They came in their droves: thousands of Reform supporters poured into a vast hall in a Birmingham conference centre on Sunday to hear Nigel Farage.
His backers brought with them Union Jacks, and brandished Reform placards. There were even one or two red baseball caps emblazoned with the slogan “Make Britain Great Again”, which seemed fitting for an event that felt quite Trumpian in style and tone.
Mr Farage came onto the stage to pounding music, smoke machines, fireworks, and a sea of “it’s time for Reform” placards to a 5,000-strong crowd with a speech that spoke about how Britain was broken and it was time for Reform.
He said his party would be the “leading voice of opposition” as he attacked ‘the establishment’ in all its guises, from the Conservative Party to Labour, the BBC, and Channel 4 to the Governor of the Bank of England.
While detractors describe Mr Farage’s platform as a type of dog-whistle politics that does little but to stoke grievances and division, there is an audience for him and his policies that politicians in larger parties should ignore at their peril.
When I spoke to many people in the hall afterwards, they were overwhelmingly former Conservative voters disillusioned with their old party.
One woman, who had travelled over from Hull for the rally told me she thought there were a lot of “silent people who may be frightened to say they are voting Reform”.
“I think it’s going to be shock,” she said.
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Image: The crowd in Birmingham. Pic: Reuters
2024 is the election for ‘the other parties’
The rise of the ‘other’ parties is a clear theme of this election campaign as the Liberal Democrats, who won just 11 seats back in 2019, now eye getting back to the levels of seats they enjoyed – in the 1940s or 1950s – before it was wiped out in 2015 on the back of the coalition years.
Nigel Farage’s Reform, meanwhile, is on 16.2% in our Sky News poll tracker, just behind the Tories on 20%.
Mr Farage likes to make the argument that Labour could be heading to a landslide on a lower voter share.
Recent analysis in the Financial Times suggested Labour could win a record 450 seats – about 70% – on just 41% of the votes, lower than the figure Jeremy Corbyn’s Labour achieved in 2017, while the Lib Dems could pick up 50 seats with a lower share of the vote than Reform with just a few seats at best. If it turns out anything like this, prepare for plenty of noise from Mr Farage.
Whether undecided voters or those leaning to Reform stick with them on Thursday is a big unknown of this election. Tories are nervous, knowing that big Reform votes piling up in their constituencies could cost them their seat.
In 2019, the majority of Conservatives did not have a threat from the right, as the Brexit Party stood down candidates with a Brexit-backing Conservative candidate. They stood but 275 or 632 seats.
This time around, Reform is everywhere and no one feels safe: one poll put James Cleverly’s Braintree constituency, supposedly the 19th safest Conservative seat, on a knife edge as Reform clocks up an estimated 22% vote share in his Essex constituency.
Image: Pic: Reuters
Tories in all-out war
The Conservatives, who began this campaign trying not to get into a fight with Mr Farage (perhaps for fear of further alienating their traditional voters) are now at all-out war as they try to salvage as many seats as they can.
On Sunday the party said if “just 130,000 voters currently considering a vote for Reform or the Lib Dems voted Conservative, it would be enough to stop Labour’s supermajority”.
The prime minister, meanwhile, has become increasingly vocal in his criticisms of Reform and Mr Farage as the party looks for a way to pull voters back.
Mr Sunak has been vocal in his criticism of Mr Farage as a “Putin appeaser” after the Reform leader suggested Ukraine enter peace talks – something which Ukraine has emphatically ruled out unless Russia retreats from its territory.
The prime minister also spoke of his “anger and hurt” over revelations – contested by Reform – in a Channel 4 undercover report of a Reform canvasser calling Mr Sunak a “f****** P***”.
This, combined with a Reform organiser making homophobic remarks and candidates being suspended for racist, antisemitic and sexist views has caused difficulties for Mr Farage in recent days.
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Sunak ‘hurt’ over Reform race row
Tensions around Farage starting to show
In our interview in Birmingham on Sunday, some of those tensions were beginning to show.
