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Deputy Prime Minister Angela Rayner has told Sky News she “hopes” there will be an update on the winter fuel U-turn within weeks.

Ms Rayner also used her interview on Sunday Morning With Trevor Phillips to say she “never” wants to lead her party.

Some had suggested recent leaks of her plans for when taxes should change were her testing the waters to run a challenge against Sir Keir Starmer.

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Earlier this week, the prime minister confirmed his party was looking to make changes to its controversial slashing of winter fuel payments to pensioners at an upcoming “fiscal event”.

Little clarity was provided on when this would be – the budget in the autumn thought the most likely.

Deputy Prime Minister Angela Rayner during a visit to Rossington Miners' Welfare in Doncaster, South Yorkshire, whilst campaigning for this week's local elections. Picture date: Wednesday April 30, 2025.
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Angela Rayner says she wants the changes announced soon. Pic: PA

Ms Rayner has now suggested the 11 June spending review in just over a fortnight is her preferred date.

She told Sky News: “I think that we’ve got the upcoming spending review, and I’m sure that the chancellor will set it out when we’ve got the opportunity – at the first opportunity Trevor she will set out what we’ll be able to do.”

Asked if changes might be announced at the review, Ms Rayner said: “I hope so, but I don’t know. But I hope so.

“I mean, the prime minister’s announced it, so logically to me that indicates that the prime minister wants to do something in this area.

“And if the prime minister wants to do that, I’m sure the chancellor is going to look at how we can achieve that.”

Read more:
Starmer confirms U-turn on winter fuel
Decision needs ‘strong enough’ economy
Analysis: It could have profound consequences

Never wants to be leader

Some might suggest Ms Rayner’s stance was a bid to push Downing Street into an announcement faster than it previously wanted.

It would add to rumours the deputy prime minister is unhappy with the way Sir Keir and Rachel Reeves are running the government.

However, when asked by Trevor Phillips if she wanted to lead her party, Ms Rayner was unequivocal.

“No. I’m very happy and honoured to be deputy prime minister of this country,” she said.

“And I’ve got a lot in my in-tray to prove that I can do the job that I’m doing and deliver on the milestones for the people in this country.”

She continued: “I have no desire to go for the leadership of the Labour Party.”

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Asked to say the word “never”, Ms Rayner repeated “never”.

Ms Rayner also confirmed a leak inquiry was under way after her proposals on tax and spend sent to the chancellor ended up published in The Daily Telegraph.

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Crypto industry urges SEC to clarify staking stance

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Crypto industry urges SEC to clarify staking stance

Crypto industry urges SEC to clarify staking stance

Cryptocurrency industry groups are urging the US Securities and Exchange Commission (SEC) to issue formal guidance on staking, citing continued regulatory uncertainty for Web3 infrastructure providers, according to Allison Muehr, head of staking policy for the Crypto Council for Innovation, a trade group.

Clarifying the SEC’s position on staking has become a top priority for the crypto industry, Muehr said during Solana’s Accelerate conference in New York.

“We’re about 25% of the way there,” Muehr said. “The SEC has done more constructive engagement with us in the past four months than in the last four years, but we still don’t have formal staking guidance.”

Crypto industry urges SEC to clarify staking stance
Allison Muehr, right, the Crypto Council for Innovation’s head of staking policy, speaks at Accelerate. Source: Cointelegraph

Related: SEC acknowledges slew of crypto ETF filings as reviews, approvals accelerate

Changing regulatory stance

Under the previous US presidential administration, the SEC brought enforcement actions against several crypto firms for offering staking services it alleged were unregistered securities offerings.

Since President Donald Trump took office in January, the SEC has softened its stance.

In February, the agency issued guidance stating that memecoins do not qualify as investment contracts under US law. 

In April, the regulator clarified that stablecoins also do not qualify as securities if they are marketed solely as a means of making payments.

Still, the agency has yet to approve staking in exchange-traded funds (ETFs) or issue formal guidance on how staking services can be offered compliantly in the US.

