The next leader of the Conservative party will be announced today, following a run-off between Kemi Badenoch and Robert Jenrick.
The winner will replace Rishi Sunak as the leader of the opposition, after he led the party to a crushing election defeat in July, losing almost two thirds of its MPs.
His successor faces the daunting task of rebuilding the Tory party after years of division, scandal and economic turbulence, which saw Labour eject them from power by a landslide.
Voting by tens of thousands of party members, who need to have joined at least 90 days ago, closed on Thursday. Both candidates have claimed the result will be close.
The Conservatives do not disclose how many members the party has, but the figure was about 172,000 in 2022, and research suggests they are disproportionately affluent, older white men.
Both candidates are seen as on the party’s right wing. Kemi Badenoch, 44, is the former trade secretary, who was born in London to middle-class Nigerian parents but spent most of her childhood in Lagos.
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After moving back to the UK aged 16, she stayed with a family friend while taking her A-levels, and has spoken of her time working at McDonald’s as a teenager.
Having studied computer science at Sussex University, she then worked as a software engineer before entering London politics and becoming MP for Saffron Walden in Essex in 2017.
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Ms Badenoch prides herself on being outspoken and has said the Conservatives lost because they “talked right and governed left”. But her critics paint her as abrasive and prone to misspeaking.
At the Conservative Party conference, a crucial staging post in the contest, she began her speech which followed three other male candidates by saying: “Nice speeches, boys, but I think you all know I’m the one everyone’s been waiting for.”
Image: Robert Jenrick and Kemi Badenoch. Pics: PA
Her rival Robert Jenrick, 42, has been on a political journey. Elected as a Cameroon Conservative in 2014, he was one of the rising star ministers who swung behind Boris Johnson as prime minister and was later a vocal supporter of Rishi Sunak.
But he resigned as immigration minister in December 2023, claiming Sunak’s government was breaking its promises to cut immigration.
The MP for Newark in Nottinghamshire says he had a “working-class” upbringing in Wolverhampton. He read history at Cambridge University and worked at Christie’s auctioneers before winning a by-election.
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October: Jenrick v Badenoch for Tory leadership
After a long ministerial career where he was seen as mild-mannered, he is said to have been “radicalised” by his time at the Home Office and has focused his campaign on a promise to slash immigration and leave the European Convention on Human Rights to “stand for our nation and our culture, our identity and our way of life”.
He has put forward more policies than his rival, but attracted criticism for some of his claims – including that Britain’s former colonies owe the Empire a “debt of gratitude”.
A survey of party members by the website Conservative Home last week put Kemi Badenoch in the lead by 55 points to Mr Jenrick’s 31 with polls still open.
James Cleverly, the shadow home secretary and seen as a more centrist candidate was knocked out of the race last month. One of his supporters, the Conservative peer and former Scotland leader Ruth Davidson, has predicted neither Mr Jenrick nor Ms Badenoch will stay as leader until the next general election.
She told the Sky News Electoral Dysfunction podcast: “I’ve now voted for Robert Jenrick, who I don’t think will win. I struggle to believe that the person that’s the next leader of the Tory party is going to take us into the next election in five years’ time and I struggle to believe that they’re going to leave the leadership at a time of their own choosing.”
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‘All candidates should get job in shadow cabinet’
Henry Hill, deputy editor of ConHome, said the contest which Tory officials decided would take almost three months, has not led to enough scrutiny – because the MP rounds of voting took so long.
“We know much less [about them] than I think we should”, he said. “The problem with this contest is the party decided to go really long, but at the same time, they confined the membership vote – with just the final two – to just three weeks, and ballots dropped halfway through that process.
“We had months and months with loads of candidates in the race, but also that was the MP rounds and you’d think the MPs will have a chance to get to know these people already. For the actual choice the members are going to be making, there has been barely any time to scrutinise that.