For a start, the politician who had appeared with right-wing Tories such as potential future leader Dame Priti Patel at the Conservative Party conference last October, and openly toyed about returning to the fold, now ruled out any sort of tie-up.
Having spoken but a month ago about a reverse takeover of the Tories and refusing to rule out one day rejoining the party, on Sunday he was clear he would not rejoin, and wanted nothing to do with the Conservatives.
Image: Pic: Reuters
It comes after a clutch of senior figures, including Dame Priti, indicated that Mr Farage would now not be welcomed back into the party in the wake of the backlash over his claim the West provoked Russia to invade Ukraine and the racism row engulfing Reform.
He equally was more equivocal than he had been about Andrew Tate in the past, making it clear to me that he “disavowed’ him, and was also highly critical of Reform events organiser George James who made homophobic remarks, saying he was “furious” when he saw the footage (also in the Channel 4 report) of Mr James describing the Pride flag as “degenerate” and criticising the police for displaying the flag.
“They should be out catching the n***** not promoting the f******”,” he said in the report.
Mr Farage said Mr James was “crass, drunken, rude and wrong” and told me he had been asked to remove his membership. But he also said he was “down a few drinks” explaining: “We could all say silly things when we’re a bit drunk.”
When I asked him if people really say things like this when they are drunk, Mr Farage said: “People say all sorts of things when they’re drunk and often don’t remember. But it was awful.”
So awful that one Reform candidate announced on Sunday evening they were standing down and would instead back their local Conservative in the constituency of Erewash.
The question for Reform is whether their potential voters, looking at some of the controversy surrounding the party, decide it’s not for them after all.
What is absolutely clear is Reform’s performance will help determine that of the Conservatives on Thursday night as the election results come in.
If he’s successful, Mr Farage will be heading for parliament, not only giving him a bigger national platform but a democratic mandate. That spells trouble for a Conservative party already in turmoil.
The US Securities and Exchange Commission (SEC) sent warning letters to several exchange-traded fund (ETF) providers, halting applications for leveraged ETFs that offer more than 200% exposure to the underlying asset.
ETF issuers Direxion, ProShares, and Tidal received letters from the SEC citing legal provisions under the Investment Company Act of 1940.
The law caps exposure of investment funds at 200% of their value-at-risk, defined by a “reference portfolio” of unleveraged, underlying assets or benchmark indexes. The SEC said:
“The fund’s designated reference portfolio provides the unleveraged baseline against which to compare the fund’s leveraged portfolio for purposes of identifying the fund’s leverage risk under the rule.”
The SEC directed issuers to reduce the amount of leverage in accordance with the existing regulations before the applications would be considered, putting a damper on 3-5x crypto leveraged ETFs in the US.
SEC regulators posted the warning letters the same day they were sent to the issuer, in an “unusually speedy move” that signals officials are keen on communicating their concerns about leveraged products to the investing public, according to Bloomberg.
The crypto market took a nosedive in October after a flash crash caused $20 billion in leveraged liquidations, the most severe single-day liquidation event in crypto history, sparking discussions among analysts and investors over the dangers of leverage and its effect on the crypto market.
24-hour liquidations in the crypto derivatives market. Source: Coinglass
Liquidations in the crypto futures market during the last cycle averaged about $28 million in long positions and $15 million in shorts per day.
The current cycle is clocking about $68 million in long liquidations and $45 million in short liquidations daily, according to Glassnode.
Demand for leveraged crypto ETFs surged following the 2024 presidential election in the United States, in anticipation of a better regulatory climate for crypto in the US.
Leveraged ETFs are not subject to margin calls and automated liquidations like leveraged crypto derivatives, but can still deal a serious blow to investor capital in a bear market or even a sideways market, as losses compound more quickly than gains.
Taiwan could see its first stablecoin launched as early as the second half of 2026 as lawmakers advance new rules for digital assets, according to one of the country’s financial regulators.
