Connect with us

Published

on

Over the last week, Sir Keir Starmer’s government has fired the starting gun on the biggest domestic fight of this parliament on his highest priority issue.

Yet it’s a battle this government is far from certain to win, and the manner in which they’ve entered combat makes ultimate success less likely.

The outcome matters to every citizen in the country but we won’t find out who has won for perhaps a year, maybe longer – such is the complexity of what’s involved to reach ministers’ stated destination.

And given this debate matters to every single viewer, we at Sky News are going to follow every twist and turn each step of the way and explain what is going on – and who is winning.

The promise, from the prime minister, is that he and his government will be “taking on the Nimbys and a broken system that has slowed down our progress as a nation”.

In other words, the PM is promising to smash up the current system of checks and permissions for new development and infrastructure and instead change the rules to build, build, build – at a pace and on a scale that has not been seen in recent decades.

Housing, road schemes, power stations, rail lines, infrastructure of all sorts, shapes and sizes should – if Sir Keir and his Chancellor Rachel Reeves are right – create a permanent legacy to future generations that this government leaves behind all over the UK.

More on Keir Starmer

As Donald Trump promises his citizens a “great beautiful golden age”, it suddenly feels from articles and speeches by government ministers as if those at the top of His Majesty’s government are reading from the same script.

On Wednesday, Ms Reeves becomes the face of this revolution as she promises she will unblock the tangled web that ministers think holds back building, development and growth.

Her speech will draw together several of the announcements from the last week, signal the government’s willingness to look favourably at any fresh application for a third runway from Heathrow and suggest there are no alternatives to the multi-lane concrete path she has chosen.

Please use Chrome browser for a more accessible video player

Why should countries invest in UK?

After a bumpy few months, this is an agenda she is proud to be seen to own.

But this is more than about one minister or one change, and the rhetoric eye-wateringly hard to deliver.

Sir Keir has promised that “before long, you will see the difference, as new roads and railways get you to work more quickly and safely”.

Writing in the last few days, he continued: “New wind farms and nuclear plants bring down your bills and create good, well-paid jobs. New houses and towns mean affordable housing for you and your children. New grids and warehouses make running a business more profitable.”

The example of Tees Valley Mayor Ben Houchen, whose controversial yet popular revolution in the Tees Valley saw him re-elected for a third term last year, suggests there are votes if this agenda is delivered.

We have heard this before, but governments have been unable to deliver on exactly this.

Boris Johnson, Liz Truss, then Rishi Sunak’s teams all looked in detail in how to unblock the planning system, yet abandoned the drive in the face of vested interests, green bodies and internal political opposition that proved stronger than the governments they all ran.

Liz Truss during the Conservative Party Conference at the International Convention Centre in Birmingham. Picture date: Monday September 30, 2024. PA Photo. See PA story POLITICS Tories. Photo credit should read: Jacob King/PA Wire
Image:
Liz Truss pushed for growth during her short-lived tenure as PM. Pic: PA

Sir Keir and Ms Reeves, with their majority of 163, think they can do better.

But the biggest question in politics for 2025 – one set by the prime minister himself – is are they right that they can be better than all the rest?

Three major changes needed

Sky News has been speaking to experts from across government, developers, industry, business leaders, the environment and nature movements and local campaign groups.

Those in support of the government’s drive for growth say it needs to make three major changes to help big projects get off the ground.

That means taking on three big fights: changing the laws which protect the environment, overhaul the system which forces developers to consult far and wide, and limit the ability of communities to take their objections to court.

In the last week, ministers have announced a start to tackling all three – controversial changes to allow developers to pay into a single pot to satisfy nature rules, limits to the times big projects can be taken to court and changes to the rules around consultations.

These moves have been applauded by developers and campaign groups like Britain Remade, a leading voice trying to push to get Britain building again.

But just because the announcement has happened does not mean policy has changed, the law altered and the fight won.

The legal text of the changes announced in the last week is yet to be published, with legislation not likely to get through parliament this year.

Deeply shocking rhetoric’

Labour MPs this week are signalling support, but as campaign groups spring up closer to the next election will they hold their nerve?

And environmental groups – waiting for the fine detail before deciding whether to back or campaign against the plans – are watching, quietly worried at the tone this government has adopted.

If they come out in force against the changes, could this government – which promised to uphold commitments to nature – like its predecessors find itself in trouble?

Already one prominent member of the green movement has signalled they are against. Becky Speight, chief executive of the RSPB, suggested that its organisation with 1.2 million members could come out against.

She objected to the hostile tone of the PM and his team, as well as the proposals themselves.

“There is some deeply shocking rhetoric coming from the UK government around planning.

