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The election betting scandal has deepened as a Welsh Conservative is being investigated and a cabinet minister revealed he placed bets on the general election date.

Russell George, a Welsh Conservative member of the Senedd, stepped back from the shadow cabinet after it emerged he was facing a probe by the Gambling Commission over alleged betting on the timing of the vote.

He said he would “cooperate fully” with the investigation, and Welsh Tory leader Andrew RT Davies said all other members of the Welsh Conservative Group had “confirmed that they have not placed any bets”.

Mr George is the third Conservative candidate to be named as part of the commission’s investigation, while two Tory officials, Rishi Sunak’s close protection officer and five other officers are also under investigation.

Scotland Secretary Alister Jack said he put three wagers on the timing of the poll but denied breaking any rules and said he is not under investigation.

Up to 15 Conservative candidates and officials are being investigated by the Gambling Commission, according to BBC Newsnight.

The growing scope of the scandal has led to questions over whether politicians should be banned from betting on politics, as footballers are on football.

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Tories launch own probe into betting scandal

Mr Jack said in April he had put £20 at odds of 5/1 on an election being held between July and September but had no knowledge of when it would be called until the day Mr Sunak announced it on 22 May.

He said he placed two unsuccessful £5 bets in March for a vote to be held in May and June.

Pic: PA
Scottish Secretary Alister Jack arrives in Downing Street, London, for a Cabinet meeting. Picture date: Tuesday April 30, 2024.
Image:
Scottish Secretary Alister Jack said he bet on the election but way before it was announced. Pic: PA


“I am very clear that I have never, on any occasion, broken any Gambling Commission rules,” he said.

“Specifically, I did not place any bets on the date of the general election during May [the period under investigation by the Gambling Commission].

“Furthermore, I am not aware of any family or friends placing bets.

“I want to be absolutely clear I have not breached any gambling rules. I placed two unsuccessful bets on the date of the general election and one successful one.”

What is the law around gambling?

There are stricts rules around gambling, with the latest laws updated in 2005.

Section 42 of the Gambling Act 2005 deals with cheating and says a person commits an offence if they cheat at gambling or do “anything for the purpose of enabling or assisting another person to cheat at gambling”.

It adds: “It is immaterial whether a person who cheats improves his changes of winning anything, or wins anything.”

Cheating is defined as an “actual or attempted deception or interference in connection with the process by which gambling is conducted, or a real or virtual game, race or other event or process to which gambling relates”.

Someone found guilty of cheating at gambling can be imprisoned for a maximum of two years and/or fined, or be jailed for six months for a lesser offence.

Betting with insider knowledge is also not allowed as an MP, with the MPs’ code of conduct prohibiting members from “causing significant damage to the reputation and integrity of the House”.

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On Tuesday, Labour got involved in the scandal for the first time after the Labour candidate for Central Suffolk and North Ipswich, Kevin Craig, was suspended from the party after betting on a Conservative winning the seat.

It is understood Labour will return £100,000 in donations he has made to the party since Sir Keir Starmer took charge.

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Tuesday also saw five more police officers being added to the Gambling Commission’s investigation after the Met Police passed their names over.

Work and Pensions Secretary Mel Stride told Sky News: “There is a broader issue here and a broader debate to be had about gambling around politics and politicians’ involvement in that and to try and establish where the line should be drawn.

“And it may be going forward that everybody concludes that it shouldn’t happen at all.

“It may be that it should happen, but just on a certain basis and so on and so forth. But I think that is a debate, longer-term, that we need to be having.”

Craig Williams and Laura Saunders. Pics: PA/Laura Saunders for Bristol North West
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Craig Williams and Laura Saunders. Pics: PA/Laura Saunders for Bristol North West

Mr Sunak has withdrawn backing for the first two Tory candidates to be investigated after coming under pressure to take a tougher approach on the alleged use of inside information to bet on the timing of the election.

Laura Saunders and Craig Williams will appear as Conservative candidates on ballot papers as it is too late to remove them, but will have to stand as independents.

Two officials under investigation both took a leave of absence last week when their names were revealed. They are Tony Lee, the Tory’s director of campaigns and husband of Ms Saunders, and Nick Mason, the party’s chief data officer – who has denied any wrongdoing.

