SNP Westminster leader Stephen Flynn aims to become MSP at next Holyrood election
SNP Westminster leader Stephen Flynn has announced he intends to stand at the 2026 Holyrood election – but has brushed off speculation it’s a move to take over from John Swinney.
Mr Flynn, 36, was re-elected as the MP for Aberdeen South in July’s general election and has now submitted an application to seek his party’s nomination for the Aberdeen South and North Kincardine seat to become an MSP.
If successful, Mr Flynn said he would remain an MP until the next Westminster election but would not draw two salaries.
Writing in the Press and Journal newspaper, Mr Flynn said he was throwing his “bonnet in the ring”.
He added: “I don’t want to sit out the upcoming battles that our city, shire and country face in Holyrood.
“From funding the energy transition to funding childcare, from free higher education to higher household bills, from GP appointments to GDP growth, the debates will be many and varied.
“In my mind, it is clear that we are at a crucial junction in our nation’s story.”
He also said he hoped to help his party “build the case for independence”.
SNP Westminster leader Stephen Flynn. Pic: PA
Mr Flynn has often been touted as a potential future party leader.
He did not run in this year’s SNP leadership race to replace Humza Yousaf and instead threw his backing behind eventual winner Mr Swinney.
As Mr Flynn is not an MSP, it would have been difficult to become first minister at Holyrood.
However, the potential move to the Scottish parliament would put him on the right track towards Scotland’s top job.
When asked by the Press and Journal about his leadership hopes, Mr Flynn said: “I don’t think the SNP is going to have a leadership contest for very many years.
“I’m fully confident in the manner in which John Swinney is rebuilding the party and refocusing government.
“I appreciate the desire that many people have to speculate in and around what my ambitions are or aren’t.
“Of course I want to do everything I possibly can to help my party and help my country and that will never change.”
Pic: PA
Keep up with all the latest news from the UK and around the world by following Sky News
The deadline for applications to be considered for selection as an SNP candidate for the next Scottish parliament election closed on Monday, but the formal selection process will not begin until next year.
Mr Flynn said it “didn’t fill him with any great delight” to go up against sitting MSP Audrey Nicoll for selection to the Aberdeen South and North Kincardine constituency.
When contacted by Sky News, Ms Nicoll said: “As a constituency MSP, my focus will remain to work tirelessly for constituents regardless of any internal party selection processes.
“I look forward to any contest, where of course it will be for branch members to select those they wish to represent them in Holyrood in the 2026 Scottish parliament elections.”
Read more from Sky News:
What if Sunak had waited until now to call an election?
Scottish Tories demand statement over minister’s chauffeured car rides to football matches
Ahead of the 2021 Scottish election, the SNP changed internal rules to require MPs to resign their seat at Westminster to fight for selection to Holyrood.
This led to then MP Joanna Cherry to pull out of the selection contest for the Edinburgh Central seat, and at the time she said the rule change “hobbled” her in her Holyrood selection bid.
Mr Flynn said he believed party rules were “election-specific”.
Ms Cherry, who lost her Westminster seat in July, wished Mr Flynn well but said the SNP rule against dual mandates was “person specific”.
Posting on X, she added: “It served its purpose and I predict it will be removed.”
In his column, Mr Flynn said he would have to “box smarter and work even harder” as he pointed to examples of SNP politicians who have held seats in both parliaments before, citing Mr Swinney and the late former first minister Alex Salmond.
He added: “I’m positive about the prospect of walking the path they previously trod.”
KuCoin announced an exclusive multiyear deal with Tomorrowland Winter and Tomorrowland Belgium from 2026 to 2028, making the exchange the music festival’s exclusive crypto and payments partner.
The move comes just weeks after KuCoin secured a Markets in Crypto-Assets Regulation (MiCA) service provider license in the European Union.
KuCoin’s MiCA play goes mass‑market
KuCoin EU Exchange recently obtained a crypto asset service provider license in Austria under the EU’s MiCA regime, giving it a fully regulated foothold in the bloc as Brussels’ new rulebook for exchanges, custody and stablecoins comes into force.
The Tomorrowland deal signals how KuCoin plans to use that status, not just to run a compliant trading venue, but to plug crypto rails directly into mainstream culture.
KuCoin said the Tomorrowland deal will cover Tomorrowland Winter 2026 in Alpe d’Huez, France, and Tomorrowland Belgium 2026 in Boom, Belgium, with the same arrangement continuing through 2028.