“The PM claims to ‘clear a path’ for building, but this move runs the risk of bulldozing through our chances for a future where nature, people, and the economy all thrive. We know people want bold action on the climate and nature crises, which was Labour’s election platform, and these announcements have them veering wildly off course,” she wrote on social media.

“The last government’s attack on nature rightly triggered public outrage; Sir Keir and his cabinet should take heed to avoid this path reaching the same dead end. Nature needs to be at the heart of decision making.”

Her comments have been widely circulated, and will be worrying some in government.

Yet even supporters of the government’s plans suggest that confrontational tone might not be necessary since ultimately, the current nature rules are working for no-one.

Sam Richards, from Britain Remade, told me: “This does not mean watering down protections for nature. Under the current regime, we are failing to protect British species. All our key biodiversity indicators are in decline.”

Suggesting all campaigners and politicians who see themselves as pro-environment and pro-nature should support the changes, he added: “We can make it easier to build the clean energy that we need to tackle climate change.

“The homes that we need for the young people can get on the housing ladder, the transport that we need so that people see friends and family and better protect British nature at the same time.”

Read more:
Trump praises Starmer for doing ‘very good job’
Reeves to seek billions for growth from corporate pension surpluses

Exclusive Sky News poll

A government with a 163 majority should be able to push through changes, unless Labour MPs take fright at opposition escalating and the chance of it jeopardising their re-election.

Exclusive YouGov polling for Sky News suggests the public is cautious about the trade offs involved by government.

More voters think Britain’s planning system makes it too difficult to build things – 38%, compared with the 33% who think it’s too easy or about right.

However, when the question is phrased differently, 55% say it’s more important we protect the environment even if it means making things more difficult to build, compared to the 19% who want more building even if it means lower environmental standards.

This raises questions over whether the chancellor was right last week to say growth was “obviously” a higher priority for her than tackling climate change – when others in government are keen to stress the argument they have no intention of lowering standards to get things built.

Growth is this government’s top priority and unblocking the system is the most complex task facing Sir Keir’s team.

Is it a battle the PM will ultimately win?

Continue Reading

Politics

Wintermute opens New York office, citing improved US crypto rules

Published

on

By

Wintermute opens New York office, citing improved US crypto rules

Wintermute opens New York office, citing improved US crypto rules

Wintermute, a London-based algorithmic crypto trading and market-making firm, has opened an office in New York as part of its expansion into the US.

Wintermute announced the opening of its New York office on May 15, citing improved regulatory conditions in the world’s largest economy.

“As the US takes a friendlier stance on digital assets and institutional adoption accelerates, we moved quickly to establish roots in New York City,” the company wrote in a May 15 X post, adding that the local presence will help them in “contributing to the future regulatory framework.”

Wintermute opens New York office, citing improved US crypto rules
Source: Wintermute

“We’re eager to continue our growth and play an integral role in the U.S. market,” according to Evgeny Gaevoy, CEO of Wintermute. “As a neutral player with deep expertise in all areas of digital assets, we believe we are well-positioned to lend our expertise on Capitol Hill.”

As part of the firm’s expansion, Wintermute has appointed Ron Hammond as its new head of policy and advocacy, who brings “ten years of experience shaping crypto policy on Capitol Hill,” the company also announced. 

Hammond was previously the senior director of government relations and institutional engagement at the Blockchain Association and the policy lead for US Representative Warren Davidson. 

Hammond also authored the Token Taxonomy Act of 2021, the first bipartisan-supported crypto regulatory bill in the US.

Related: Coinbase faces $400M bill after insider phishing attack

Increasingly more crypto firms have expanded into the US since President Donald Trump took office on Jan. 20 after winning the 2024 presidential election.

During his campaign, Trump signaled that his administration intends to make crypto policy a national priority, bolstering expectations for more innovation-friendly crypto regulations for the next four years.

At least eight large crypto firms have announced their expansion in the US so far this year, banking on growing regulatory clarity. These include Binance.US, eToro, OKX exchange, Nexo, Circle, Crypto.com and a16z, Cointelegraph reported on May 11.

Related: Stablecoins seen as ideal fit for real-time collateral management

Wintermute met with SEC Crypto Task Force

Wintermute said it aims to contribute to the emerging regulatory framework in the US.

“We’ve already met with the SEC Crypto Task Force and will continue offering technical input and contributing to key legislative efforts,” the company said, adding that these are “essential for continued institutional participation.” 

Meanwhile, crypto industry participants await progress on the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act.

The STABLE Act passed the House Financial Services Committee in a 32–17 vote on April 2 and currently awaits scheduling for debate and a floor vote in the House of Representatives.

However, a second piece of key stablecoin legislation, the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, initially failed to garner enough support from Democrats on May 8, prompting at least 60 top crypto founders to gather in Washington, DC, to show support.