Mr Sunak’s close protection officer was arrested last week over alleged bets on a July election.

A full list of the candidates running for Central Suffolk and North Ipswich is below:

Charlie Caiger, independent
Tony Gould, Reform UK
Mike Hallatt, independent
Brett Mickelburgh, Lib Dems
Dan Pratt, Greens
Patrick Spencer, Conservatives

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Deloitte predicts $4T tokenized real estate on blockchain by 2035

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Deloitte predicts T tokenized real estate on blockchain by 2035

Deloitte predicts T tokenized real estate on blockchain by 2035

Over $4 trillion worth of real estate could be tokenized on blockchain networks during the next decade, potentially offering investors greater access to property ownership opportunities, according to a new report.

The Deloitte Center for Financial Services predicts that over $4 trillion worth of real estate may be tokenized by 2035, up from less than $300 billion in 2024. The report, published April 24, estimates a compound annual growth rate (CAGR) of more than 27%.

The $4 trillion of tokenized property is predicted to stem from the benefits of blockchain-based assets, as well as a structural shift across real estate and property ownership.

Deloitte predicts $4T tokenized real estate on blockchain by 2035
Global tokenized real estate value, growth predictions. Source: Deloitte

“Real estate itself is undergoing transformation. Post-pandemic work-from-home trends, climate risk, and digitization have reshaped property fundamentals,” according to Chris Yin, co-founder of Plume Network, a blockchain built for real-world assets (RWAs).

“Office buildings are being repurposed into AI data centers, logistics hubs and energy-efficient residential communities,” Yin told Cointelegraph.

“Investors want targeted access to these modern use cases, and tokenization enables programmable, customizable exposure to such evolving asset profiles,” he said.

Related: Blockchain needs regulation, scalability to close AI hiring gap

The uncertainty triggered by US President Donald Trump’s import tariffs has boosted investor interest in the RWA tokenization sector, which involves minting financial products and tangible assets on a blockchain.

Both stablecoins and RWAs have attracted significant capital as safe-haven assets amid the global trade concerns, Juan Pellicer, senior research analyst at IntoTheBlock, told Cointelegraph.

The tariff concerns also led tokenized gold volume to surpass $1 billion in trading volume on April 10, its highest level since March 2023 when a US banking crisis saw the sudden collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank

Related: US banks are ‘free to begin supporting Bitcoin’ — Michael Saylor

Blockchain innovation could drive regulatory clarity

Growing RWA adoption may inspire a more welcoming stance from global regulators, Yin said.

“While regulation is a hurdle, regulation follows usage,” he explained, likening tokenization to Uber’s growth before widespread regulatory acceptance:

“Tokenization is similar — as demand increases, regulatory clarity will follow.”

He added that making tokenized products compliant with a wide range of international regulations is key to unlocking broader market access.

However, some industry watchers are skeptical about the benefits introduced by tokenized real estate.

Deloitte predicts $4T tokenized real estate on blockchain by 2035
The Truth Behind Tokenization and RWA panel. Source: Paris Blockchain Week

“I don’t think tokenization should have its eyes directly set on real estate,” said Securitize chief operating officer Michael Sonnenshein at Paris Blockchain Week 2025.

“I’m sure there are all kinds of efficiencies that can be unlocked using blockchain technology to eliminate middlemen, escrow, and all kinds of things in real estate. But I think today, what the onchain economy is demanding are more liquid assets,” he added. 

Magazine: Ripple says SEC lawsuit ‘over,’ Trump at DAS, and more: Hodler’s Digest, March 16 – 22

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Crypto banking rule withdrawal by Fed ‘not real progress’ — Senator Lummis

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Crypto banking rule withdrawal by Fed ‘not real progress’ — Senator Lummis

Crypto banking rule withdrawal by Fed ‘not real progress’ — Senator Lummis

United States Senator Cynthia Lummis suggests the crypto industry may be celebrating too soon over the US Federal Reserve softening its crypto guidance for banks.

