Politics

Assisted dying bill might succeed – but is likely to face painful journey

Published

6 months ago

November 28, 2024

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It’s the most controversial battle over a private members’ bill in parliament for nearly 60 years.

Not since David Steel’s 1967 Abortion Act has a piece of legislation been so potentially consequential.

So don’t expect Labour MP Kim Leadbeater’s Terminally Ill Adults (End of Life) Bill to enjoy a smooth passage on to the statute book.

The potential for dirty tricks, delays and wrecking tactics by opponents during the long parliamentary process is enormous.

In fact, at the 11th hour, a group of MPs opposed to the bill have this week launched a last-minute bid to derail the bill, by tabling a wrecking amendment.

Back in the ’60s, it took Steel, then the baby of the House in his 20s before later becoming Liberal Party leader, 18 months of battling to get his bill through parliament.

During that time, he endured sack loads of abusive hate mail, threats of violence and attempts by opponents in parliament to delay and talk out his bill.

Crucially, a sympathetic Labour home secretary, Roy Jenkins, with whom Steel later formed the Liberal-SDP Alliance, gave the bill vital extra time to complete its stages.

But this time Kim Leadbeater could face an even tougher battle to overcome opposition to her assisted dying bill than David Steel’s abortion fight in the 1960s.

For a start, Sir Keir Starmer’s government has got itself into a mess. Yes, it’s a free vote, but while the PM insists the government is neutral, the Health Secretary, Wes Streeting, is against the bill and ministers are split.

There are claims that Ms Leadbeater was initially encouraged by No. 10 to promote assisted dying, despite never having campaigned on it previously, after she topped the private members bill ballot.

But it’s suggested the Downing Street machine, led by chief of staff Morgan McSweeney, now wants to dump the bill because of fears it could paralyse and overwhelm the government for at least a year.

Shenanigans and parliamentary dirty tricks

So what could go wrong for Ms Leadbeater and her controversial bill? The answer is… a lot, starting with a potentially highly-charged, emotional and unpredictable second reading debate on Friday.

Firstly, it’s a big bill, running to 59 pages and 43 clauses. That’s very long for a private members’ bill (PMB), which are often just a few short and simple clauses.

That plays into the hands of opponents, who claim a five-hour debate on a Friday is grossly inadequate for proper scrutiny.

The wrecking amendment tabled this week “declines to give a second reading” to the bill because of insufficient debate and scrutiny and calls for an independent review and public consultation.

Secondly, there aren’t usually time limits on speeches for PMBs, but there may be this time. It’s estimated that up to 150 MPs have applied to speak, which would mean two-minute speeches!

But both Sir Keir and the commons leader, Lucy Powell, have so far flatly rejected calls from MPs for more time to debate the bill, a refusal that could persuade some doubters to vote against the bill.

Britain’s longest serving MPs, Labour left-winger Diane Abbott and Thatcherite Tory Sir Edward Leigh have claimed it’s being rushed, which puts vulnerable people at risk.

Last week Sir Edward introduced an anti-assisted dying ten-minute rule bill backed by Ms Abbot and other strong opponents of Ms Leadbeater’s bill: Rachael Maskell, Sir John Hayes, Danny Kruger, Sir Christopher Chope, Sir Julian Lewis, Lincoln Jopp, Martin Vickers, Dame Meg Hillier, Saqib Bhatti, Helen Grant and Sir Roger Gale.

It was a warning of trouble ahead. There’s a real threat of shenanigans and parliamentary dirty tricks by opponents. Scores of worthy pieces of legislation have been killed off by Commons old lags who loathe PMBs.

Thirdly, this tactic, known as filibustering, is to make long, rambling speeches – often lasting for two hours or more – to “talk out” a bill, ensuring that time runs out and it can’t be put to a vote to allow it to progress.

Sir Chistopher, another veteran Tory Thatcherite and one of the Leadbeater bill’s leading opponents, is the most notorious killer of PMBs. Even his fellow Conservative MPs claim he is a parliamentary dinosaur.