Despite the stalled stablecoin legislation, “momentum toward regulatory clarity remains active in both chambers,” Nexo dispatch analyst Iliya Kalchev told Cointelegraph.

Magazine: Bitcoin to $1M ‘by 2029,’ CIA tips its hat to Bitcoin: Hodler’s Digest, April 27 – May 3

Continue Reading

Politics

Tether blacklist delay allowed $78M in illicit USDT transfers: Report

Published

on

By

Tether blacklist delay allowed M in illicit USDT transfers: Report

Tether blacklist delay allowed M in illicit USDT transfers: Report

A lag in Tether’s wallet blacklisting process allowed over $78 million in illicit funds to be moved before enforcement actions took effect, according to a new report from blockchain compliance company AMLBot.

Tether’s address blacklisting becomes effective only after a considerable delay from when the process is initiated on Ethereum and Tron, according the report published May 15.

“This delay originates from Tether’s multisignature contract setup on both Tron and Ethereum, transforming what should be an immediate compliance action into a window of opportunity for illicit actors,“ the report reads.

Tether’s blacklisting procedure is a multi-step process with a first transaction effectively warning of the upcoming blacklisting. First, a Tether administrator multisignature transaction submits a pending call to “addBlackList” on the USDT-TRC20 contract.

This results in a public “submission” of the target address as a blacklist candidate. This is followed by a second multisignature transaction confirming the submission, resulting in an “AddedBlackList” emission, making the blacklisting effective.

Related: Tether, Tron and TRM Labs jointly froze $126M USDT in 2024

A warning on incoming blacklisting

In one example shared with Cointelegraph, an onchain transaction submitting a Tron address as a blacklist candidate took place at 11:10:12 UTC. The second transaction that actually enforced the action did not occur until 11:54:51 UTC on the same day, a 44-minute delay.

In practice, this delay can be treated by owners of USDt about to be blacklisted as a notice to move their assets to avoid them being frozen. The report stated:

“This delay between a freeze request and its on-chain execution creates a critical attack window, allowing malicious actors to front-run enforcement and move or launder funds before the freeze takes effect.“

Tether blacklist delay allowed $78M in illicit USDT transfers: Report
Example of USDt blacklisting transactions. Source: AMLBot

The report says that “for blockchain-savvy attackers, these delays are golden.” By tracking Tether’s calls in real time, a fraudster can be instantly alerted that their address is being targeted. When asked by Cointelegraph whether the delay is a technical limitation or just a delay in the actions of a multisignature wallet key holder, AMLBot researchers said that they cannot determine it without knowledge of Tether’s internal procedures.

In a statement to Cointelegraph, a Tether spokesperson explained that “while any delay in enforcement should be examined, the idea that this represents a systemic loophole is both misleading and lacking perspective.” According to the company, it collaborates with Law Enforcement to freeze addresses on a daily basis.” The statement continues:

“Tether operates on public blockchains, where all activity is visible — unlike fiat currencies that move in secret through traditional banks. This transparency allows Tether, in collaboration with over 255 law enforcement agencies across 55 countries, to track, trace, and freeze illicit funds faster than most realize.“

Tether representatives also cited one case when they were able to freeze 106,000 USDT tied to the ByBit hack, whereas Circle took much longer to freeze 115,000 USD Coin (USDC). The discrepancy was pointed out by pseudonymous sleuth ZachXBT in an X post answering the Circle CEO CEO Jeremy Allaire.

Tether’s spokesperson explained that “the delay cited in the report stems from our multi-signature governance model, designed to prevent unilateral freezes and protect the integrity of our system.” They admit that this introduces a delay, “but it’s a trade-off for responsible responsiveness to a $100+ billion ecosystem” and improvements are on the way:

“We are actively refining this process to work to eliminate any potential advantage for bad actors. If you think you can use Tether to move illicit funds, think again.“

Related: Tether stablecoin issuer and Tron launch financial crime unit

Not just theoretical

AMLBot said its data shows that over $28.5 million in USDT was withdrawn during the delay between the two transactions on the Ethereum blockchain. This amount of freeze avoidance occurred between Nov. 28, 2017, and May 12, 2025. The average amount moved during the delay exceeded $365,000.

Similarly, $49.6 million was reportedly withdrawn during freeze delay windows on the Tron blockchain, resulting in a total on Ethereum and Tron of $78.1 million. Exploiting this delay on Tron is not particularly rare, according to AMLBot:

“170 out of 3,480 wallets (4.88%) on Tron blockchain exploited the lag before getting blacklisted. Each of these wallets made 2–3 transfers during the delay, withdrawing: Average: $291,970.“

A Tether spokesperson told Cointelegraph that “the $76 million referenced in this report should be put in context of the more than $2.7 billion in USD₮ that Tether has successfully frozen and blocked to date.” They added

Tether has previously promoted its ability to freeze assets as a compliance feature. In 2024, Tether, Tron, and analytics firm TRM Labs cooperated to freeze over $126 million in USDT linked to illicit activity.