Other policy goals

Muehr said she is optimistic the SEC will eventually approve staking for cryptocurrency ETFs, including for proposed Solana (SOL) funds.

“Getting there means first getting the SEC comfortable with the structure,” she said, noting the industry has recently had “some productive meetings with the agency.”

“I’m hopeful we’ll see a Solana ETF and even a staked Solana ETF in the US sometime soon.”

The SEC is not the only agency the crypto industry is looking to persuade. Muehr said the Internal Revenue Service (IRS) — the top US tax authority — has also taken a position the industry opposes.

“The IRS finally issued a statement saying staking rewards are service income,” she said. “We disagree with that interpretation and continue to engage.”

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

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UK to open talks with Kosovo about hosting ‘return hub’ for failed asylum seekers – report

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UK to open talks with Kosovo about hosting 'return hub' for failed asylum seekers - report

Kosovo will be one of the countries asked to take failed asylum seekers from the UK as part of the government’s plan for “return hubs” abroad, according to reports.

The Western Balkan country is on a list of nine countries drawn up by the government of potential places to deport illegal migrants who have exhausted all avenues of appeal for asylum in the UK, according to The Times newspaper.

The report comes after the president of Kosovo revealed to Sky News that they would be “open to discussing it”, but there had been “no formal talks” so far.

The Tories say that return hubs will “not work as a deterrent”, and the “vast majority who illegally cross the [English] Channel have their asylum claims accepted, so would never be removed under the return hubs plan”.

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Sir Keir Starmer revealed last Thursday at a news conference with the Albanian Prime Minister Edi Rama that the UK “is in talks with a number of countries about return hubs”.

More on Kosovo

They would be for processing failed asylum seekers prior to their eventual deportation, wherever that might be.

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PM confirms ‘return hubs’ plan

Downing Street said they would be for people “who have exhausted all legal routes to remain in the UK”, but who may be employing tactics to delay their removal – like “losing their paperwork”.

The hubs would effectively buy time to return or deport illegal migrants without the government having to house them in Britain in the meantime, such as in the asylum hotels, which the government has promised to close.

The prime minister described the hubs as a “really important innovation” that complements other measures the government is taking to crack down on criminal smuggling gangs and stop small boat crossings.

He refused to reveal which countries the government is in talks with, but he was left slightly red-faced after the Albanian prime minister publicly slapped down the idea of a UK return hub in his country, saying their agreement with Italy was a “one-off” deal for a key ally.

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Are ‘return hubs’ the new Rwanda plan?

But speaking exclusively to Sky’s Tamara Cohen, the president of Kosovo said her government is open to the idea.

Vjosa Osmani said: “There’s been no formal talks with the UK on this issue. It hasn’t been raised so far.

“We would be open to discussing it, however I can’t say more than that because I don’t know the details. I cannot give an answer on a request that hasn’t been made so far.”

Ms Osmani called the UK a “steadfast ally”. UK-supplied technology is being used in Kosovo to stop illicit goods and vulnerable people from reaching British shores.

Foreign Secretary David Lammy signs a friendship book with President of Kosovo Vjosa Osmani during his visit to Kosovo and Serbia. 
Pic: PA
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Foreign Secretary David Lammy signed a friendship book with Kosovo’s president on a visit last month. Pic: PA

Nearly 22,000 people used the Western Balkans to enter Europe last year, the Foreign Office said earlier this year.

There are six countries in the Western Balkans which are seen as central to UK efforts to tackling illegal migration. Croatia, Bosnia and Herzegovina, and Montenegro are the others, alongside Albania, Kosovo and North Macedonia.

The Times reports that countries outside Europe are on a shortlist to be approached for talks about return hubs.

The plan is part of the broader government efforts to stop small boat crossings.

Over 12,000 people have crossed the Channel illegally on small boats so far this year, with 2025 on course to a record year for crossings, which will cause a major headache for Labour after being elected on a manifesto promise to “smash the gangs”.

Chris Philp, shadow home secretary, said in response to the report: “The prime minister’s attempt to get Albania to act as a return hub was humiliatingly dismissed by the Albanian prime minister.

