The grim news for the Tories in the latest Sky News/YouGov poll begs another question about Rishi Sunak’s political judgement. Was a long election campaign a blunder?
The prime minister is already under fire from Conservative MPs and activists for gambling on an election in July rather than waiting for October or November.
The conventional wisdom was that economic news would be better by the autumn and deportation flights to Rwanda would help stop the boats bringing migrants across the Channel.
But as well as doubts about a July poll, the big slump in Tory supportsince the last Sky News/YouGov poll on June 3, suggests a long campaign of six weeks may also have backfired.
On 22 May, the day the prime minister made his shock general election announcement, some veteran Tory MPs privately questioned Mr Sunak’s decision to fight a long campaign.
“Margaret used to have three or four-week campaigns,” one long-serving Conservative MP who has stepped down told Sky News, in a reference to three-times election winner Mrs Thatcher.
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But with the Tories trailing badly behind Labour in the polls for months, Mr Sunak clearly hoped a long election campaign would give his party more time to recover and close the gap.
However, the opposite appears to have happened. As the campaign continues, with polling day still two weeks away, opinion polls are suggesting bigger Conservative losses, not smaller.
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Poll: Labour on course for best-ever election result
On 3 June our YouGov poll suggested the Conservatives would hold 140 seats. Now the same pollsters are suggesting they’d hold just 108, well below their previous lowest of 141 in 1906.
The big change of course, has been Nigel Farage’s dramatic comeback as Reform UK leader on 3 June. In the Sky News/YouGov poll that day, Reform UK was not forecast to win any seats.
Now it’s five, including Mr Farage in Clacton. The other big movers are the Liberal Democrats, forecast to win 48 seats on 3 June, now 67. The latest poll is good news for smaller parties generally.
Labour’s seat projection is up slightly from 422 seats to 425 and its majority is up from 194 to 200. But it’s the Tory slump that’s the big change since the early days of the campaign.
So are those veteran MPs who lamented the glory days of Mrs Thatcher correct about previous Tory prime ministers opting for shorter campaigns? It would appear so.
Had Mr Sunak waited to call the election until January 2025 – the end of a maximum five-year term – parliament would have automatically been dissolved 25 working days before polling day, meaning he could have opted for a shorter campaign.
In 1983, when Mrs Thatcher won a landslide majority of 144 seats, she had announced the election on 9 May, parliament was dissolved on 13 May and polling day was four weeks later on 9 June.
Image: Sunak gambled on a July election Pic: PA
It was a similar story in 1987. Mrs Thatcher announced the election on 11 May and polling day was a month later on 11 June, when she won a second landslide and a majority of 102.
In 1992, when Sir John Major pulled off a shock victory after months of trailing Neil Kinnock’s Labour badly in the opinion polls, the election campaign again lasted just 30 days.
Sir John asked the Queen to dissolve parliament on 11 March and voters went to polls on 9 April, when the Conservatives won a 21-seat majority over Labour.
Lord Cameron’s 2015 campaign, after five years of a Conservative-Liberal Democrat coalition was longer. Parliament was dissolved on 30 March and the election was on 7 May, when he won a Tory majority of 10.
Image: Margaret Thatcher used to have three to four week campaigns. Pic: PA
In the most recent general election, Boris Johnson’s dash to the polls in 2019, parliament was dissolved on 6 November and the election was on 12 December, with Mr Johnson winning an 80-seat majority.
This time, Mr Sunak has chosen a gruelling six-week campaign. More time for mistakes? And more time for the Tories’ opponents – Labour, the Lib Dems and Reform UK – to gain momentum?
It’s starting to look like that. At times since his D-day fiasco, the prime minister has looked crestfallen. Now senior Tories are talking about a Labour “super-majority” and a “blank cheque” for Sir Keir Starmer.
And there are still two weeks to go in this long, six-week campaign. But that was Mr Sunak’s choice.
Crypto industry executives have urged the US Securities and Exchange Commission to shift its thinking on blockchain privacy tools, pitching that there are legitimate applications for them outside of criminal use.
The SEC hosted crypto and finance executives for a discussion and panel on financial surveillance and privacy on Monday, the agency’s sixth crypto-focused roundtable this year, as it seeks to overhaul its approach to crypto.