He added: “I think the party remembers Liz Truss and Rishi Sunak taking weeks to take lumps out of each other in 2022 and wanted to avoid that. But it means the two campaigns haven’t really been attacking each other and that tends to be how you expose people’s weaknesses.”
Image: (L-R) Ms Badenoch, Mr Jenrick, and previous leadership rivals James Cleverly and Tom Tugendhat at the Conservative Party conference. Pic: PA
After 14 years in government under five prime ministers, it is not since David Cameron in 2005 that the party has elected a leader to go into opposition – with a long road until the next general election.
Veteran ex-MP Graham Brady, who served as chair of the backbench 1922 committee, told Sky News that the position was more hopeful than after the 1997 landslide.
He said: “The biggest challenge for a leader of the opposition in these circumstances is just to be heard, to be noticed. I came into the House of Commons in 1997 at the time of that huge Blair landslide.
“We worked very, very hard in opposition during that parliament, and at the next general election [in 2001], we made a net gain of one seat.
“Now, there is a huge difference between now and 1997. The Blair government remained very popular and Tony Blair personally remained very popular through that whole parliament and beyond. And in 100 days or so, Keir Starmer has already fallen way behind.
“So I think we’ve got a great opportunity. I don’t think we’re up against an insuperable challenge, but it’s a big challenge.”
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Grant Shapps’ warning for next Tory leader
Kate Fall, now Baroness Fall, worked with Lord Cameron in opposition and later in Downing Street when he was prime minister in the coalition government. She said the next leader needed to keep the party “united and disciplined”.
“The first thing is to think about why we lost. The second thing is what do we have to say? Then they need to be agile, they need to be reactive, but pick their fight, not fight over everything. They also need to get out and about,” she said.
Lord Cameron travelled around the country holding question and answer sessions called Cameron Direct. “When you’re prime minister, you can’t do that as much as you like. But as leader of the opposition you can get out, talk to people, we thought it was very trendy to have a podcast and so on.”
She says this week’s budget gives the next leader “an ideological divide” to get into, but warns that the next leader must not risk alienating former Tories who switched to Labour and the Lib Dems.
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The leader of the opposition will cut their teeth at weekly Prime Minister’s Questions sessions opposite Sir Keir Starmer and respond to set piece events such as the budget.
They will need to get the party’s campaign machine ready for the local elections in England in May 2025, Scottish elections in 2026 and the next general election expected in 2029.
Banking giant JPMorgan Chase’s decision to cut ties with the CEO of Bitcoin payments company Strike is reigniting concerns about a renewed wave of US “debanking,” an issue that haunted the crypto industry during the 2023 banking turmoil.
Jack Mallers, CEO of the Bitcoin (BTC) Lightning Network payments company Strike, said Sunday on X that JPMorgan closed his personal accounts without explanation.
“Last month, J.P. Morgan Chase threw me out of the bank,” Mallers wrote. “Every time I asked them why, they said the same thing: We aren’t allowed to tell you.”
Cointelegraph has contacted JPMorgan Chase for comment.
“Operation Chokepoint 2.0 regrettably lives on,” said US Senator Cynthia Lummis in a Monday X post. Actions like JP Morgan’s “undermine the confidence in traditional banking” while sending the digital asset industry overseas, she said, adding:
“It’s past time we put Operation Chokepoint 2.0 to rest to make America the digital asset capital of the world.”
Other crypto founders, including Caitlin Long of Custodia Bank, said the debanking efforts targeting crypto may persist until January 2026, pending the appointment of a new Federal Reserve governor.
“Trump won’t have the ability to appoint a new Fed governor until January. So, therefore, you can see the breadcrumbs leading up to a potentially big fight,” Long said during Cointelegraph’s Chainreaction daily X show on March 21.
Long’s Custodia Bank was repeatedly targeted by US debanking efforts, which cost the company months of work and “a couple of million dollars,” she said.