“The Fed withdrawing crypto guidance is just noise, not real progress,” Lummis said in an April 25 X post. Lummis called the Fed’s April 24 announcement — withdrawing its 2022 supervisory letter that had discouraged banks from engaging with crypto and stablecoin activities — “just lip service.”

Lummis’ tone was different from the rest of the crypto industry

Lummis, a pro-crypto advocate known for introducing the Bitcoin (BTC) Strategic Reserve Bill in July 2024, pointed out several flaws in the Fed’s announcement, even as Strategy founder Michael Saylor and crypto entrepreneur Anthony Pompliano suggested it was a step forward for banks and crypto.

Cryptocurrencies, United States
Source: Anthony Pompliano

She argued that the Fed continues to “illegally flout the law on master accounts” and still relies on reputational risk in its bank supervision practices. It comes as the Federal Insurance Deposit Corporation (FDIC) is working on a rule to stop examiners from considering reputational risk when reviewing a bank’s operations, according to a recent Bloomberg report.

Lummis also highlighted the Fed’s policy statement in Section 9(13), which hasn’t been withdrawn, stating that Bitcoin and digital assets are considered “unsafe and unsound.”

She also reiterated many of the same staff behind Operation Chokepoint 2.0 are still involved in crypto policy today.

“We are NOT fooled. The Fed assassinated companies within the industry and hurt American interests by stifling innovation and shuttering businesses. This fight is far from over.”

“I will continue to hold the Fed accountable until the digital asset industry gets more than a life jacket, Chair Powell — they need a fair shake,” Lummis said.

Related: If Trump fired Powell, what would happen to crypto?

Custodia Bank founder and CEO Caitlin Long seemed to share a similar view to Lummis.

“THANK YOU for seeing this for what it is,” Long said.

Cryptocurrencies, United States
Source: David Sacks

However, many crypto executives praised the Fed’s announcement as a positive development for the industry. Saylor said in an April 25 X post that the Fed’s move means that “banks are now free to begin supporting Bitcoin.”

Anastasija Plotnikova, co-founder and CEO of blockchain regulatory firm Fideum, said the Fed’s decision “is a significant development, as it will simplify the path to institutional adoption.”

Magazine: Ethereum is destroying the competition in the $16.1T TradFi tokenization race

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SEC chair suggests ‘huge benefits’ in agency’s third crypto roundtable

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<div>SEC chair suggests 'huge benefits' in agency's third crypto roundtable</div>

<div>SEC chair suggests 'huge benefits' in agency's third crypto roundtable</div>

In one of his first appearances as the recently sworn-in chair of the US Securities and Exchange Commission, Paul Atkins delivered remarks to the agency’s third roundtable discussion of crypto regulation. 

In the “Know Your Custodian” roundtable event on April 25, Atkins said 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.

SEC chair suggests 'huge benefits' in agency's third crypto roundtable
SEC chair Paul Atkins addressing the April 25 crypto roundtable. Source: SEC

Some critics of US President Donald Trump see Atkins’ nomination to lead the SEC as a nod to the crypto industry, acting on campaign promises to remove Gensler — the former chair resigned the day Trump took office — and cut back on regulation. Democratic lawmakers on the Senate Banking Committee questioned Atkins on his ties to the industry, potentially presenting conflicts of interest in his role regulating crypto.

Related: Atkins SEC era sparks massive industry optimism, crypto execs speak out

The direction of the SEC under new leadership

“We’ve noticed that we don’t have to be as concerned […] about being accused of things that we’re not doing, like being broker-dealers for securities,” Exodus chief legal officer Veronica McGregor, who participated in the roundtable, told Cointelegraph on April 24.”It’s just a less scary regulatory environment in general. It is, however, still unclear what the ultimate regs are going to look like for crypto.” 

The SEC crypto task force is scheduled to hold two more roundtables in May and June to discuss tokenization and decentralized finance, respectively. Commissioner Hester Peirce, who leads the task force, told Cointelegraph in March that she welcomed the opportunity to work with Atkins to “reorient the agency,” hinting at an SEC with regulations more favorable to the crypto industry.

In addition to the roundtables, the crypto task force has reported several meetings with digital asset firms to discuss various policies and considerations in developing a regulatory framework.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered

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