing elections, they will continue standing in front of crypto legislation like the stablecoin bill which they are stalling out in the Senate.”

US Senate crypto bills stall amid Trump ties and ethics concerns
Source: Tyler Winklevoss

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

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Celsius’ Mashinsky lashes out at ‘death-in-prison sentence’

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Celsius’ Mashinsky lashes out at ‘death-in-prison sentence’

Celsius’ Mashinsky lashes out at ‘death-in-prison sentence’

Alex Mashinsky, the founder and former CEO of bankrupt crypto lending platform Celsius, has blasted the government’s 20-year “venom-laced” sentence request, declaring it a “death-in-prison sentence.”

The US Department of Justice requested Mashinsky receive at least 20 years behind bars in the May 8 sentencing for his role in misleading Celsius users and profiting from the price manipulation of Celsius (CEL), which would make the 59-year-old 79 if he serves the whole sentence.

Lawyers acting for Mashinsky argued in a May 5 reply memorandum filed in a New York district court that he should receive no more than 366 days, because the DOJ hasn’t taken into account his status as a nonviolent first-time offender with a previously unblemished 30-year history in business.  

“The government’s venom-laced submission recasts this case as one involving a predator with an intent to target victims, harm them, and steal their money,” they said.

“It concludes by recommending that a first time, nonviolent offender who pled guilty and accepts responsibility receive a death-in-prison sentence.”

Cryptocurrencies, Law, United States, Department of Justice, Celsius
Lawyers acting for Mashinsky argue the DOJ has ignored their client’s background in its sentencing request. Source: Court Listener

Mashinsky pleaded guilty to two out of seven charges 

As part of a plea agreement, Mashinsky pleaded guilty in December 2024 to commodities fraud and manipulating the price of CEL, earning $48 million by selling his holdings before Celsius collapsed in June 2022. Prosecutors initially filed seven charges in July 2023.

Lawyers acting for Mashinsky allege the DOJ’s push for a 20-year sentence is because their client is unwilling to “capitulate to the government’s exaggerated characterizations of his actions,” specifically that he was a “fraud from the get-go.”

“Alex is inserted as the scapegoat for every corporate action, every group decision, every unanimous vote, every market fluctuation, and every employee’s watercooler speculation,” they said.

As part of its April 28 sentencing request, the DOJ said Mashinsky’s guilty plea showed that his crimes were deliberate, calculated decisions to lie, deceive and steal.

Days earlier on April 23, US federal prosecutors also filed statements from hundreds of victims who lost money due to the Celsius collapse. They detailed how some had entrusted their life savings to the protocol, believing Mashinsky’s assurances that it was safe.

Related: What do crypto users want to happen to Alex Mashinsky?

Celsius filed for Chapter 11 bankruptcy on July 13, 2022, owing $4.7 billion to creditors after halting withdrawals in June, citing volatile market conditions.

In November 2023, a US bankruptcy court approved Celsius’ restructuring plan to repay customers, and in August 2024, $2.53 billion was paid to 251,000 creditors.

Former Celsius chief revenue officer Roni Cohen-Pavon also pleaded guilty in September 2023 to similar charges, but his Dec. 11 sentencing has been delayed until after Mashinsky is sentenced.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

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Suspect in $190M Nomad hack to be extradited to the US: Report

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Suspect in 0M Nomad hack to be extradited to the US: Report

Suspect in 0M Nomad hack to be extradited to the US: Report

A Russian-Israeli citizen allegedly involved in the $190 million Nomad bridge hack will soon be extradited to the US after he was reportedly arrested at an Israeli airport while boarding a flight to Russia. 

Alexander Gurevich will be investigated for his alleged involvement in several “computer crimes,” including laundering millions of dollars and transferring stolen property allegedly connected to the Nomad Bridge hack in 2022, The Jerusalem Post reported on May 5.

Gurevich returned to Israel from an overseas trip on April 19 but was ordered to appear before the Jerusalem District Court for an extradition hearing soon after, according to the report. 

On April 29, Gurevich changed his name in Israel’s Population Registry to “Alexander Block” and received a passport under that name at Israel’s Ben-Gurion Airport the next day.

He was arrested at the same airport two days later, on May 1, while waiting to board a flight to Russia. 

Gurevich allegedly identified a vulnerability in the Nomad bridge, which he exploited and stole roughly $2.89 million worth of tokens from in August 2022.

Dozens of copycat hackers discovered and capitalized on the security vulnerability soon after, leading to a total loss of $190 million.

Gurevich allegedly reached out to a Nomad executive on Telegram

Prosecutors allege that shortly after the hack, Gurevich messaged Nomad’s chief technology officer, James Prestwich, on Telegram using a fake identity, admitting that he had been “amateurishly” seeking a crypto protocol to exploit.

He allegedly apologized for “the trouble he caused Prestwich and his team” and voluntarily transferred about $162,000 into a recovery wallet the company had set up.

Prestwich told Gurevich that Nomad would pay him 10% of the value of the assets he had stolen, to which Gurevich responded that he would consult his lawyer. However, Nomad never heard back from him after that.

Russia, Israel, Telegram, United States, Hacks
Alleged messages between Gurevich and Nomad’s James Prestwich were shared on X by Israel-based Walla News journalist Yoav Itiel. Source: Yoav Itiel

At some point during the negotiations, Gurevich demanded a reward of $500,000 for identifying the vulnerability.

Related: Do Kwon is in US custody after extradition battle

US federal authorities filed an eight-count indictment against Gurevich in the Northern District of California on Aug. 16, 2023, in addition to obtaining a warrant for his arrest. California is where the team behind the Nomad bridge is based.

The US submitted a formal extradition request in December 2024, the Post noted.

The money laundering charges that Gurevich faces carry a maximum of 20 years, significantly harsher than what he would face in Israel.

Gurevich is believed to have arrived in Israel a few days before the $190 million exploit occurred, prompting Israeli officials to believe he carried out the attack while in Israel.

Magazine: Financial nihilism in crypto is over — It’s time to dream big again

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