New football regulator announced to vet prospective owners and prevent breakaway competitions

Published

1 year ago

March 19, 2024

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The government has announced its plan for an Independent Football Regulator (IFR) for the professional men’s game.

The IFR came about following a review by Tory MP Tracey Crouch, which itself was launched after the attempt by clubs to form the European Super League.

But the Premier League has responded by saying they “remain concerned” about the legislation, which they claim could unintentionally “weaken the competitiveness and appeal of English football“.

Among the measures contained in the IFR – which will be subject to parliamentary scrutiny – are:

• New “stronger tests” for new owners and directors to “stop clubs falling into the wrong hands”. They face being blocked and even struck off from future attempts;

• “Backstop powers” to sort out the financial distribution between the Premier League and English Football League, if they cannot come to an agreement themselves;

• All clubs from National League One to the Premier League will be need to be licensed to compete in competitions, following “a number of issues in recent years including financial mismanagement, breakaway plans for the European Super League, and changes to club names, badges and colours against the wishes of fans”;

• New requirements to protect from “breakaway competitions” and “stadium relocations”;

• An obligation to consult fans on “key off-field decisions” will also be a requirement of the licence. This could include decisions on cub heritage and strategic direction.

As well as statutory regulation of football clubs, the government has also announced that the IFR will produce a periodical report, called “State of the Game”, which will analyse the financial state of football.

The government says the IFR will not be “overly-interventionist”, and will instead take an “advocacy first” approach – although these will be backed by a “broad suite of powers to investigate suspected non-compliance, compel information, and enforce if necessary”.

It is also pledged that the bill will have “no input in on-field decisions and will act in a way that minimises any impact on sporting competitions”.

A “shadow regulator” will be set up to run while the IFR is created, with a location, chair and board make-up all still up in the air.

Prime Minister Rishi Sunak said: “Football has long been one of our greatest sources of national pride. Up and down the country, it brings people together in celebration or commiseration.

“But for too long some clubs have been abused by unscrupulous owners who get away with financial mismanagement, which at worst can lead to complete collapse – as we saw in the upsetting cases of Bury and Macclesfield Town.

“This bill is a historic moment for football fans – it will make sure their voices are front and centre, prevent a breakaway league, protect the financial sustainability of clubs, and protect the heritage of our clubs big and small.”

Ms Crouch said that “football fans can begin to breathe a sigh of relief in the knowledge that the next steps towards protecting the long term sustainability of the pyramid have now been taken”.

In response to the announcement, a spokesperson for the Premier League said it would study the bill once it is published.

“We agree it is vital that football clubs are sustainable, remain at the heart of their communities and that fans are fundamental to the game,” it added.

“The government has consistently stated that it wishes to support the Premier League’s continued global success which generates funding to help sustain the entire football pyramid.

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“With our clubs, we have advocated for a proportionate regime that enables us to build on our position as the most widely watched league in the world.

“Mindful that the future growth of the Premier League is not guaranteed, we remain concerned about any unintended consequences of legislation that could weaken the competitiveness and appeal of English football.”

Politics

SEC punts decisions on XRP, DOGE ETFs

Published

2 hours ago

April 29, 2025

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SEC punts decisions on XRP, DOGE ETFs

The US Securities and Exchange Commission (SEC) has postponed deciding on whether to greenlight two proposed cryptocurrency exchange-traded funds (ETFs) holding Dogecoin and XRP, filings show.

The US regulator has delayed its deadline for ruling on the proposed ETF listings until June, according to two filings reviewed by Cointelegraph.

The filings were responses to March requests from US exchanges NYSE Arca and Cboe BZX Exchange to list Bitwise’s Dogecoin (DOGE) ETF and Franklin Templeton’s XRP (XRP) ETF, respectively.

They came on the same day that Nasdaq, another US exchange, asked for permission to list a 21Shares Dogecoin ETF.

Dogecoin is the world’s most heavily traded memecoin, with a market capitalization of around $26 billion as of April 29, according to data from CoinGecko. XRP is the native token of the XRP Ledger blockchain network. It has a market capitalization of approximately $133 billion, CoinGecko data shows.

Deluge of filings

In 2025, the SEC has fielded requests to authorize dozens of altcoin ETFs for US listing. As of April 21, approximately 70 crypto ETFs were awaiting the SEC’s review.

Asset managers are proposing funds holding “[e]verything from XRP, Litecoin and Solana to Penguins, Doge and 2x Melania and everything in between,” Bloomberg analyst Eric Balchunas said in an April 21 post on the X platform.

The deluge of proposals comes as US President Donald Trump pushes the SEC to take a more accommodating stance toward cryptocurrencies.

However, analysts caution investor demand for altcoin ETFs may be tepid in comparison to funds holding core cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).

“Having your coin get ETF-ized is like being in a band and getting your songs added to all the music streaming services,” Balchunas said.