Bills he has blocked include a pardon for Alan Turing, banning wild animals in circuses, upskirting, protection for police dogs and horses, protecting girls from female genital mutilation and making abducting cats a criminal offence.

The only way for the proposer or supporter of a PMB to thwart the wrecking tactic of filibustering is to stand up and bellow: “My Speaker, I beg to move that the question be now put!”

It’s called a closure motion and requires the support of 100 MPs, which Ms Leadbeater should be able to muster. But failure to prevent a PMB being talked out is a disaster.

That’s because a bill that fails to get a second reading on its allotted day – even if was No. 1 in the ballot, as Ms Leadbeater’s was – goes to the back of the queue for PMBs, often months ahead, and is probably doomed.

Fourthly, even if Ms Leadbeater’s bill does get a second reading, her troubles could be only just beginning. Because it’s such a big bill, the scope for amendments during its line-by-line committee stage is endless.

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And then, fifthly, there’s the House of Lords, full of pesky bishops, distinguished medics, pedantic lawyers and procedural bores. That’s likely to be a long and tortuous process for the assisted dying bill too.

Senior peers have told Sky News they believe the bill will struggle to get through the Lords, because there’s strong support for leading opponent Baroness Tanni Grey-Thompson, the Paralympic champion.

So even if it does finally become law, this controversial legislation could face a painful journey along the way, a journey that could indeed easily take 18 months.

Ask 86-year-old David Steel about what happened with his life-and-death legislation more than 60 years ago.

Politics

Bitcoin’s physical infrastructure is the industry’s most overlooked asset

Published

2 hours ago

May 28, 2025

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Bitcoin’s physical infrastructure is the industry’s most overlooked asset

Opinion by: Scott Buchanan, chief operating officer of Bitcoin Depot

A new proposal to install Bitcoin ATMs in federal buildings highlights an important question: Can crypto truly go mainstream without a stronger physical presence? For years, the industry has focused on software and decentralization, but its reluctance to invest in real-world infrastructure is starting to show. Without physical access points, crypto risks becoming an exclusive, insiders-only system, rather than the open alternative it sets out to be.

Everyone loves to talk about decentralization. There’s a good reason behind this. It defines the movement, shapes the technology, and supports the vision of a better financial system. While the industry focuses on code and algorithms, it lacks something basic. A decentralized system that exists only online is not genuinely decentralized.

Physical infrastructure is the missing link

Bitcoin’s physical infrastructure is the missing link. Without tools like ATMs, kiosks and access points at traditional retail locations, crypto remains out of reach for millions. Decentralization is not just about removing intermediaries. True decentralization requires expanding access. Without real-world touchpoints, even the most advanced network becomes limited to a closed circle of insiders.

Recent: Arizona governor kills two crypto bills, cracks down on Bitcoin ATMs

For crypto to become mainstream, it must be easy to reach digitally and physically. That means showing up in places people already go and seamlessly integrating into people’s lives. Many groups in the American population still rely on cash or don’t have access to traditional banks. According to the latest Federal Deposit Insurance Corporation report, around 5.6 million American households don’t have a bank or savings account. Bitcoin ATMs give these users access without needing an app, a bank account or a crash course in blockchain. Most crypto tools today assume a level of financial fluency and infrastructure that millions simply do not have. The result is a digital-only ecosystem that locks out newcomers and widens the divide between early adopters and everyone else.

User-friendly screen in the right place

Physical infrastructure helps address this issue. A Bitcoin ATM in a grocery store or gas station is not just a convenience but a bridge to financial inclusion. It is an invitation to someone who has never bought crypto, telling them they can participate. No bank, no broker, just a user-friendly screen in a familiar place.

These machines also generate new economic activity. Local businesses benefit from increased foot traffic as the kiosks create passive revenue. For many communities, they provide access to a parallel financial system that was previously out of reach. This is a tangible example of crypto’s real-world utility. It is already happening, and it is measurable.