StarkWare general counsel Katherine Kirkpatrick Bos, who participated in a panel discussion, told Cointelegraph after the event that a major takeaway was that there shouldn’t be an assumption that those using and creating privacy tools are “overwhelmed by wrongdoers.”
“Why is the assumption that an individual needs to affirmatively prove that they are compliant or they’re using the tool for good?”
“As opposed to it being the other way around, where the assumption is that this individual is using the tool for good until there is some sort of indication that they’re using it for bad,” she said.
Kirkpatrick Bos added that “of course, wrongdoers were using, or are using those tools, but there needs to be a balance.”
Katherine Kirkpatrick Bos (left) discussing financial privacy at an SEC roundtable on Monday. Source: Paul Brigner
During the roundtable, Wayne Chang, the founder and CEO of the credential management company SpruceID, said some percentage of users of stablecoins, a crypto tool that is slowly becoming mainstream, will want privacy.
“There are a ton of stablecoins that aren’t onchain yet that would come onchain if there is privacy,” he said. “We’re going to see an increase in demand for privacy-preserving blockchains.”
“My hope is that regulators continue to engage industry, and we can have those discussions on how to keep privacy for folks while also having tools that are useful,” Chang said.
Customer checks are becoming outdated
Kirkpatrick Bos said a discussion on Know Your Customer (KYC) and Anti-Money Laundering (AML) measures focused on whether current rules are sufficient in the age of artificial intelligence.
“The question arose and was debated on the panel, well, what is necessary for Anti-Money Laundering?” she said. “Now we have AI. It’s made manual, AML and KYC antiquated. How do we solve for that?”
“There was a sense that the current system of AML and KYC is antiquated, it’s problematic, it’s ineffective,” she added. “But there needs to be some sort of check when it’s a centralized entity facilitating flows of money to ensure that they’re not helping wrongdoers.”
Many financial institutions request a picture of a user’s driver’s license for its KYC checks, which Kirkpatrick Bos said was “absurd, because an individual can go on the internet and develop a fake driver’s license in a matter of seconds.”
“So the question is, can cryptography-based tools improve that and make it harder for bad guys to do that? But can they also do that and make it harder for bad guys while preserving an individual’s privacy and not revealing data like an address, where it is not necessary to vet the legality of the funds?” she added.
Some projects have begun to test crypto-based solutions for proving identity while claiming to preserve privacy, such as Sam Altman’s World, which gives users a cryptographic key they can use to prove they’re human.
SEC’s Atkins warns of potential for crypto mass surveillance
SEC chair Paul Atkins had given opening remarks at the roundtable, warning that if “pushed in the wrong direction, crypto could become the most powerful financial surveillance architecture ever invented.”
“If the instinct of the government is to treat every wallet like a broker, every piece of software as an exchange, every transaction as a reportable event, and every protocol as a convenient surveillance node, then the government will transform this ecosystem into a financial panopticon,” he added.
Atkins said that crypto allows for “privacy-preserving tools that the analog world could not provide,” which some institutions depend on to build positions or test strategies without “instantly telegraphing that activity to competitors.”
He added that some of the technology could balance the government’s interest in deterring security threats and the public’s privacy.
“But to best strike this balance, we must make certain that Americans can use these tools without immediately falling under suspicion.”
The US Senate Banking Committee has postponed markup hearings on crypto market structure legislation until 2026, despite earlier hopes for a hearing this week.
In a statement on Monday, a spokesperson for the Senate Banking Committee chair Tim Scott confirmed that they will not hold a market structure markup this year.
“Chairman Scott and the Senate Banking Committee have made strong progress with Democratic counterparts on bipartisan digital asset market structure legislation,” the spokesperson said.
They added from the outset, Chairman Scott has been clear that “this effort should be bipartisan.”
“He has consistently and patiently engaged in good-faith discussions to produce a strong bipartisan product that provides clarity for the digital asset industry and also makes America the crypto capital of the world,” he added.
“The Committee is continuing to negotiate and looks forward to a markup in early 2026.”