“Return hubs will anyway not work as a deterrent because only illegal immigrants whose asylum claims fail get removed. The vast majority who illegally cross the channel have their asylum claims accepted, so would never be removed under the return hubs plan.”

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Veteran capital in crypto is shaping South Korea’s elections

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Veteran capital in crypto is shaping South Korea’s elections

Veteran capital in crypto is shaping South Korea’s elections

Cryptocurrency has emerged as a defining issue in South Korea’s snap presidential election, with candidates vying for support from a growing base of digital asset investors across generations.

All three front-runners have rolled out crypto-friendly proposals. These include the legalization of spot Bitcoin (BTC) exchange-traded funds (ETFs) and the easing of banking rules that currently restrict fiat-to-crypto trading to just five platforms.

The June 3 vote is slated to come around two years early, triggered by the impeachment of former president Yoon Suk-yeol after his controversial declaration of martial law in late 2024. Though quickly overturned by lawmakers, the abrupt power grab led to a political crisis and his eventual removal from office.

Yoon’s 2022 campaign leaned heavily on promises to reform crypto regulations — largely aimed at younger voters. This time, the political focus on digital assets has only intensified, as older generations begin to pour significant wealth into digital assets.

Veteran capital in crypto is shaping South Korea’s elections
Three leading presidential candidates have promised pro-crypto policies.

Presidential election debate clash on stablecoins

This election has three leading candidates, and all of them have promised to advance the local crypto economy.

Lee Jae-myung of the opposing Democratic Party lost to Yoon in the last election and returns with a second crypto-friendly campaign.

Kim Moon-soo is running under the current ruling party, the People Power Party (PPP). Former president Yoon has distanced himself from the PPP ahead of the election, leaving Kim to define a new direction for the fractured conservative base.

Lee Jun-seok was once the youngest-ever leader of the PPP. He is now leading his own newly formed Reform Party, a minor party he founded in January 2024 after splitting with the ruling bloc.

“The political sphere has actively embraced [cryptocurrencies] as a key campaign agenda,” Park Sung-jun, head of the Blockchain Research Center at Dongguk University, told Cointelegraph.

“Driven by the transition to a digital economy, the push for transparency in political funding, the spread of blockchain-based political participation technologies and growing demands for investor protection, [crypto] has emerged as a significant economic, social and political issue in South Korea.”

Lee Jae-myung and Kim have both pledged to ease strict banking rules that require crypto exchanges to partner with licensed banks to offer fiat services — a system that has created a near-monopoly of just five approved platforms. The structure in place excludes corporate participation, as it requires users to open accounts at partner banks using their legal identities.

Lee has also proposed launching a stablecoin pegged to the won to reduce reliance on tokens issued abroad.

Related: South Korean crypto emerges from failed coup into crackdown season

Lee Jun-seok pushed back, noting that South Korea once had a won-pegged algorithmic stablecoin, TerraKRW (KRT), part of the Terra ecosystem that suffered a multibillion-dollar collapse.

“Lee Jae-myung proposes launching another stablecoin without presenting any safeguards. What assets will back it? How will market risks be handled? How will we avoid repeating past failures? There are no answers,” Lee Jun-seok said in a Facebook post, criticizing his opponent for turning stablecoins into a “slogan.”

The two candidates clashed again on stablecoins during a live debate, where Lee Jae-myung argued for the safety of centralized and fiat-backed stablecoins.

Veteran capital in crypto is shaping South Korea’s elections
Presidential candidates quiz each other on the difference between USDT and USDC. Source: National Election Broadcasting Debate Commission

Lee Jae-myung was Yoon’s opponent in the 2022 election when he also championed crypto-friendly policies. However, he was less aggressive than Yoon, who made several pro-crypto pledges. Some of them, like lifting bans on play-to-earn (P2E) gaming and initial coin offerings, were never implemented.

Lee Jun-seok reportedly called gaming South Korea’s “second semiconductor industry,” which made up more than a fifth of the country’s total exports in 2024. He pledged to target 10% of the global gaming market through regulatory support in taxation, exports and talent development. He added that regulations that dismiss blockchain-based P2E games accelerate the exodus of creative industries.

