Tory leadership race: James Cleverly knocked out – leaving Robert Jenrick and Kemi Badenoch in final two

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5 months ago

October 9, 2024

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Robert Jenrick and Kemi Badenoch will battle it out to be the next leader of the Conservative Party after James Cleverly was eliminated from the race.

Tory MPs held a final vote on Wednesday to reduce the field to a final two, who will then go to a ballot of Conservative members.

After picking up 42 votes in the final round of voting, Ms Badenoch re-established herself as the favourite after lagging behind in previous rounds.

Robert Jenrick, her close rival on the right, picked up one vote shy of Ms Badenoch, while Mr Cleverly – who was seen as a unifying candidate – won the backing of 37 MPs.

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The selection of Ms Badenoch and Mr Jenrick means the Conservative Party is heading towards the right and that immigration – and the UK’s membership of the European Convention on Human Rights (ECHR) – will be at the top of the agenda.

Mr Jenrick said he was “delighted to have got so much support from parliamentary colleagues today”.

He told Sky News’ Sophy Ridge he believed his message of fixing the NHS, growing the economy and reducing immigration had struck a chord with MPs.

“On each of these areas, I’ve got a real plan,” he said.

“I don’t trade in platitudes. I have a plan as to how we provide serious, competent leadership for our party and ultimately for our country.”

This contest could become unpleasant quite quickly

Sam Coates

Deputy political editor

@SamCoatesSky

The Conservative leadership contest is no longer a battle for the direction of the party.

By picking Kemi Badenoch and Robert Jenrick, this has pivoted from a contest about the future direction of the party to one that turns on two different visions of a Tory future on the right of British politics.

The ejection of James Cleverly – who was frontrunner just yesterday – stunned the party. Nobody has yet admitted to whether his defeat took place because of a miscalculation over vote lending.

However people saw Cleverly on the terrace and later for a time at the Boris Johnson book launch – a period the other campaign were hitting the phones to firm up support.

It is still too close to call who will win between Ms Badenoch and Mr Jenrick as they go through to the final round and submit themselves to the judgement of 170,000 Tory members.

However, Ms Badenoch now appears to have the edge.

The last Tory members poll for YouGov by Sky News puts her four percentage points ahead of her rival in a head to head contest – not much more than the margin of error, but this was taken before her well-received conference speech.

In the final round of voting she was suddenly out in front amongst MPs – when the suggestion had been that they might try and keep her off the ballot.

This puts to bed the suggestion that too many MPs worry that her regular incendiary and unpredictable comments bar her from the top job.

Mr Jenrick will now want this race to turn on immigration .

Team Jenrick say he wants to leave ECHR and she “wants to remain” and that his opponent wants to leave.

Team Badenoch says that misrepresents her – her more nuanced position is that she is willing to leave if necessary, but only after a review.

Other clear dividing lines are yet to emerge, however. The risk that a contest based around personalities becomes quite personal – and unpleasant – quite quickly.

It is not a contest anyone could have predicted.

Ms Badenoch said the reason she had performed the best in the final round of voting was because “people have a lot of faith in my approach”…that you start with principles first and then policy”.

Mr Cleverly’s elimination from the race came as a surprise after he rallied in the previous round of voting following what was considered to be a strong performance at the Conservative Party conference.

Political reporter Alix Culbertson, who was in the room as the result was announced, said “disbelief resounded around the room” after it was confirmed the former home secretary would not be in the final two.

Following the result Mr Cleverly posted on X: “I’m grateful for the support I’ve received on this campaign from colleagues, party members and the public.

“Sadly it wasn’t to be. We are all Conservatives, and it’s important the Conservative Party unites to take on this catastrophic Labour government.”

It came after Tom Tugendhat, the former security minister who was running from the centrist wing of the party, was knocked out of the race after receiving the least votes from MPs on Tuesday.