The collapse of crypto-friendly banks in early 2023 sparked the first allegations of Operation Chokepoint 2.0, during which at least 30 technology and cryptocurrency founders were reportedly denied access to banking services under the administration of former President Joe Biden.
In August 2025, President Donald Trump signed an executive order related to debanking, aiming to prevent banks from cutting off services to politically unfavorable industries, including the cryptocurrency sector.
Debanking concerns took another turn in January, when Lummis’s office was contacted by an anonymous whistleblower, alleging that the Federal Deposit Insurance Corporation (FDIC) was “destroying material” related to Operation Chokepoint 2.0.
“The FDIC’s alleged efforts to destroy and conceal materials from the U.S. Senate related to Operation Chokepoint 2.0 is not only unacceptable, it is illegal,” said Lummis in a letter published on Jan. 16, threatening “swift criminal referrals” if the wrongdoing was uncovered.
Senator Lummis’s open letter to FDIC Chair Marty Gruenberg. Source: Lummis.senate.gov
Traditional financial institutions have long criticized crypto firms for enabling illicit finance. But US banks have themselves paid more than $200 billion in fines over the past two decades for compliance failures, according to data compiled by Better Markets and the Financial Times.
Fines and penalties paid by the six leading US banks over the past 20 years. Source: Better Markets/FT
Bank of America reportedly accounted for about $82.9 billion of those penalties, while JPMorgan Chase paid more than $40 billion.
A new financial law in the United Arab Emirates is set to bring decentralized finance (DeFi) and broader Web3 into regulatory parameters, signaling an important shift for the industry.
The UAE’s new central bank law, Federal Decree Law No. 6 of 2025, introduces “one of the most consequential regulatory shifts” for the crypto industry in the region, Irina Heaver, a local crypto lawyer and founder of NeosLegal, told Cointelegraph.
“It brings protocols, DeFi platforms, middleware, and even infrastructure providers into scope if they enable activities such as payments, exchange, lending, custody, or investment services,” Heaver said.
According to the lawyer, industry projects building or operating in the UAE should treat this as a pivotal regulatory milestone and align their systems before the September 2026 transition deadline.
“We’re just code” is no longer a defence
Issued in the Official Gazette and legally effective since Sept. 16, 2025, the UAE’s Federal Decree Law No. 6 is a central bank law that regulates financial institutions, insurance business as well as digital asset-related activities.
Its key provisions, Article 61 and Article 62, provide a list of activities that require a license from the Central Bank of the UAE (CBUAE), including crypto payments and digital stored value.
“Article 62 states that any person who carries on, offers, issues, or facilitates a licensed financial activity ‘through any means, medium, or technology’ falls under the regulatory perimeter of the CBUAE,” Heaver said.
An excerpt from the UAE’s Federal Decree Law No. 6. Source: CBUAE
In practice, this means DeFi projects can no longer avoid regulation by claiming they are “just code,” the lawyer said, adding that the argument of “decentralization” does not exempt a protocol from compliance.
Protocols that support stablecoins, real-world assets (RWA), decentralized exchange (DEX) functions, bridges, or liquidity routing “may require a license,” Heaver said. The enforcement is already active, she added, with penalties for unlicensed activity including fines of up to 1 billion dirhams ($272.3 million) and potential criminal sanctions.
The law does not ban self-custody
As the UAE’s new central bank law is directly related to providing “stored value services,” the legislation is likely to affect cryptocurrency wallet providers, Kokila Alagh, founder and managing partner of Karm Legal Consultants, told Cointelegraph.
According to Alagh, there has been a “fair bit of confusion” around whether the law affects self-custody, or non-custodial wallets, which are designed to enable users to store their assets independently from any third party.
Although some industry observers like Trading Strategy’s Mikko Ohtamaa have suggested that the law translates to the “de facto ban” of crypto and self-custodial wallet apps in the UAE, Alagh and Heaver said that’s not the case.
