Outdoor smoking ban is not an attack on the hospitality industry, Labour’s Commons leader Lucy Powell insists

Published

9 months ago

September 1, 2024

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The government is “not attacking the hospitality industry” with proposed plans to ban smoking in pub gardens, a cabinet minister has insisted.

Lucy Powell told Sky News’ Sunday Morning With Trevor Phillips that Labour wants to create a “smoke-free country” and measures to achieve this will be done “in consultation” with businesses that could be affected.

Politics Live: Labour ‘stands by’ national insurance pledge

The new government had already pledged to resurrect Rishi Sunak’s flagship smoking bill, which intended to ban anyone aged 14 and under from ever buying cigarettes, but this was shelved before the election.

However, this week Prime Minister Sir Keir Starmer said he could go further and also ban smoking in outdoor venues to reduce the number of preventable deaths linked to tobacco use.

Asked about criticism this move could “kill business”, Ms Powell said: “We’re certainly not attacking the hospitality industry. We support the hospitality industry. It’s vital to our communities, our high street, our economy.

“I’m not going to pre-empt what is or isn’t going to be in a future piece of legislation, but what I would say is that any such measures to extend some of these issues around smoking will be done in full consultation with hospitality business.”

She added there has been “a consensus for a long time now that we want to see a smoke-free country” and the health and economic benefits “would be huge”.

Smoking claims around 80,000 lives a year and estimates suggest it costs the NHS in England about £2.6bn a year.

While health campaigners have welcomed the latest plans, industry leaders in the hospitality sector have warned it could be a final nail in the coffin following the difficulties of the pandemic and cost of living crisis.

Sir Keir said the ban could include pub gardens, outdoor restaurants and outside sports venues, hospitals, nightclubs and some small parks.

Kate Nicholls, chief executive of trade body UKHospitality, said this “comes with the prospect of serious economic harm to hospitality venues” that have “all invested significantly in good faith in outdoor spaces and continue to face financial challenges”.

Michael Kill, CEO of the Night Time Industries Association, said: “This raises the critical question: Are we on the brink of becoming a nanny state? What is next?

“While these measures may rightly be driven by public health considerations, they risk dividing opinion and imposing yet another regulatory burden on businesses already facing considerable challenges.”

A number of Conservative MPs also spoke out against the plan, despite their own proposals to curb smoking for younger people, with shadow health secretary Victoria Atkins posting on X: “We want to protect our children from taking up smoking and vaping. Our smoke-free generation legislation was designed to do that.

“Stopping adults from smoking in the open air, however, was not part of our plans. Labour is putting our hospitality sector at risk in the process.”

Reform leader Nigel Farage told one newspaper he would “never go to the pub again if outdoor smoking was banned”.

A smoking ban inside of pubs and other enclosed public spaces was brought in by the last Labour government in 2007.

It led to a 2.4% reduction in hospital admissions for heart attacks and a 12.3% reduction in hospital admissions for childhood asthma within a year, according to Action on Smoking Health (ASH).

ASH said they support the government’s proposals, but it is important for people who smoke to have somewhere outside to do so to prevent them from smoking indoors.

Politics

Canada ‘got it wrong’ labeling stablecoins securities — NDAX exec

Published

2 hours ago

May 14, 2025

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<div>Canada 'got it wrong' labeling stablecoins securities — NDAX exec</div>

Tanim Rasul, chief operating officer at Canadian crypto exchange NDAX, said Canada “got it wrong” categorizing stablecoins as securities in 2022, and the country needs to realize that every other regulatory regime is looking at stablecoins as payment instruments.

Rasul made the remarks during a panel on May 13 at the Blockchain Futurist Conference in Toronto, pointing to Europe’s crypto regulatory framework as a model for Canada to consider:

“I’m sure the regulators are wondering if this was the right choice to approach stablecoins as a security. […] I would just say, look at MiCA, look at the way they’re approaching stablecoins. It’s a payment instrument. It should be regulated as such.”

The Canadian Securities Administrators (CSA) classified stablecoins as “securities and/or derivatives” in December 2022, following “recent events in the crypto market,” such as the dramatic collapse of crypto exchange FTX just a month before.

Canada, Cryptocurrency Exchange, Stablecoin — *Canadian Web3 Regulation panel at Blockchain Futurist Conference. Source: Cointelegraph*

The agency elaborated on stablecoin rules in February and October of 2023, placing such tokens under the umbrella of “value-referenced crypto assets.”

Canada’s stance on digital assets led many top crypto companies, including Binance, Bybit, OKX, and Paxos, to scale back operations in the local market. Crypto exchange Gemini also announced exit plans in September 2024.

The regulatory setback, however, hasn’t stopped Canada’s digital asset market from flourishing. According to Grand View Research, the local crypto industry posted revenue of $224 million in 2024, higher than in previous years. It is expected to grow at a compound annual growth rate of 18.6% until 2030, when it is forecast to reach $617.5 million in annual revenue.

Stablecoins have emerged as key crypto use case

Stablecoins, cryptocurrencies pegged to a fiat currency, have emerged as a key use case for digital assets. According to DefiLlama, the current market capitalization for all stablecoins is at $242.8 billion as of May 14, up 51.9% in the past 12 months.