The result marks a comeback for Ms Badenoch, who while starting as the favourite in the early stages of the contest, was later pursued by Mr Jenrick who overtook her in the first, second and third MPs’ ballot.

Both candidates faced criticism for comments they made during the party conference.

Mr Jenrick claimed the SAS was being forced to kill rather than capture terrorists because the “European Court will set them free”, something many of his colleagues disputed.

Former business secretary Ms Badenoch was forced to backtrack over comments she made about “excessive” maternity pay and civil servants being jailed.

Britain’s membership of the ECHR is likely to be at the forefront at the debate between the two frontrunners, with Mr Jenrick – who has already challenged his rival to a debate – advocating that the UK leave the convention.

Ms Badenoch’s position is that she wants a review of the ECHR and would be willing to leave it if necessary.

Asked whether the race was likely to get “dirty” and if he could guarantee a “clean contest”, Mr Jenrick told Sophy Ridge: “That’s the way I fought this campaign now for three months.

“I’m a collegiate person, but I also want to provide direction for this party,” he said. “We need to be more Conservative. We need to ensure that we occupy that common ground of British politics once more.”

On the issue of the ECHR, Ms Badenoch said making it the sole focus of the debate would be a mistake.

“What I talked about in my conference speech and when I launched my campaign is we need to talk about everything,” she told reporters in Westminster.

“It can’t just be about one little part of immigration policy – we need to lower immigration, that’s part of the story, but just talking about the ECHR is going to shut down the conversation that we need to have with the entire country.”

The party membership vote will close at 5pm on Thursday 31 October. The winner, who will become leader of the party and the Opposition to the Labour government, will be announced on Saturday 2 November.

Politics

Hashdex amends S-1 for crypto index ETF, adds seven altcoins

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4 hours ago

March 17, 2025

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Hashdex amends S-1 for crypto index ETF, adds seven altcoins

Asset manager Hashdex has amended its S-1 regulatory filing for its cryptocurrency index exchange-traded fund (ETF) to include seven altcoins in addition to Bitcoin (BTC) and Ether (ETH), according to a March 14 filing.

The revision proposes adding seven specific altcoins to the index ETF — Solana (SOL), XRP (XRP), Cardano (ADA), Chainlink (LINK), Avalanche (AVAX), Litecoin (LTC), and Uniswap (UNI). As of March 17, the Hashdex Nasdaq Crypto Index US ETF holds only Bitcoin and Ether.

Previous versions of Hashdex’s S-1 suggested the possibility of adding other cryptocurrencies in the future but didn’t specify which ones.

According to the filing, the proposed altcoins additions “are decentralized peer-to-peer computer systems that rely on public key cryptography for security, and their values are primarily influenced by market supply and demand.”

The revised filing signals how ETF issuers are accelerating planned crypto product rollouts now that US President Donald Trump has instructed federal regulators to take a more lenient stance on digital asset regulation.

As part of the transition, the ETF plans to switch its reference index from the Nasdaq Crypto US Index — which only tracks BTC and ETH — to the more comprehensive Nasdaq Crypto Index, the filing said.

The asset manager did not specify when it plans to make the change. The US Securities and Exchange Commission (SEC) must sign off on the proposed changes before they can take effect.

Accelerating approvals

In December, the SEC gave the green light to both Hashdex and Franklin Templeton’s respective Bitcoin and Ether index ETFs.

Both ETFs were listed in February, initially drawing relatively modest inflows, data shows. They are the first US ETFs aiming to offer investors a one-stop-shop diversified crypto index.

Asset manager Grayscale has also applied to convert its Grayscale Digital Large Cap Fund to an ETF. Created in 2018, the fund holds a crypto index portfolio comprising BTC, ETH, SOL and XRP, among others.

Industry analysts say crypto index ETFs are the next big focus for issuers after ETFs holding BTC and ETH listed in January and July, respectively.

“The next logical step is index ETFs because indices are efficient for investors — just like how people buy the S&P 500 in an ETF. This will be the same in crypto,” Katalin Tischhauser, head of investment research at crypto bank Sygnum, told Cointelegraph in August.