P2E games remain banned under local regulations, but interest has recently surged among investors following the launch of a new title by Nexon, one of South Korea’s biggest game developers, along with a new cryptocurrency tied to its in-game economy.

Veteran capital in crypto is shaping South Korea’s elections
Nexon shares have soared since the company launched its own crypto. Source: Tokyo Stock Exchange via Google Finance

Crypto promises test old and new voter bases

South Korea had 9.7 million Know Your Customer-verified crypto investors by the end of 2024, a 25% increase from the first half of the year, according to the Financial Intelligence Unit (FIU). Investors in their 30s saw the biggest growth, up 29%, followed by those in their 40s (27%), while investors over 50 increased by 25%.

The FIU’s findings show that older investors have larger holdings. By year-end, 221,000 investors held at least 100 million won (about $73,000) in crypto. Of those, 172,500 — or 78% — were over 40.

Related: XRP and Solana race toward the next crypto ETF approval

In February, the head of the financial industry association urged regulators to approve Bitcoin and Ether ETFs, citing rising demand among older investors. He argued that ETFs offer safer exposure than direct investment.

The approval of Bitcoin ETFs has been a key campaign pledge for both Lee Jae-myung and Kim. The move follows growing global momentum after the US, the world’s largest market and a key South Korean trading partner, gave the green light to spot Bitcoin ETFs in early 2024.

Veteran capital in crypto is shaping South Korea’s elections
Presidential hopefuls ignite institutional interest in South Korea’s retail-driven crypto market. Source: Ki Young Ju

“Cryptocurrencies play a certain role in our society, but they are ultimately one of the global trends. As the US took the lead, we’ve ended up following in its footsteps. It’s a bit disappointing — we could have taken the lead ourselves,” Cho Jaewoo, assistant professor of social science at Hansung University, told Cointelegraph.

However, the nation’s Capital Markets Act is a barrier that does not recognize crypto as eligible assets underlying ETFs. The Financial Services Commission (FSC) is also reviewing legal pathways to allow Bitcoin ETFs under its dedicated crypto committee.

Lee ahead in presidential election voter survey

Yoon’s failed coup accelerated the presidential election and brought renewed urgency to unresolved issues in the local crypto industry.

“In the 2022 presidential election, cryptocurrency was viewed as speculative and untrustworthy. But by the 2025 election, it had emerged as a key policy issue, with major candidates pushing for institutionalization and financial productization in response to the investment realities faced by young people,” Park from Blockchain Research Center said.

South Korea is one of the world’s largest crypto markets. In Q1 2024, the Korean won ranked as the most-traded fiat currency against crypto, driven largely by retail investors. Institutional players remain on the sidelines, awaiting their turn as the FSC prepares to launch pilot trading for professional investors.

Veteran capital in crypto is shaping South Korea’s elections
FSC’s planned schedule for a phased introduction of institutional crypto investment in 2025.

Crypto policies were once seen as campaign strategies to sway younger voters, but this year, they’re seen as an economic and social issue that impacts multiple generations. In this election, older generations are entering the digital sphere, accelerating calls for regulated investment vehicles, such as ETFs.

“Things have changed a lot. There were even questions and answers about virtual assets during the presidential debates, and related discussions seem to be much more active. In the past, people looked at it with skepticism, but now it feels like the public is approaching it more neutrally and making their own judgments,” Cho said.

Veteran capital in crypto is shaping South Korea’s elections
Lee Jae-myung leads the latest voter survey by local media and Next Research. Source: Maeil Business Newspaper

Lee Jae-myung and Kim are the two leading candidates, according to local media surveys, with Lee leading Kim at 44.9% to 35.9%, according to a survey conducted from May 23 to 25. Lee Jun-seok is far behind at 9.6%, though he gained almost 3% from the preliminary survey conducted a week prior. 

The 21st presidential election is scheduled to take place on June 3. 

Magazine: Crypto scam hub expose stunt goes viral, Kakao detects 70K scam apps: Asia Express

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