An excerpt from the UAE’s Federal Decree Law No. 6. Source: CBUAE
“The law does not ban self-custody, nor does it restrict individuals from using their own wallets,” Alagh said, adding that it “simply expands” the regulatory perimeter for companies.
“If a wallet provider enables payments, transfers, or other regulated financial services for UAE users, licensing requirements may apply,” she noted.
Alagh mentioned that Karm Legal has received a significant number of queries regarding the issue, adding:
“Further clarification from the Central Bank is expected as the law moves through implementation, but for now, individuals remain unaffected while companies should assess whether their activities fall within regulated scope.”
Ironically, Ohtamaa’s post specifically criticized UAE lawyers, arguing that their business is “free of interest in the UAE.”
“For independent law firms, anything that makes the UAE less attractive for crypto is a loss of income, and these lawyers are happy to obfuscate facts and legal texts just to secure their yearly bonuses,” Ohtamaa argued.
Karm Legal’s Alagh told Cointelegraph that the firm is actively following up with CBUAE regarding the issue, but there is no set date for the authority to provide a clarification.
The SEC has just issued its second “no-action letter” toward a decentralized physical infrastructure network (DePIN) crypto project in recent months, giving its native token “regulatory cover” from enforcement.
The no-action letter was sent to the Solana DePIN project Fuse, which issues a network token, FUSE, as a reward to those actively maintaining the network.
Fuse initially submitted a letter to the SEC’s Division of Corporation Finance on Nov. 19, asking for official confirmation that it would not recommend the SEC take enforcement action if the project continues to offer and sell FUSE tokens.
Fuse also outlined in its letter that FUSE is designed for network utility and consumptive purposes, not for speculation. They can only be redeemed for an average market price via third parties.
“Based on the facts presented, the Division will not recommend enforcement action to the Commission if, in reliance on your opinion as counsel, Fuse offers and sells the Tokens in the manner and under the circumstances described in your letter,” the Division of Corporation Finance’s deputy chief counsel, Jonathan Ingram, wrote on Monday.
SEC’s no-action letter to Fuse Crypto. Source: SEC
The latest SEC no-action letter comes just a few months after the SEC issued a similar “highly coveted” letter to Double Zero, which was seen as a result of a new, more crypto-friendly leadership at the SEC.
At the time, DoubleZero co-founder Austin Federa said such letters are common in TradFi but are “very rare” in the crypto space.
“It was a months long process, but we found the SEC to be quite receptive, we found them to be quite professional, quite diligent, there was no crypto animosity.”
The SEC was put under new leadership in April, after Paul Atkins was sworn in as the 34th chairman, and the agency has since been seen taking a more balanced approach to crypto. As part of the leadership, crypto-friendly Hester Peirce also heads up the agency’s crypto task force.
SEC no-action letters are a form of regulatory clarity
Adding to the discussion on X, Rebecca Rettig, a legal representative of Solana MEV infrastructure platform Jito Labs, said that no-action letters are sought after by many crypto projects.
“Why do crypto teams want them? ‘Regulatory clarity.’ If you’re planning to issue a token, a NAL provides reasonable assurance you won’t face immediate enforcement for violations of securities laws. It’s a kind of ‘regulatory cover,’” she wrote.
SEC giving a pass to Fuse wasn’t unexpected: Crypto lawyer
The no-action letter doesn’t necessarily set any new precedents, however.
Commenting on the subject via X on Monday, Consensys lawyer Bill Hughes said this was “an easy case,” given the nature of Fuse’s token.
“The take away is that there is not a lawyer in crypto that would have thought this token was a security. And maybe not even any lawyer who is merely familiar with Howey,” Hughes said.
The same month that Double Zero secured its no-action letter, the SEC also issued a similar no-action letter for crypto-custodians that don’t qualify as banks.
While they still have to meet strict conditions, the no-action letter provides clear guidelines for acceptable ways for these types of firms to operate and deal with crypto, something which the industry has been begging for over the past few years.