In February, the SEC acknowledged more than a dozen exchange filings related to cryptocurrency ETFs, according to records.

The filings, submitted by Cboe and other exchanges, addressed proposed rule changes concerning staking, options, in-kind redemptions and new types of altcoin funds.

Magazine: US enforcement agencies are turning up the heat on crypto-related crime

Politics

New BITCOIN Act would allow US reserve to exceed 1M: Law Decoded

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5 hours ago

March 17, 2025

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New BITCOIN Act would allow US reserve to exceed 1M: Law Decoded

The newly reintroduced Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2025 by Senator Cynthia Lummis would allow the United States to potentially hold over 1 million Bitcoin (BTC) in its crypto reserves.

The bill directs the government to buy 200,000 BTC annually over five years, to be paid for with existing funds within the Federal Reserve and the Treasury Department.

If signed into law, the act would allow the US to hold more than 1 million BTC as long as the assets are acquired through lawful means other than direct purchases, including criminal or civil forfeitures, gifts, or transfers from federal agencies.

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Democratic lawmaker urges Treasury to cease Trump’s Bitcoin reserve plans

US Representative Gerald Connolly, a Democrat from Michigan, called on the Treasury to cease its efforts to create a crypto reserve in the United States. The lawmaker said there were conflicts of interest with US President Donald Trump and argued that the reserve would not benefit Americans.

Connolly criticized the reserve in a letter addressed to Treasury Secretary Scott Bessent, arguing that there’s no “discernible benefit” to Americans and that the move would instead make Trump and his donors richer.

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Argentine lawyer requests Interpol red notice for LIBRA creator: Report

Argentine lawyer Gregorio Dalbon is seeking an Interpol Red Notice for Hayden Davis, the co-creator of the LIBRA token, which caused a political scandal in Argentina.

Dalbon submitted a request, seeking the Red Notice, to prosecutor Eduardo Taiano and judge María Servini, who are investigating the involvement of President Javier Milei in the memecoin project.

In a filing, the lawyer said there’s a procedural risk if Davis remains free. The lawyer argued that Davis could have access to funds that might allow him to go into hiding or flee to the US.

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America must back pro-stablecoin laws, reject CBDCs — US Rep. Emmer

In a House Financial Services Committee hearing, US Representative Tom Emmer said that central bank digital currencies (CBDCs) threaten American values. The lawmaker called on Congress to pass his CBDC Anti-Surveillance State Act to block future administrations from launching a CBDC without congressional approval.

Emmer said at the hearing that CBDC technology is “inherently un-American,” adding that allowing unelected bureaucrats to issue a CBDC could “upend the American way of life.”

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Texas lawmaker seeks to cap state’s proposed BTC purchases at $250 million

Ron Reynolds, a Democratic state representative in Texas, has proposed a cap for the state’s investment in Bitcoin or other cryptocurrencies.

The lawmaker proposed in a bill that the state’s comptroller should not be allowed to invest more than $250 million in crypto. The bill also directs Texas municipalities or counties to not invest more than $10 million in crypto.

The proposed bill follows the Texas Senate’s approval of legislation establishing a strategic Bitcoin reserve in the state.

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Politics

XRP’s role in US Digital Asset Stockpile raises questions on token utility — Does it belong?

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5 hours ago

March 17, 2025

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XRP’s role in US Digital Asset Stockpile raises questions on token utility — Does it belong?

Ripple’s XRP (XRP), the third-largest cryptocurrency by market cap, gained national recognition after President Donald Trump mentioned the “valuable cryptocurrency” alongside BTC, ETH, SOL, and ADA as part of a planned US strategic crypto reserve.

Trump’s executive order on March 6 established a new structure for the altcoins — the Digital Asset Stockpile, managed by the Treasury.

While the crypto community remains divided on whether XRP is truly as valuable as President Trump suggests, a closer look at the altcoin’s utility is warranted.