Nation-states and economic blocs are increasingly working on stablecoin regulations to tackle the rising usage across the world. While the most used stablecoins are pegged to the US dollar, there is demand for stablecoins pegged to other fiat currencies.

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

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CFTC commissioner will step down to become Blockchain Association CEO

Published

4 hours ago

May 14, 2025

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CFTC commissioner will step down to become Blockchain Association CEO

Summer Mersinger, one of four commissioners currently serving at the US financial regulatory body Commodity Futures Trading Commission (CFTC), will become the next CEO of the digital asset advocacy group the Blockchain Association (BA).

In a May 14 notice, the Blockchain Association said its current CEO, Kristin Smith, would step down for Mersinger on May 16, allowing an interim head of the group to work until the CFTC commissioner assumes the role on June 2. Though her term at the CFTC was expected to last until April 2028, the BA said Mersinger is set to leave the agency on May 30.

The departure of Mersinger, who has served in one of the CFTC’s Republican seats since 2022, opens the way for US President Donald Trump to nominate another member to the financial regulator. Rules require that no more than three commissioners belong to the same political party.

Like the Securities and Exchange Commission, the CFTC is one of the significant US financial regulators whose policies impact digital assets. Lawmakers in Congress are currently working to pass a market structure bill to clarify the roles each agency could take in overseeing and regulating crypto.

New leadership at the Blockchain Association had been expected since Smith announced her departure on April 1 to become the next president of the Solana Policy Institute. A spokesperson for the Blockchain Association had not responded to Cointelegraph’s request for comment at the time of publication.

Some of the biggest crypto firms in the US, including Coinbase, Ripple Labs and Chainlink Labs, are members of the Association. The organization “support[s] a future-forward, pro-innovation national policy and regulatory framework for the crypto economy,” according to its website.

Changing the leadership at a major US financial regulator

A nominee of former US President Joe Biden, Mersinger has called for standardized crypto-related policies and said the CFTC was the “ideal regulator for the cryptocurrency spot market.” Some expected she would lead the regulator following the election of Trump and the departure of then-CFTC Chair Rostin Behnam, but Commissioner Caroline Pham took on the role in an acting capacity in January.

Trump chose former commissioner Brian Quintenz to chair the CFTC in February, but his nomination has not moved through the Senate for a vote in roughly three months. Commissioner Christy Goldsmith Romero reportedly said she plans to leave the agency once Quintenz is confirmed, potentially giving Trump the chance to nominate three new commissioners to fill the five-seat panel.

Any CFTC commissioner picked by the president needs a majority vote in the Senate to be confirmed for a five-year term or to fill in for a resigning member.

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

Politics

Bitcoin more of a ‘diversifier’ than safe-haven asset: Report

Published

7 hours ago

May 14, 2025

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Bitcoin more of a ‘diversifier’ than safe-haven asset: Report

Bitcoin’s fluctuating correlation with US equities is raising questions about its role as a global safe-haven asset during periods of financial stress.

Bitcoin (BTC) exhibited a strong negative correlation with the US stock market when analyzing the short-term, seven-day trailing correlation, according to new research from blockchain data provider RedStone Oracles, shared exclusively with Cointelegraph.

However, RedStone said that the 30-day indicator signals a “variable correlation” between Bitcoin price and the S&P 500 index, with the correlation coefficient ranging from -0.2 to 0.4.

This fluctuating correlation suggests that Bitcoin “doesn’t consistently function as a true hedge for equities” due to its lack of a strong negative correlation below -0.3, which is needed for “reliable counter movement during market stress,” the report said.

The research suggests that while Bitcoin may not be a dependable hedge against stock market declines, it offers value as a portfolio diversifier.

This fluctuating dynamic signals that Bitcoin often moves independently from other assets, potentially offering additional returns while other assets are struggling. Still, Bitcoin has yet to mirror the safe-haven dynamics of gold and government bonds, RedStone suggests.

Bitcoin needs to “mature” before decoupling from stock market

While Bitcoin is poised to grow into a safe-haven asset in the future, the world’s first cryptocurrency still needs to “mature” as a global asset, according to Marcin Kazmierczak, co-founder and chief operating officer at RedStone.

“Bitcoin still needs to mature before decoupling from stock markets,” Kazmierczak told Cointelegraph, adding:

“Increased institutional adoption will absolutely help — we’re already seeing this effect with corporate treasury investments reducing Bitcoin’s 30-day volatility and with BlackRock repetitively praising BTC as an asset in a portfolio.”

Meanwhile, Bitcoin will see growing recognition as a portfolio diversifier, with an annualized return of over 230% for the past five years, which “significantly outperformed” both stocks and traditional safe-haven assets, Kazmierczak said, adding that “even a small 1–5% Bitcoin allocation can meaningfully enhance a portfolio’s risk-adjusted returns.”

Meanwhile, Bitcoin’s declining volatility supports BTC’s growing maturity as a global financial asset. Bitcoin’s weekly volatility hit a 563-day low on April 30, a development that may signal more stable price action.

Bitcoin’s price volatility fell below the realized volatility of the S&P 500 and the Nasdaq 100, signaling that investors are increasingly treating Bitcoin as a long-term investment vehicle, Cointelegraph reported on May 13.