Pragmatist Kemi Badenoch wins Tory leadership TV showdown with Robert Jenrick

Published

7 months ago

October 18, 2024

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For Kemi Badenoch, less is more.

Before the Tory leadership TV showdown with rival Robert Jenrick, she’d declared: “I’m running a grassroots campaign, not a TV campaign or a media campaign.”

She was the frontrunner, after all, and according to conventional wisdom, had the most to lose from round-the-clock media interviews – which Mr Jenrick has done – and TV debates – which Mr Jenrick has demanded.

But in this TV leadership event in front of an audience of 400 Conservative Party members, hosted by GB News, she was the winner by a considerable distance and will now be odds-on favourite to become the next Tory leader.

This is likely to have been the only TV event with the two leadership candidates, given that a BBC programme proposed for next week is now in doubt because the Tories want to charge the audience for tickets.

Politics latest: Tory MP sparks outrage with Badenoch remarks

But Ms Badenoch’s performance here certainly appears to have vindicated her strategy of being sparing with her TV appearances. Despite her reputation for abrasiveness, here she was measured, good-natured – polished, even.

Voice-coaching, media training? Possibly. If so, it paid off. She was the clear winner. Calm, poised, well-briefed.

The show of hands among the audience at the end of the two-hour event was overwhelmingly in Ms Badenoch’s favour. And Mr Jenrick will now be struggling to recover. He needs to rethink his campaign.

But it’s almost certainly too late for that. Ballot papers to Conservative Party members were sent out this week and it’s predicted that many of them will vote within a few days of receiving them, so the contest could effectively be almost over.

Mr Jenrick has been accused of being a “one-trick immigration pony” and during this programme he concentrated too much on this one issue. He even prompted a groan from interviewer Christopher Hope at one point and then insisted his message on immigration and the European Convention on Human Rights (ECHR) was worth repeating.

Ms Badenoch, on the other hand, showed a better grasp of detail on a range of issues, from public spending to welfare policy, from the NHS to prisons. And she revealed herself to be a pragmatist rather than a dogmatist on contentious issues like Brexit and Mr Jenrick’s obsession with leaving the ECHR.

Leaving the ECHR wasn’t a “silver bullet”, she said. And she rejected a “bonfire of EU regulations”, saying she wasn’t going to scrap product safety laws. She was pragmatic on releasing prisoners from overcrowded jails too, saying the safety of prison officers was top priority.

She was emphatic, though, on pledging to scrap Labour’s move to slap VAT on private school fees, claiming it would be the first thing she would do if she became prime minister. On this, and all her pledges, she won warm applause. But this was probably the best crowd-pleaser.

And her answers to the inevitable questions about Sir Christopher Chope’s claim that she couldn’t be a mother and Tory leader were classy, pointing out that men as well as women have parental responsibilities.

She was most powerful on the threat posed to the Conservatives by Nigel Farage and Reform UK. She said Mr Farage “speaks with clarity and conviction”, whereas the Tories – under Rishi Sunak, though she didn’t name him – spoke like technocrats and managers.

But she warned that if the Tories “get this wrong” – the leadership election, that is – Reform UK will overtake them. And she insisted there’s no place for Mr Farage in a “broad church”, because he “wants to burn the church down”. A smart line.

Mr Jenrick, who went first in this hustings, was clearly determined to appeal to the traditional right-wing instincts of Tory members. But he overdid the emphasis on immigration and the ECHR and at times sounded too much as if he was giving answers to questions that the audience wanted to hear.

After the event, the Jenrick camp were unrepentant. A spokesperson for the Tory leadership contender said: “Politicians should have policies – they do matter. None more so than on immigration.

“We won’t regain people’s trust unless we set out what we’d do differently this time.

“After the comparative performances tonight, the case for a real head-to-head debate is even stronger. Party members deserve to see these candidates debate the big challenges facing our country.”

But, if this turns out to be the only TV event, it may have been Mr Jenrick’s chance to catch up in the leadership race.

The race may not be over officially until the end of October, but on the evidence of this programme, Ms Badenoch is on course for victory.

Politics

GENIUS Act ‘legitimizes’ stablecoins for global institutional adoption

Published

2 hours ago

May 21, 2025

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GENIUS Act ‘legitimizes’ stablecoins for global institutional adoption

Stablecoin adoption among institutions could surge as the United States Senate prepares to debate a key piece of legislation aimed at regulating the sector.

After failing to gain support from key Democrats on May 8, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act passed the US Senate in a 66–32 procedural vote on May 20 and is now heading to a debate on the Senate floor.

The bill seeks to set clear rules for stablecoin collateralization and mandate compliance with Anti-Money Laundering laws.

“This act doesn’t just regulate stablecoins, it legitimizes them,” said Andrei Grachev, managing partner at DWF Labs and Falcon Finance.

“It sets clear rules, and with clarity comes confidence. That’s what institutions have been waiting for,” Grachev told Cointelegraph during the Chain Reaction daily X spaces show on May 20, adding:

“Stablecoins aren’t a crypto experiment anymore. They’re a better form of money. Faster, simpler, and more transparent than fiat. It’s only a matter of time before they become the default.”

Senate bill seen as path to unified digital system

The GENIUS Act may be the “first step” toward establishing a “unified digital financial system which is borderless, programmable and efficient,” Grachev said, adding:

“When the US moves on stablecoin policy, the world watches.”

Republican Senator Cynthia Lummis, a co-sponsor of the bill, also pointed to Memorial Day as a “fair target” for its potential passage.