The crypto industry’s blind spot

The industry often treats physical infrastructure like an afterthought. The obsession with building new digital solutions has created a blind spot. Innovation without usability builds systems that serve the few but exclude the many. If someone can buy Bitcoin (BTC) at the same place they buy their morning coffee, that is when crypto stops feeling like an obscure digital asset and starts becoming part of everyday life.

As governments increase regulation, trusted and transparent interfaces will become more important. When operated within regulatory frameworks, Bitcoin ATMs offer a way to provide access between traditional finance and digital assets. They are familiar, easy to monitor and offer a more approachable entry point for the general public.

Like any financial tool, Bitcoin ATMs have drawn scrutiny, particularly in cases where bad actors use them. Rather than dismissing the machines themselves, we should focus on investing in better oversight, stronger consumer education and smarter regulation. The overwhelming majority of people who use Bitcoin ATMs do so for legitimate reasons: to send remittances, to move money securely or to access digital assets without traditional banking barriers. Building trust does not mean avoiding or dismantling physical access, but improving it.

The first time someone uses Bitcoin should not involve reading a white paper or navigating a tutorial. It should be as familiar as using an ATM or tapping a payment terminal. This is not an argument against innovation. Software and protocols will continue to evolve and play an important role. Physical infrastructure provides something those tools cannot: trust through presence. When people can see and use crypto in their neighborhood, at a store they already visit or in a format they already understand, it changes how they think about crypto and who it is for.

According to Coin ATM Radar, there are over 30,000 Bitcoin ATMs in the US. It’s a meaningful start, but still only a small step toward widespread access.

Crypto’s long-term success will depend not just on innovation but also on inclusion. That means building more than networks; it means building presence. When people can interact with crypto in the physical world, it stops being abstract and becomes usable. That is how digital finance becomes everyday finance.

Opinion by: Scott Buchanan, chief operating officer of Bitcoin Depot.

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.

Politics

Polygon-backed, high-yield blockchain launches for institutional adoption

Published

2 hours ago

May 28, 2025

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Polygon-backed, high-yield blockchain launches for institutional adoption

The Katana Foundation, a nonprofit focused on decentralized finance (DeFi) development, is launching its private mainnet, aiming to unlock greater crypto asset productivity via deeper liquidity and higher yields for users.

The Katana Foundation launched a DeFi-optimized, private blockchain, Katana, on May 28, incubated by GSR Markets and Polygon Labs, with the public mainnet launch set for June.

The new blockchain will enable users to earn higher yields and explore DeFi in a “unique, optimized yield environment” that unlocks latent value through an ecosystem that makes every digital asset “work harder,” according to an announcement shared with Cointelegraph.

“DeFi users deserve ecosystems that prioritize sustainable liquidity and consistent ‘real’ yields,” wrote Marc Boiron, the CEO of Polygon Labs and core contributor at Katana, adding:

“Katana’s user-centric model turns inefficiencies into advantages, establishing a truly positive-sum environment for builders and participants alike.”

Katana aims to solve the crypto industry’s liquidity fragmentation issue, which can cause significant price slippage, as one of the main barriers limiting institutional DeFi participation

To reduce the value slippage in DeFi, Katana’s blockchain concentrates the liquidity from numerous protocols and collects yields on all potential sources to create an ecosystem with deeper liquidity and more predictable lending and borrowing rates.

Institutional participation in DeFi is set to triple over the next two years to 75% from 24% of 350 surveyed institutional investors, according to management consulting firm EY-Parthenon.

To tackle the growing institutional liquidity needs, Katana’s liquidity pool is composed of multiple protocols, including lending protocol Morpho, decentralized exchange (DEX) Sushi and perpetual DEX Vertex, enabling users to trade “blue-chip assets” without needing crosschain transfers.

Katana has also incorporated Conduit’s sequences and Chainlink’s decentralized oracle network.