Still, the AMLBot report raises questions about the effectiveness and speed of those enforcement actions.

Magazine: Chinese Tether laundromat, Bhutan enjoys recent Bitcoin boost: Asia Express

Continue Reading

Politics

Bitcoin mining 2025: Post-halving profitability, hashrate and energy trends

Published

on

By

Bitcoin mining 2025: Post-halving profitability, hashrate and energy trends

Bitcoin mining 2025: Post-halving profitability, hashrate and energy trends

Bitcoin Regulation, Bitcoin Mining, ASIC, Bitcoin Halving, Web3, Cointelegraph Research Reports, Hashrate

After the 2024 halving, Bitcoin mining entered its fifth epoch and block rewards were reduced from 6.25 BTC to 3.125 BTC. This forced miners to rethink their operations, optimize efficiency, cut energy costs and upgrade hardware to remain profitable. Cointelegraph Research, with insights from industry experts at Uminers, examines this transformation in its latest report. The analysis covers ASIC efficiency improvements, corporate performance, geographical expansion and new revenue models. As miners adapt, Bitcoin moves into a new era where institutional momentum and sovereign adoption could redefine its role in the global financial system.

Download the full report to uncover how miners are navigating this shift and what the future holds for Bitcoin’s mining industry.

The mining industry’s response to rising hashrate and shrinking margins

Despite the adverse financial impact of the halving, Bitcoin’s network hashrate has continued to climb. As of May 1, 2025, the total computational power of the network reached 831 EH/s. Earlier in the month, hashrate peaked at 921 EH/s, marking a 77% increase from the 2024 low of 519 EH/s. This rapid recovery underscores the industry’s relentless drive for efficiency as larger mining firms reinvest in fleet upgrades and energy optimization to maintain profitability.

Bitcoin mining 2025: Post-halving profitability, hashrate and energy trends

The mining arms race has always revolved around power efficiency. With energy costs rising, the latest ASIC models from Bitmain, MicroBT and Canaan are further optimizing the energy required per hash. Bitmain’s Antminer S21+ delivers 216 TH/s at 16.5 J/TH, while MicroBT’s WhatsMiner M66S+ pushes immersion-cooled performance to 17 J/TH. Meanwhile,  semiconductor giants TSMC and Samsung are driving the next wave of innovation, with 3-nm chips already in use and 2-nm technology on the horizon. 

Download the full report to uncover how miners are navigating this shift and what the future holds for Bitcoin’s mining industry.

Post-halving profitability: The global shift toward low-cost energy

Bitcoin mining profitability has tightened significantly post-halving. Hashprice, the daily revenue per terahash per second, dropped from $0.12 in April 2024 to about $0.049 by April 2025. At the same time, network difficulty has surged to an all-time high of 123T, making it harder for miners to generate returns. To stay competitive, operations must extract maximum value from every watt of power consumed. This shift has intensified the search for cheap, reliable power, driving mining expansion into regions where energy costs remain low.

Electricity pricing now dictates mining profitability. In Oman, licensed miners benefit from government-backed subsidies, securing electricity at $0.05–$0.07 per kWh, while in the UAE, semi-governmental projects operate at even lower rates of $0.035–$0.045 per kWh. These incentives have turned the region into a prime destination for institutional-scale mining. Meanwhile, in the US, where industrial power costs often exceed $0.1 per kWh, miners face shrinking margins, forcing a migration toward more cost-efficient locations. Africa, the Middle East and Central Asia have emerged as key battlegrounds in this race, offering the energy arbitrage opportunities miners need to survive.

Bitcoin mining 2025: Post-halving profitability, hashrate and energy trends

What’s next for Bitcoin mining?

The 2024 halving has reinforced a hard truth: Efficiency is no longer optional; it’s a necessity. The industry is shifting toward leaner, more optimized operations, where only the most power-efficient miners can thrive. The rise of AI computing, global regulatory shifts and ongoing hardware advancements will continue to shape the sector over the next 12–18 months.

Cointelegraph Research’s Bitcoin mining report: Post-halving insights and trends offers a data-driven breakdown of the key forces shaping mining profitability, infrastructure investments, and strategic decision-making.

Download the full report to uncover how miners are navigating this shift and what the future holds for Bitcoin’s mining industry.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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.

Cointelegraph does not endorse the content of this article nor any product mentioned herein. Readers should do their own research before taking any action related to any product or company mentioned and carry full responsibility for their decisions.

Continue Reading

Trending