Grachev said regulatory clarity alone will not drive institutional adoption. Products offering stable and predictable yield will also be necessary. Falcon Finance is currently developing a synthetic yield-bearing dollar product designed for this market, he noted.

Yield-bearing stablecoins now represent 4.5% of the total stablecoin market after rising to $11 billion in total circulation, Cointelegraph reported on May 21.

GENIUS Act regulatory gaps don’t address offshore stablecoin issuers

Despite broad support for the GENIUS Act, some critics say the legislation does not go far enough. Vugar Usi Zade, the chief operating officer at Bitget exchange, told Cointelegraph that “the bill doesn’t fully address offshore stablecoin issuers like Tether, which continue to play an outsized role in global liquidity.”

He added that US-based issuers will now face “steeper costs,” likely accelerating consolidation across the market and favoring well-resourced players that can meet the new thresholds.

Still, Zade acknowledged that the legislation could bring greater “stability” to regulated offerings, depending on how it is ultimately worded and enforced.

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

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Hong Kong passes stablecoin bill, set to open licensing by year-end

Published

2 hours ago

May 21, 2025

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Hong Kong passes stablecoin bill, set to open licensing by year-end

Hong Kong’s Legislative Council passed the Stablecoin Bill, paving the way for a regulated framework that could position the region as a global leader in digital assets and Web3 development.

In a May 21 post on X, Legislative Council member Johnny Ng Kit-Chong said the bill had passed its third reading, clearing the final hurdle for adoption.

“It is expected that by the end of this year, major institutions will be able to apply to the Hong Kong Monetary Authority to become licensed stablecoin issuers,” Ng said.

According to the new Hong Kong legislation, stablecoins must be backed by fiat currency as underlying assets. Ng said Hong Kong is welcoming “global enterprises and institutions interested in issuing stablecoins to apply in Hong Kong,” offering to personally assist with introductions and collaboration:

“I am also happy to facilitate connections and collaborate with all stakeholders to advance the development of Web3 in Asia and globally, with Hong Kong at the center.“

Hong Kong aims to become a Web3 powerhouse

Ng said the legislation marks the first step on the road toward building Web3 infrastructure in Hong Kong. “The most crucial step is to develop more real-world applications.”

Ng said stablecoin adoption has the potential to drive innovation in retail payments, cross-border trade and peer-to-peer transactions.

He added that he encourages the development and adoption of stablecoins, since “they represent a major financial innovation.” Regarding enhancing market stability, Ng suggested distributing interest earnings to stablecoin holders.

Interest for stablecoin holders

According to Ng, “providing interest will strengthen the competitiveness of stablecoins.” This increased competitiveness, he explained, incentivizes broader participation and expands stablecoin market share, which supports what he views as sustainable growth.

Ng’s remarks that yield-bearing stablecoins are more competitive follow recent positive data. Research indicates that yield-bearing stablecoins have soared to $11 billion in circulation, representing 4.5% of the total stablecoin market, a steep climb from just $1.5 billion and a 1% market share at the start of 2024.

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

Politics

Bitcoin Suisse eyes UAE expansion with regulatory nod in Abu Dhabi

Published

5 hours ago

May 21, 2025

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Bitcoin Suisse eyes UAE expansion with regulatory nod in Abu Dhabi

Bitcoin Suisse secured an in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), marking a major step in the Swiss crypto firm’s expansion beyond the European Union.

The Swiss crypto financial service provider received the in-principle approval through its subsidiary BTCS (Middle East), according to a May 21 news release.

The IPA is a precursor to a full financial services license, which would allow Bitcoin Suisse to provide regulated crypto financial services such as digital asset trading, crypto securities and derivatives offerings, as well as custody solutions.

The approval reflects the firm’s “strong commitment to maintaining the highest standards of transparency, security, and regulatory compliance,” according to Ceyda Majcen, head of global expansion and designated senior executive officer of BTCS (Middle East).

“Abu Dhabi, one of the Middle East’s fastest-growing financial centers, presents a compelling opportunity for growth. We look forward to working closely with the FSRA to obtain our full license,” Majcen wrote in a May 21 X announcement.

This marks Bitcoin Suisse’s first expansion outside of the European Union.

Founded in 2013, Bitcoin Suisse played a significant role in developing the country’s crypto ecosystem and has been a key contributor to Switzerland’s Crypto Valley, a Switzerland-based blockchain ecosystem valued at more than $500 billion.

Crypto firms bet on Middle East as next global crypto hub

Increasingly more crypto firms are expanding into the Middle East, seeing the region as the next potential global crypto hub due to its business-friendly regulatory licensing environment.

On April 29, Circle, the issuer of the world’s second-largest stablecoin, USDC (USDC), received an in-principle approval from the FSRA, moving one step closer to the full license to become a regulated money service provider in the United Arab Emirates.

A day earlier, the Stacks Asia DLT Foundation partnered with ADGM, becoming the first Bitcoin-based organization to establish an official presence in the Middle East, Cointelegraph reported on April 28.

As part of the partnership, the Stacks Foundation aims to advance progressive regulatory frameworks in the Middle East.

“We’re not just focused locally — our team is engaged in global conversations, advocating for frameworks that balance decentralization, security, innovation, and compliance surrounding the unlocking of Bitcoin capital,” Kyle Ellicott, executive director at Stacks Asia DLT Foundation, told Cointelegraph.

The foundation is also developing the Bitcoin Capital Activation Framework, described as a comprehensive policy blueprint to help regulators enable Bitcoin utility in their jurisdictions.