Katana to compound DeFi yield from “Ethereum-based opportunities”

Katana aims to boost sustainable yield by building a cohesive DeFi ecosystem. For instance, VaultBridge deploys bridged assets into overcollateralized, curated lending strategies on Ethereum via Mopho to earn yield, which is routed back and compounded on Katana.

The protocol will reinvest network fees and a portion of application revenue back into its ecosystem.

“This reduces reliance on short-term incentives, generates consistent yield, and as it grows, acts as an increasingly stable backstop during periods of volatility and liquidity shocks,” Polygon Labs’ Boiron told Cointelegraph, adding:

“Yield is distributed pro-rata to each chain using VaultBridge protocol based on their share of total deposits into VaultBridge.”

“So if Katana supplies 20% of the total vault deposits, it receives 20% of the yield back,” he added.

Katana will subsequently allocate its share of yield to users through boosted DeFi incentives across “core apps” such as Sushi, Morpho or Vertex. The yield is generated from “Ethereum-based opportunities and then enhanced through Katana’s core applications,” said Boiron.

Polygon Labs’ CEO previously criticized DeFi protocols for fueling a cycle of “mercenary capital” by offering sky-high annual percentage yields (APYs) through token emissions.

Beyond infrastructure-related limitations, regulatory uncertainty remains another significant barrier to institutional DeFi adoption.

Regulatory concerns were the main barrier to entry, flagged by 57% of institutional investors as the main reason for not planning to participate in DeFi activities.

Magazine: DeFi will rise again after memecoins die down: Sasha Ivanov, X Hall of Flame

Politics

UK FCA requests public comments on stablecoin, crypto custody regulation

Published

6 hours ago

May 28, 2025

admin

UK FCA requests public comments on stablecoin, crypto custody regulation

The United Kingdom’s Financial Conduct Authority (FCA) has requested public feedback on proposed regulations for stablecoins and cryptocurrency custody.

In a May 28 request for comment, the United Kingdom’s financial regulator announced that its regulatory proposals are “the latest milestone on the road to crypto regulation.” The draft rules are based on prior roundtables and industry feedback. David Geale, executive director of payments and digital finance at the FCA, said the agency aims to support innovation while ensuring market trust:

“At the FCA, we have long supported innovation that benefits consumers and markets. At present, crypto is largely unregulated in the UK. We want to strike a balance in support of a sector that enables innovation and is underpinned by market integrity and trust.”

The FCA also noted it will work with the UK’s central bank to regulate stablecoins. Bank of England Deputy Governor Sarah Breeden said, “For those stablecoins that expect to operate at systemic scale, the Bank of England will publish a complementary consultation paper later this year.”

Ensuring stablecoins remain stable

The FCA said that its rules “aim to ensure regulated stablecoins maintain their value.” The regulator said customers must be clearly informed about how the backing assets are managed. It also recommended that stablecoin issuers appoint independent third-party custodians to hold reserve assets:

“We propose to require issuers to provide holders with the right to redeem qualifying stablecoins at par value with the reference currency, irrespective of the value of the backing assets portfolio, with a payment order placed to an account in the name of the holder at the latest by the end of the business day following receipt of a valid request.“

Breeden added that the FCA’s proposals are part of a broader effort to build the UK’s stablecoin regime.

Crypto custody rules incoming

The FCA’s proposals also introduce new requirements for firms providing crypto custody services, as outlined in a separate discussion paper. The rules are designed to ensure that user assets are secure and can be accessed at any time:

“The FCA’s proposals would require firms providing crypto custody services, who have responsibility for keeping consumers’ crypto safe, to ensure they are effectively secured and can be easily accessed at any time.“

Proposed measures also aim to reduce both the likelihood and impact of crypto firms failing, both in the crypto custody and stablecoin sectors. The ongoing efforts also follow the recent revelation by UK Chancellor of the Exchequer Rachel Reeves of plans for a “comprehensive regulatory regime” aimed at making the country a crypto leader.

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