🇺🇸 NEW: The US Senate Banking Committee confirms that it will not hold a crypto market structure markup in 2025, now pushed to early 2026 following bipartisan discussions. pic.twitter.com/UWdhHQNym7
The delay has disappointed some in the crypto industry, which had hoped for more substantial regulatory progress in 2025.
“The Market Structure Bill has fallen apart on the markup phase in the Senate … Early 2026 may also be in jeopardy as well,” said crypto investor and researcher Paul Barron.
The legislation aims to clarify how the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) oversee crypto markets, with the latter designated as the primary spot market regulator.
Midterm elections are being held in 2026, during which all House and around 34 Senate seats will be contested. This can often delay or further complicate the passage of bipartisan legislation.
Spot crypto markets dip on Monday
It also remains unclear how quickly markup hearings will resume in 2026, as Congress will immediately focus on funding the federal government when it returns from its holiday break. The current funding bill expires on Jan. 30, so crypto legislation could be put on the back burner.
Crypto markets declined 3.6% as around $150 billion left the space in a matter of hours in late trading on Monday. Bitcoin (BTC) lost almost $5,000, dropping from just below $90,000 to just above $85,000, according to TradingView, and it has yet to recover.
US President Donald Trump says he will review the case of convicted Samourai Wallet developer Keonne Rodriguez, hinting he will explore the possibility of a pardon.
Samourai Wallet co-founders Rodriguez and William Lonergan Hill were sentenced on Nov. 19 to five and four years in prison on charges stemming from their involvement in the crypto mixing protocol.
“I’ve heard about it, I’ll look at it,” Trump said when asked about the case at a press conference about the Mexican border at the White House on Monday.
“Okay, let’s take a look at it. You know, you’ll have to tell me. I don’t know anything about it, but we’ll take a look,” he added.
US President Donald Trump has promised to review the case of Samurai Wallet developer Keonne Rodriguez. Source: YouTube
Privacy advocates and crypto users have long been advocating for Rodriguez and Hill, along with Tornado Cash co-founder Roman Storm, arguing they shouldn’t be held responsible for the actions of third parties using their software.
Samourai co-founder says “noise is working”
Rodriguez, who is due to start his time behind bars this week, said in an X post on Monday that the “continued noise” from supporters is working. “Thank you to everyone pushing Donald Trump to pardon Bill and me. Let’s get this over the line.”
In an interview with Bitcoin educator Natalie Brunell on Friday, Rodriguez said he thought there was a chance of receiving a pardon if the case were presented to Trump and the top officials in the administration.
I appreciate @keonne taking some tough questions on the Samourai Wallet case. No topic was off limits.
Keonne is getting ready to report to prison on December 19th but there is an active movement to #PardonSamourai, and Keonne hopes President Trump hears his story.
“Because President Trump has been touched by a DOJ that was weaponized against him, I think when he sees the facts laid out on the table, he will know exactly what’s going on,” Rodriguez said.
Conventional appeal is unlikely
Rodriguez also said it’s his understanding he waived his right to appeal the sentence when he took the plea deal, adding that he’s not “100% on that, but my understanding is appeal is pretty unlikely.”
They faced at least 25 years in prison on charges of conspiracy to commit money laundering, which carries a maximum prison sentence of 20 years, and operating an unlicensed money-transmitting business, which carries a sentence of up to five years.
Up until the sentencing hearing, Rodriguez said he regretted pleading guilty but feared the judge wouldn’t allow key evidence to be used in his defense, such as receiving legal advice before launching Samourai Wallet.
After crunching the numbers, he also found a “conviction means 25 years, even if you appeal, that you’re sitting in prison for five years waiting for your appeal, your appeal is going to cost you another $7 million on top of the four and a half million you’ve already spent to get to this point. So the numbers just didn’t make any sense.”
Trump pardoned Changpeng Zhao, Ross Ulbricht
Since taking office, Trump pardoned Binance founder Changpeng “CZ” Zhao in October, after he pleaded guilty in November 2023 to failing to maintain an effective Anti–Money Laundering program at Binance, in violation of the Bank Secrecy Act.
Ross Ulbricht, the founder of the defunct darknet marketplace the Silk Road, was also granted a presidential pardon on his life sentence in January.