Liberal Democrat leader Sir Ed Davey has called for a tax on the wealthiest instead of cutting support for “struggling pensioners”.
Speaking after arriving at the Lib Dem conference in Brighton on a jet ski, Sir Ed said his party is the only one offering up a solution on how to “plug the awful financial mess the Conservatives left us with”.
More than 10 million pensioners will lose winter fuel payments under government plans which have been heavily criticised by opposition MPs, some Labour MPs and charities.
Sir Ed told Sky News he would have levied a capital gains tax against the wealthiest instead.
Image: Sir Ed Davey arrived at the Lib Dem conference in Brighton on a jet ski. Pic: PA
“The Conservatives won’t admit there’s a problem, there is a problem, the financial deficit is large, the Conservatives ran the budget in a very bad way, there needs to be a solution to that,” he said.
“But withdrawing winter fuel payments from struggling pensioners isn’t the solution so we’ve put forward in the House of Commons our solution.
“We’ve said, look at the capital gains tax on the very, very wealthiest.
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“So there are alternatives to this. The government doesn’t have to do this.
“It has to clear up the Conservatives’ mess. But there are other ways, much fairer ways to do that.”
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Image: Sir Ed continued carrying out stunts as he arrived in Brighton
Sir Ed said his party would also reverse the tax cut the Conservatives gave banks “to deal with the deficit and avoid these painful policies”.
He said it is possible to give the winter fuel payments to all but the wealthiest pensioners and this has been done before with child benefit.
“But that’s not what the government are proposing,” he added.
“We’re going to be the best opposition in parliament, far better than the Conservatives by being constructive, by putting forward alternatives,” Sir Ed said.
“And I think we’re the only group of people doing that, saying this is where you should get the money from to plug the awful financial mess left by the Conservatives.
Labour’s first conference as a party of government in more than a decade was always going to be a carefully calibrated affair.
Too much celebration and jubilation a likely no-no, given the sombre picture Sir Keir Starmer has been painting since moving into Downing Street.
But the party probably hoped to avoid a full-on union showdown.
And yet, that looks to be on the horizon.
The motion being submitted by Unite is scathing – lashing out at the decision to cut winter fuel payments and squaring up to the current gloomy tone being adopted by the government.
Last week’s Commons vote saw just a limited rebellion among MPs.
If this motion makes it to the conference floor, members may not be so loyal to their leader.
That’s not to say any of this should – or will – bother Downing Street.
With a huge majority in parliament, Sir Keir Starmer can afford to rile a few allies now.
Providing he can get them back on side before 2029.
The union’s motion calls the cuts “cruel” and goes on to say: “We need a vision where pensioners are not the first to face a new wave of cuts.”
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.
New figures reveal a 70% year-on-year increase in Cayman Islands foundation company registrations, with more than 1,300 on the books at the end of 2024, and over 400 new registrations already in 2025.
According to a news release from Cayman Finance, many of the world’s largest Web3 projects are now registered in the Cayman Islands, including at least 17 foundation companies with treasuries over $100 million.
Why DAOs are choosing Cayman
The Cayman foundation company has emerged as a preferred tool for DAOs that need to sign contracts, hire contributors, hold IP and interact with regulators, all while shielding tokenholders from personal liability for the DAO’s obligations.
The legal wake‑up call for many communities came in 2024 with Samuels v. Lido DAO, in which a US federal judge found that an unwrapped DAO could be treated as a general partnership under California law, exposing participants to personal liability.
The Cayman foundation company is designed to plug that gap, offering a separate legal personality and the ability to own assets and sign agreements, while giving tokenholders assurance that they are not partners by default.
Rise in Cayman Islands foundation company registrations | Source: Cayman Finance
Add tax neutrality, a legal framework familiar to institutional allocators and an ecosystem of companies that specialize in Web3 treasuries, and it becomes clear why more projects have quietly redomiciled their foundations to Grand Cayman.
Elsewhere, policymakers have made big promises but delivered patchwork. US President Donald Trump has repeatedly pledged to turn the United States into the “crypto capital of the planet,” but at the entity level, only a handful of states explicitly recognize DAOs as legal persons.
Switzerland remains the archetypal onshore Web3 foundation center, with the Crypto Valley region now hosting over 1,700 active blockchain firms, up more than 130% since 2020, with foundations and associations representing a growing share of new structures.
The surge in Web3 foundations coincides with a shift in Cayman’s own regulatory posture — the arrival of the Organisation for Economic Co-operation and Development’s Crypto‑Asset Reporting Framework (CARF), which the Cayman Islands has now implemented via new Tax Information Authority regulations that take effect from Jan. 1, 2026.
CARF will impose due diligence and reporting duties on Cayman “Reporting Crypto‑Asset Service Providers” (entities that exchange crypto for fiat or other crypto, operate trading platforms or provide custodial services), requiring them to collect tax‑residence data from users, track relevant transactions and file annual reports with the Tax Information Authority.
Legal professionals note that CARF reporting under the current interpretation applies to relevant crypto-asset service providers, including exchanges, brokers and dealers, which likely leaves structures that merely hold crypto assets, such as protocol treasuries, investment funds, or passive foundations, off the hook.
“The key question is whether your entity, as a business, provides a service effectuating exchange transactions for or on behalf of customers, including by acting as a counterparty or intermediary or by making available a trading platform.”
In practice, that means many pure treasury or ecosystem‑steward foundations should be able to continue benefitting from Cayman’s legal certainty and tax neutrality without being dragged into full reporting status, so long as they are not in the business of running exchange, brokerage or custody services.