“Doesn’t guarantee listens but it puts your music where the vast majority of the listeners are.”

Although US exchanges are embracing crypto ETFs, they are also urging the SEC to take a tough regulatory posture toward digital assets. In an April 25 comment letter, Nasdaq encouraged the SEC to hold digital assets to the same compliance standards as securities if they constitute “stocks by any other name.”

Magazine: Financial nihilism in crypto is over — It’s time to dream big again

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Nasdaq files to list 21Shares Dogecoin ETF

Published

5 hours ago

April 29, 2025

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Nasdaq files to list 21Shares Dogecoin ETF

The United States exchange Nasdaq has asked regulators for permission to list a 21Shares exchange-traded fund (ETF) holding the popular memcoin Dogecoin, regulatory filings show.

The move follows 21Shares’ April 10 filing of its initial proposal to launch its Dogecoin ETF, shortly after similar applications from rivals Bitwise and Grayscale. The asset manager has also sought regulators’ permission to list ETFs holding other cryptocurrencies, including Solana (SOL), XRP (XRP), and Polkadot (DOT).

Nasdaq must gain approval from the Securities and Exchange Commission (SEC) before it can list and trade the fund. The request amounts to a regulatory review process that could determine whether Dogecoin becomes accessible to a broader range of investors through an ETF structure.

Onslaught of altcoin ETFs

Fund issuers requested to list dozens of altcoin ETFs after US President Donald Trump instructed the SEC to take a friendlier stance toward cryptocurrencies after his second term began in January.

As of April 21, more than 70 crypto ETFs were awaiting the SEC’s review. The list includes alternative layer-1 (L1) native tokens, such as SOL and Sui (SUI), as well as memecoins such as Bonk (BONK) and Official Trump (TRUMP).

While exchanges such as Nasdaq seek to list more crypto ETFs, they are also pushing for firmer US regulatory oversight of digital assets. In an April 25 comment letter, Nasdaq urged the SEC to hold digital assets to the same regulatory standards as securities if they constitute “stocks by any other name.”

Dogecoin utility

Dogecoin (DOGE) is a popular memecoin with a market capitalization of nearly $26 billion as of April 29, according to CoinGecko.

It is distinct from most other memecoins because DOGE is the native token of the Dogecoin network.

The proof-of-work blockchain network is designed as a faster, cheaper alternative to Bitcoin (BTC) for peer-to-peer payments.

It processed more than 40,000 transactions in the past 24 hours, according to data from Bitinfocharts.com.

In September 2024, blockchain developers QED Protocol and Nexus tipped plans to launch a layer-2 (L2) scaling solution designed to bring smart contracts to Dogecoin.

Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest, April 13 – 19

Politics

UK gov’t proposes crypto rules in response to scams

Published

8 hours ago

April 29, 2025

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<div>UK gov't proposes crypto rules in response to scams</div>

The United Kingdom’s Treasury and Chancellor of the Exchequer, Rachel Reeves, have proposed new crypto rules aimed at “support[ing] innovation while cracking down on fraudsters.”

In an April 29 notice, the UK government announced draft rules for cryptocurrencies, including Bitcoin (BTC) and Ether (ETH), that would bring “crypto exchanges, dealers and agents” in line with regulations, as many residents were “exposed to risky firms and scams.” It cited discussions with US government officials, including a proposed US-UK cross-border sandbox from the Securities and Exchange Commission’s Hester Peirce.

“Today’s announcement sends a clear signal: Britain is open for business — but closed to fraud, abuse, and instability,” said the notice. “The government will bring forward final cryptoasset legislation at the earliest opportunity, following engagement on the draft provisions with industry.”

Treasury and Reeves said the UK was committed to making the country a “global hub for digital asset technologies,” referencing the goals of the previous government under the Conservative Party. A 2023 consultation paper from Treasury proposed “bringing a wide range of cryptoasset activities” — including trading and issuing stablecoins — in line with UK regulations.

Praise from industry

In a statement shared with Cointelegraph, Ian Silvera, the associate director for the self-regulatory trade association CryptoUK, called the government announcement a “very much welcomed and a big victory” for crypto firms. However, he added that the industry could also benefit from regulatory clarity on liquid staking and DeFi.

“Though there has been good regulatory progress from the [Financial Conduct Authority], which published its crypto roadmap late last year, the UK government first committed to becoming a global crypto hub in 2022,” said Silvera. “Progress has been slow since then, but as the Chancellor has recognised herself the mainstreaming of the industry has continued, with now 12% of all UK adults owning some sort of crypto, up from 4% in 2021.”

The FCA plans to publish final rules on crypto sometime in 2026, setting the groundwork for the UK regulatory regime to go live. The roadmap to greater regulatory clarity in the UK could follow the European Union, which started to implement its Markets in Crypto-Assets (MiCA) framework in December.

Magazine: Financial nihilism in crypto is over — It’s time to dream big again