Related: Burning Man-inspired festival in Bali goes full Web3: Here’s how
From sponsorship to payment rails
KuCoin insists this is not just a logo play. A spokesperson at KuCoin told Cointelegraph that as an exclusive payments partner, the exchange is working with Tomorrowland to weave crypto into the festival’s existing payments stack so that “financial tools” sit behind the scenes of ticketing, merch and food and drink.
The stated goal is to keep the rails “intuitive and invisible,” rather than forcing festivalgoers through clunky wallets or unfamiliar flows, with KuCoin positioning itself as facilitating the secure and efficient movement of value while fans focus on the music.
The company declined to spell out exactly which assets and rails will be supported on‑site, or whether every purchase will run natively onchain, but said that KuCoin’s “Trust First. Trade Next.” mantra runs through its messaging.
The spokesperson stressed advanced security, multi‑layer protection and adherence to EU standards as the foundation for taking crypto beyond the trading screen and into live events.
Related: What is Markets in Crypto-Assets (MiCA)?
Learning from FTX’s Tomorrowland flop
Tomorrowland’s organizers have been here before. In 2022, the festival announced a Web3 partnership with FTX Europe that promised NFTs and “the future of music festivals” before collapsing along with the exchange itself months later.
That experience makes the choice of a MiCA‑licensed partner, and the emphasis on user protection, more than cosmetic; it is a second attempt at bridging culture and crypto (this time with regulatory scaffolding and clearer guardrails).
Rather than setting public hard targets for user numbers or payment volumes by 2028, KuCoin is pitching success as “seamless integration” of crypto into the festival experience:
“We aim to demonstrate that digital assets can be a core component of global digital finance, moving from a niche technology to a mainstream utility. “
Related: Spain’s regulator sets out MiCA transition rules for crypto platforms
Screenshots of an internal email outlining plans to wind down Shima Capital have surfaced online, days after the US Securities and Exchange Commission sued the crypto venture firm and its founder over allegations of investor fraud.
On Nov. 25, the SEC charged Shima Capital Management LLC and its founder, Yida Gao, with making false and misleading statements while raising almost $170 million from investors, the agency announced on Dec. 3.
The complaint, filed in the US District Court for the Northern District of California, alleged that Gao inflated his investment track record in marketing materials used to raise capital for Shima Capital Fund I between 2021 and 2023.
According to the SEC, Gao claimed one prior investment had delivered a 90x return, when the actual return was closer to 2.8x. The regulator also alleged that when discrepancies in the pitch deck were about to be reported publicly, Gao told investors the issues were the result of clerical errors.
SEC alleges $1.9 million undisclosed gain
Separately, the SEC claimed that Gao raised about $11.9 million through a special purpose vehicle tied to BitClout tokens, telling investors that they would be protected by discounted token purchases. While Gao did acquire tokens at a discount, the SEC said he sold them to the SPV at a higher price without disclosing that he personally retained about $1.9 million in profits.
Related: Crypto fundraising sets new record of $3.5B in a single week
In a Wednesday post on X, crypto journalist Kate Irwin shared screenshots of an email allegedly sent by Gao to portfolio founders. In the screenshots, Gao purportedly said he would step down as managing director of Shima Capital and that the fund would undergo an “orderly wind-down.”
The screenshots purportedly show Gao stating that the SEC and Department of Justice actions are related to his personal conduct, not that of Shima Capital’s portfolio companies, and claiming that no fines have been imposed on the company.
The screenshots also show that independent advisers from FTI Consulting and FTI Capital Management would oversee the wind-down process and monetization of investments, while Shima’s finance team would remain in place. Gao allegedly said he would remain involved with portfolio support “as permitted,” but without management control.
Cointelegraph could not independently verify the email. We reached out to Shima Capital and some of the fund’s portfolio companies for confirmation, but had not received responses at the time of publication.
Related: A beginners guide on raising funds using cryptocurrencies
Shima Capital launched with $200 million debut fund
In 2022, Shima Capital announced the launch of its first venture fund, Shima Capital Fund I, raising $200 million to back early-stage blockchain startups. Founded in 2021 by Gao, the firm said the fund received backing from a range of prominent investors, including Dragonfly Capital, Animoca Brands, OKX Blockdream Capital, Republic and Andrew Yang.
Shima Capital has invested in numerous crypto projects, including Humanity Protocol, Berachain, Monad, Pudgy Penguins, Shiba Inu and many others.
Magazine: 2026 is the year of pragmatic privacy in crypto — Canton, Zcash and more
-
Sports2 years agoStory injured on diving stop, exits Red Sox game
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports3 years agoButton battles heat exhaustion in NASCAR debut
-
Sports3 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment3 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment1 year agoHere are the best electric bikes you can buy at every price level in October 2024