XRP’s potential role in banking

Launched in 2012 by Ripple Labs, the XRP Ledger (XRPL) was designed for interbank settlements. It initially offered three enterprise solutions: xRapid, xCurrent, and xVia, all later rebranded under the RippleNet umbrella. XCurrent is real-time messaging and settlement between banks, xVia is a payment interface allowing financial institutions to send payments through RippleNet, and xRapid, now part of On-Demand Liquidity (ODL), facilitates cross-border transactions.

Only ODL actually requires XRP; the other services allow banks to use RippleNet without ever holding the token. This means bank adoption of Ripple technology does not always drive XRP’s price.

Some of the world’s largest banks have used xCurrent and xVia, including American Express, Santander, Bank of America, and UBS. There is less data on the entities that use XRP-powered ODL service. Known adopters include SBI Remit, a major Japanese remittance provider, and Tranglo, a leading remittance company in Southeast Asia.

XRP’s role in Web3

XRP is also used as a gas token. However, unlike the Ethereum network, where fees go to validators, a small amount of XRP is burned as an anti-spam mechanism.

XRP’s role in Web3 is minimal. Unlike Ethereum, Ripple does not support complex smart contracts or DApps. It offers only basic Web3 functionality, such as a token issuance mechanism and native NFT support under the XLS-20 standard, introduced in 2022.

The XRPL Web3 ecosystem is small. Its modest DeFi sector holds $80 million in total value locked (TVL), according to DefiLlama. XRPL’s tokens have a combined market cap of $468 million, according to Xrpl.to. Most of them are DEX tokens (SOLO) and memes (XRPM), as well as wrapped BTC and stablecoins.

So far, XRPL’s Web3 sector remains niche and trails true smart contract platforms like Ethereum and Solana.

Crypto pundits split hairs on XRP’s role in a strategic reserve

Ripple Labs representatives have long advocated for equal treatment of cryptocurrencies, with CEO Brad Garlinghouse reiterating this on Jan. 27.

Garlinghouse said,

“We live in a multichain world, and I’ve advocated for a level-playing field instead of one token versus another. If a government digital asset reserve is created—I believe it should be representative of the industry, not just one token (whether it be BTC, XRP or anything else).”

However, not all cryptocurrencies serve the same purpose. Bitcoin’s primary role is to be a “geopolitically neutral asset like gold,” in the words of crypto analyst Willy Woo. XRP’s purpose remains less clear, but few in the crypto space would argue that it could qualify as independent money.

This is primarily due to one of Ripple’s most uncomfortable aspects—its permissioned nature. Unlike Bitcoin or Ethereum, Ripple does not rely on miners or staked tokens to secure the network. Instead, it uses a Unique Node List—a group of trusted validators responsible for approving transactions. While this optimizes speed and efficiency, it raises concerns about censorship, corruption, and security risks.

Bitcoin proponent and co-founder of Casa Jameson Lopp didn’t hold back when discussing XRP’s potential:

“There’s Bitcoin, then there’s Crypto, then there’s Ripple. Ripple has attacked Bitcoin at a level rivaled only by BSV’s lawsuits. Ripple explicitly wants to power CBDCs. They have always been focused on servicing banks. Few projects are as antithetical to Bitcoin.”

There’s no love lost between Bitcoiners and Ripple supporters, especially after Ripple co-founder Chris Larsen partnered with Greenpeace to fund an anti-Bitcoin campaign.

However, Lopp’s comparison to CBDCs holds some weight, given XRPL’s permissioned nature. It reflects a common view in the crypto community that XRP functions more like a banking tool than a truly independent cryptocurrency.

While the XRPL blockchain sees widespread use in banking, XRP’s utility remains a point of concern. It is underscored by the fact that approximately 55% of the 100 billion pre-mined coins are still held by Ripple Labs. This concentration raises concerns about potential market manipulation and the coin’s long-term stability.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.