According to a Focus Taiwan report on Wednesday, Financial Supervisory Commission (FSC) Chair Peng Jin-lon said that, based on the timeline for passing related legislation, a Taiwan-issued stablecoin could enter the market in the second half of 2026.
Should the Virtual Assets Service Act pass in the country’s next legislative session, and accounting for a six-month buffer period for the law to take effect, it would lay the groundwork for the launch of a Taiwanese stablecoin.
Peng said the draft legislation was derived from Europe’s Markets in Crypto-Assets (MiCA) and would eventually allow non-financial institutions to issue stablecoins. Initially, however, Taiwan’s central bank and the FSC would restrict issuance to regulated entities.
Last year, Taiwan’s policymakers began enforcing Anti-Money Laundering regulations in response to alleged violations by crypto companies MaiCoin and BitoPro. As of December, however, regulated entities in the country have yet to launch a stablecoin pegged to either the US dollar or the Taiwan dollar.
In addition to the FSC’s advancement of stablecoin regulations, Taiwan’s policymakers are reportedly assessing the total amount of Bitcoin (BTC) confiscated by authorities. The move signaled that the nation could be preparing to launch its own strategic crypto stockpile.
Ju-Chun, a Taiwanese lawmaker, called on the government to add BTC to its national reserves in May as a hedge against economic uncertainty.
The country’s reserves include US Treasury bonds and gold, but no cryptocurrencies. Other countries, such as the US, have adopted policies that promote Bitcoin and crypto reserves.
Former US Securities and Exchange Commission Chair Gary Gensler renewed his warning to investors about the risks of cryptocurrencies, calling most of the market “highly speculative” in a new Bloomberg interview on Tuesday.
He carved out Bitcoin (BTC) as comparatively closer to a commodity while stressing that most tokens don’t offer “a dividend” or “usual returns.”
Gensler framed the current market backdrop as a reckoning consistent with warnings he made while in office that the global public’s fascination with cryptocurrencies doesn’t equate to fundamentals.
“All the thousands of other tokens, not the stablecoins that are backed by US dollars, but all the thousands of other tokens, you have to ask yourself, what are the fundamentals? What’s underlying it… The investing public just needs to be aware of those risks,” he said.
Gensler’s record and industry backlash
Gensler led the SEC from April 17, 2021, to Jan. 20, 2025, overseeing an aggressive enforcement agenda that included lawsuits against major crypto intermediaries and the view that many tokens are unregistered securities.
The industry winced at high‑profile actions against exchanges and staking programs, as well as the posture that most token issuers fell afoul of registration rules.
Gary Gensler labels crypto as “highly speculative.” Source: Bloomberg
Under Gensler’s tenure, Coinbase was sued by the SEC for operating as an unregistered exchange, broker and clearing agency, and for offering an unregistered staking-as-a-service program. Kraken was also forced to shut its US staking program and pay a $30 million penalty.
The politicization of crypto
Pushed on the politicization of crypto, including references to the Trump family’s crypto involvement by the Bloomberg interviewer, the former chair rejected the framing.
“No, I don’t think so,” he said, arguing it’s more about capital markets fairness and “commonsense rules of the road,” than a “Democrat versus Republican thing.”
He added: “When you buy and sell a stock or a bond, you want to get various information,” and “the same treatment as the big investors.” That’s the fairness underpinning US capital markets.
On ETFs, Gensler said finance “ever since antiquity… goes toward centralization,” so it’s unsurprising that an ecosystem born decentralized has become “more integrated and more centralized.”
He noted that investors can already express themselves in gold and silver through exchange‑traded funds, and that during his tenure, the first US Bitcoin futures ETFs were approved, tying parts of crypto’s plumbing more closely to traditional markets.
Gensler’s latest comments draw a familiar line: Bitcoin sits in a different bucket, while most other tokens remain, in his view, speculative and light on fundamentals.
Even out of office, his framing will echo through courts, compliance desks and allocation committees weighing BTC’s status against persistent regulatory caution of altcoins.