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Amid serious concerns over the editorial mistakes made by the BBC, the downfall of its leaders has been greeted with undisguised glee by many on the right of British politics.

Former prime minister Liz Truss was quick off the mark to retweet gloating posts from Donald Trump and White House press secretary Karoline Leavitt with clapping emojis.

Ms Truss argued not just for the abolition of the licence fee, but for the end of nationalised broadcasting altogether.

Her former cabinet colleague Suella Braverman has also called for the licence fee to be scrapped.

It’s an idea long advocated by Nadine Dorries during her time as culture secretary. The recent Reform convert is particularly pessimistic about the BBC’s future – telling me she believes its “core bias” has worsened in recent years.

“I’m afraid the resignation of Tim Davie will change nothing,” she said. “Under this Labour government overseeing the new appointment… it will probably get worse.”

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Why ‘Teflon Tim’ resigned from BBC

All three politicians were close allies of Boris Johnson, who has been instrumental this week in piling the pressure on the BBC.

He dramatically threatened in the Daily Mail to boycott the licence fee until Tim Davie explained what happened with the Trump Panorama documentary – or resigned.

The official Conservative Party line is slightly more restrained.

Shadow culture secretary Nigel Huddleston told Sky News “we want them to be successful” – but he and his boss Kemi Badenoch are calling for wide-ranging editorial reforms to end what they describe as “institutional bias”.

Their list calls for changes to BBC Arabic, its coverage of the US and Middle East, and “basic matters of biology”, by which they mean its stories on trans issues.

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‘Catastrophic failure’ at BBC

The irony of demanding editorial changes from a supposedly independent organisation dealing with allegations of bias has been lost in the furore.

Similarly, Nigel Farage is calling for the government to appoint a new director-general from the private sector who has “a record of coming in and turning companies and cultures around”.

As part of its editorial independence, the appointment of the BBC’s next editor-in-chief is meant to be entirely down to its own independent board – and out of the hands of ministers.

The government’s own response to the scandal has therefore been relatively muted. In a statement, Culture Secretary Lisa Nandy thanked Mr Davie for his long service to public service broadcasting – and paid tribute to the BBC as “one of our most important national institutions”.

Tim Davie and Deborah Turness. Pics: PA
Image:
Tim Davie and Deborah Turness. Pics: PA

Before the news of the resignations broke, she had been expressing her “complete confidence” in how the BBC’s leadership were dealing with the “serious allegations” described in the leaked memo from Michael Prescott, a former external adviser to the corporation’s editorial standards committee.

The departure of Mr Davie and the CEO of BBC News Deborah Turness just hours later seemed to be something of a shock.

A more detailed government response is sure to come when parliament returns from recess tomorrow.

The Culture Media and Sport Committee of MPs – which has played an active role in the scandal by writing to the BBC chairman and demanding answers – is due to receive its response today, which is expected to include an apology for the Panorama edits.

Its chair Dame Caroline Dinenage described Mr Davie’s resignation as “regrettable” but said that “restoring trust in the corporation must come first”.

Read more:
Analysis: ‘Teflon Tim’ has come unstuck
The past controversies faced by Davie
Read their resignation letters in full

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Ex-Panorama staffer: ‘Worst crime imaginable’

So far, the only British political leader prepared to mount an outspoken defence of the BBC is Sir Ed Davey.

The Liberal Democrat argues that seeing the White House take credit for Mr Davie’s downfall – and attacking the BBC – “should worry us all”.

He’s called on the PM and all British political leaders to stand united in “telling Trump to keep his hands off it”.

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What did the BBC do to anger Trump?

Given the diplomatic contortions Sir Keir Starmer has gone through to develop close relations with the current president, this seems entirely unlikely.

But for a prime minister already juggling an overflowing in-tray of problems, controversy over the national broadcaster as the government prepares to enter negotiations about renewing its charter for the next decade is another political tripwire in waiting.

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Italy sets hard MiCA deadline for crypto platforms to comply

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Italy sets hard MiCA deadline for crypto platforms to comply

Italy’s securities regulator set a firm timetable for applying the European Union’s Markets in Crypto-Assets Regulation (MiCA) in the country, warning that unlicensed crypto platforms face a deadline to either seek authorization or leave the market.

The move directly affects virtual asset service providers (VASPs) currently operating under Italy’s regime and the retail investors who use them.​

In a news release published Thursday, Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) reminded the market that Dec. 30 is the last day VASPs registered with the Organismo Agenti e Mediatori (OAM) can operate under the existing national framework.

Italy, European Union, MiCA
Italy sets hard stop for MiCA authorization. Source: CONSOB

After that date, only entities authorized as crypto asset service providers (CASPs) under MiCA, including firms passporting into Italy from another EU member state, will be allowed to offer crypto‑asset services in the country.​

CONSOB notes that, under Italy’s MiCA‑implementing legislation, VASPs that submit an application to be authorized as CASPs in Italy or another European Union member state by Dec. 30 may continue operating while their applications are assessed, but no later than June 30, 2026.

This transitional operating period is available only to operators who file by the deadline and ends once authorization is granted or refused, or when the June 30, 2026, limit is reached.​

Related: ECB president calls to address risks from non-EU stablecoins

Obligations for firms that do not apply

For VASPs that decide not to seek authorization under MiCA, CONSOB outlined specific obligations. These operators must cease their activities in Italy by Dec. 30, terminate existing contracts, and return clients’ crypto‑assets and funds in accordance with customers’ instructions.

CONSOB also said that VASPs registered in the OAM list must publish adequate information on their websites and inform clients directly about the measures they intend to adopt, either to comply with MiCA or to ensure an orderly closure of existing relationships.

This framework stems from Italy’s legislative decree implementing MiCA, which introduced a transitional regime for existing VASPs and set the conditions under which they can continue operating while moving to the new CASP authorization system. The decree makes use of the flexibility allowed by MiCA’s transitional provisions to set national deadlines, including the June 30, 2026 date referred to in CONSOB’s communication.​

Warnings to retail investors

CONSOB’s news release includes a separate section titled “warnings for investors.”

The regulator points out that VASPs currently operating in Italy may no longer be authorized to do so after Dec. 30, and stresses that investors should check whether they have received the necessary information from their provider on its plans to comply with MiCA.

If not, CONSOB advises investors to ask the operator for clarification or request the return of their funds.

EU‑level context under MiCA

CONSOB’s communication sits within the wider EU framework for MiCA’s application and transitional measures. On the same day, the European Securities and Markets Authority (ESMA) published a statement on the end of MiCA transitional periods, highlighting that member states can provide temporary continuation of existing licenses for existing providers, but these periods are limited and will expire.

Related: EU plan would boost ESMA powers over crypto and capital markets

The ESMA’s statement explains that firms operating under national transitional regimes are not automatically MiCA‑authorized and emphasizes the need for “orderly wind-down plans” where providers do not obtain authorization before transitional periods end.​

Italy’s hard stop for applications and continued operation shows how member states are using the discretion MiCA gives them over transitional regimes. The Italian transitional period now has defined end‑points, and continued activity in the market will require MiCA‑compliant authorization.

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