Politics

Russell Findlay replaces Douglas Ross as new leader of the Scottish Conservatives

Published

1 year ago

September 27, 2024

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Russell Findlay has been elected the new leader of the Scottish Conservatives.

The MSP saw off competition from Murdo Fraser and Meghan Gallacher in the bruising battle to replace Douglas Ross.

Mr Findlay won with 2,565 votes on a turnout of 60%. Mr Fraser placed second with 1,187 votes, while Ms Gallacher claimed third with 403 votes.

The announcement comes ahead of the UK Conservative Party revealing Rishi Sunak’s successor on 2 November.

Following his win, Mr Findlay said he “greatly” respected and valued Mr Fraser and Ms Gallacher.

He added: “Now, everyone in our party must come together as one united team.

“Let’s start the hard work right now – today – to win back public trust. And I want to deliver a message directly to people across Scotland who don’t feel anyone represents them.

“Who are scunnered by the divisive policies and fringe obsessions of the Scottish parliament. Who feel let down and failed by politicians of every party – including ours.

“Who think politicians are all the same. If you feel that way, I get it. But I am not the same. I’m not a career politician.”

Mr Findlay said he understood voters’ “frustration”.

He added: “Under my leadership the Scottish Conservatives are going to change. We will work hard to earn your trust by doing things differently.

“We will be a voice for decent, mainstream Scotland and for the values of hard work, self-reliance and fairness for taxpayers.

“We’ll spend all our time and energy on your concerns, your hopes and your needs.

“We know you don’t expect miracles from politicians. We know you just want some common sense, for a change. And we are determined to deliver it.”

Mr Findlay has been the MSP for West Scotland since 2021 and is currently the party’s justice spokesperson at Holyrood.

He has worked as a journalist for STV News, the Scottish Sun and the Sunday Mail.

His investigation into the disappearance of Margaret Fleming was used to help prosecute her killers.

As an author, Mr Findlay has written books on gangland crime and was the victim of an acid attack in 2015 when an assailant appeared on his doorstep disguised as a postman.

In 2017, the attacker was handed a 15-year extended sentence, with 10 years in jail and five years on licence once released back into the community.

Six Scottish Tory MSPs initially announced bids to succeed Mr Ross, who will continue in his role as MSP for the Highlands and Islands.

Brian Whittle, Liam Kerr and Jamie Greene dropped out of the race ahead of the ballot and threw their support behind Mr Fraser.

Mr Findlay, Mr Fraser and Ms Gallacher each secured the 100 nominations required to continue and took part in hustings across Scotland as they sought to convince party members why they were the best person for the job.

During his campaign launch, Mr Fraser called on Mr Findlay and Ms Gallacher to drop their bids and join his team – essentially coronating him as leader.

In response, Mr Findlay said he’d always been “opposed to a coronation, of myself or anyone else”.

He added: “Our members should decide the next leader. Not any small group of people at Holyrood.”

Mr Findlay, who received the backing of former Scottish Tory leader Ruth Davidson, was regarded by some as the favourite to replace Mr Ross.

During the competition, MSP Mr Kerr apologised after branding ally Mr Fraser’s leadership campaign as “awful”.

In a series of posts accidentally published as status updates to his WhatsApp profile, Mr Kerr criticised Mr Fraser’s bid despite publicly backing him.

“I’m beginning to wish I’d nominated Meghan,” Mr Kerr wrote, in reference to Ms Gallacher.

The contentious contest also saw former deputy leader Ms Gallacher lodging a complaint to the party against Berwickshire, Roxburgh and Selkirk MP John Lamont.

Following a call between the pair, Ms Gallacher was said to have been concerned she would be deselected ahead of the Holyrood election in 2026.

Mr Lamont, who backed rival Mr Findlay, strongly denied any wrongdoing and said he was “considering further action including legal options”.

Mr Findlay is expected to unveil his frontbench team at Holyrood next week.

Ahead of that, he will deliver a speech during Saturday’s celebrations to mark the 25th anniversary of the Scottish parliament.

And on Sunday, he will be on stage at the UK Conservative Party conference in Birmingham.

Politics

Crypto industry, trade unions clash over multi-trillion dollar retirement funds

Published

10 hours ago

December 12, 2025

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Crypto industry, trade unions clash over multi-trillion dollar retirement funds

A growing rift has emerged in Washington, D.C., between the cryptocurrency industry and labor unions as lawmakers debate whether to ease rules allowing cryptocurrencies in 401(k) retirement accounts.

The dispute centers on proposed market structure legislation that would allow retirement accounts to gain exposure to crypto, a move labor groups say could expose workers to speculative risk. In a letter sent on Wednesday to the US Senate Banking Committee, the American Federation of Teachers argued that cryptocurrencies are too volatile for pension and retirement savings, warning that workers could face significant losses.

The letter drew immediate pushback from crypto investors and industry figures. “The American Federation of Teachers has somehow developed the most logically incoherent, least educated take one could possibly author on the matter of crypto market structure regulation,” a crypto investor said on X.

Retirement, Pensions — *The AFT letter to Congress opposes regulatory changes that would allow 401(k) retirement accounts to hold alternative assets, including cryptocurrency. Source:* *CNBC*

In response to the letter, Castle Island Ventures partner Sean Judge said the bill would improve oversight and reduce systemic risk, while enabling pension funds to access an asset class that has delivered strong long-term returns.

Consensys attorney Bill Hughes said the AFT’s opposition to the crypto market structure bill was politically motivated, accusing the group of acting as an extension of Democratic lawmakers.

Opposition to crypto in retirement and pension funds mounts

Proponents of allowing crypto in retirement portfolios, on the other hand, argue that it democratizes finance, while trade unions have voiced strong opposition to relaxing current regulations, claiming that crypto is too risky for traditional retirement plans.

“Unregulated, risky currencies and investments are not where we should put pensions and retirement savings. The wild, wild west is not what we need, whether it’s crypto, AI, or social media,” AFT president Randi Weingarten said on Thursday.

The AFT represents 1.8 million teachers and educational professionals in the US and is one of the largest teachers’ unions in the country.

According to Better Markets, a nonprofit and nonpartisan advocacy organization, cryptocurrencies are too volatile for traditional retirement portfolios, and their high volatility can create time-horizon mismatches for pension investors seeking a predictable, low-volatility retirement plan.

In October, the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) also wrote to Congress opposing provisions within the crypto market structure regulatory bill.

The AFL-CIO, the largest federation of trade unions in the US, wrote that cryptocurrencies are volatile and pose a systemic risk to pension funds and the broader financial system.

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