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The Tory MP at the heart of a Westminster sexting scandal has stood down from two top Commons posts.

William Wragg, the MP for Hazel Grove, has resigned as the chair of the Commons Public Administration and Constitutional Affairs Committee (PACA) and vice chair of the 1922 Committee of backbench Tory MPs.

Mr Wragg, who was first elected to parliament in 2015 at the age of 27, apologised last week after admitting to The Times that he had shared MPs’ personal phone numbers with a person he met on a dating app.

The Metropolitan Police has confirmed it is investigating following reports that a number of “unsolicited messages” were sent to MPs over recent months.

The MP, who has already announced he is standing down at the next election, told the newspaper: “They had compromising things on me. They wouldn’t leave me alone.

“They would ask for people. I gave them some numbers, not all of them. I told him to stop. He’s manipulated me and now I’ve hurt other people.

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“I got chatting to a guy on an app and we exchanged pictures. We were meant to meet up for drinks, but then didn’t.

“Then he started asking for numbers of people. I was worried because he had stuff on me. He gave me a WhatsApp number, which doesn’t work now. I’ve hurt people by being weak.

“I was scared. I’m mortified. I’m so sorry that my weakness has caused other people hurt.”

There have been reports this week that a serving minister, some MPs, party staffers and political journalists were among those who received unsolicited messages from two unknown WhatsApp users.

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While some MPs have praised Mr Wragg for his apology, others have been less sympathetic and have called for Mr Wragg to have the party whip removed – which would force him to sit as an independent MP in the Commons.

Chancellor Jeremy Hunt praised Mr Wragg for his “courageous and fulsome apology” while Oliver Dowden, the deputy prime minister, told Sunday Morning with Trevor Phillips that his colleague “behaved in a foolish way, and by his own admission he did so, and has apologised for it”.

“I think he deserves some credit for being open and transparent about it, and I think it’s right we should be open and transparent about the range of the cyber threats that everyone faces, particularly elected politicians,” he said.

However, other politicians have been less sympathetic, including Labour London mayor Sadiq Khan, who told Politico Mr Wragg should quit if the prime minister doesn’t sack him first.

He told the news website: “I think it’s now at a stage where, as a legislator, he should resign. I think there’s also a question about Rishi Sunak’s judgement.”

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Sky News understands that Mr Wragg will not lose the party whip over the matter, meaning he can remain in the Conservative parliamentary party.

A parliamentary spokesperson said: “Parliament takes security extremely seriously and works closely with [the] government in response to such incidents.

“We provide members and staff with tailored advice, making them aware of security risks and how to manage their digital safety.

“We are encouraging anyone affected who has concerns to contact the parliamentary security department.”

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Millionaire former Tory donor defects to Reform

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Millionaire former Tory donor defects to Reform

Millionaire Tory donor Malcolm Offord has defected to Reform UK, saying he would be campaigning “tirelessly” to “remove this rotten SNP government”.

Nigel Farage announced the former Conservative life peer’s defection during a rally in the Scottish town of Falkirk, where regular anti-immigration protests have taken place outside the Cladhan Hotel – which is being used to house asylum seekers.

Mr Farage, Reform UK’s leader, said he was “delighted” to welcome Greenock-born Lord Offord to Reform, describing his defection as “a brave and historic act”.

He added: “He will take Reform UK Scotland to a new level.”

During a speech, Lord Offord, who previously donated nearly £150,000 to the Tories, said he would be quitting the Conservative Party and giving up his place in the House of Lords as he prepares to campaign for a seat in Holyrood in May.

The 61-year-old said he wanted to restore Scotland to a “prosperous, happy, healthy country”.

“Scotland needs Reform and Reform is coming to Scotland,” he told the rally.

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“Today I can announce that I am resigning from the Conservative Party. Today I am joining Reform UK and today I announce my intention to stand for Reform in the Holyrood election in May next year.

“And that means that from today, for the next five months, day and night, I shall be campaigning with all of you tirelessly for two objectives.

“The first objective is to remove this rotten SNP government after 18 years, and the second is to present a positive vision for Scotland inside the UK, to restore Scotland to being a prosperous, proud, healthy and happy country.”

The latest defection comes as Mr Farage finds himself at the centre of allegations of racism dating back to his time in school.

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Claims made against Nigel Farage

Sky News reported on Saturday that a former schoolfriend of Mr Farage claimed he sang antisemitic songs to Jewish schoolmates – and had a “big issue with anyone called Patel”.

Jean-Pierre Lihou, 61, was initially friends with the Reform UK leader when he arrived at Dulwich College in the 1970s, at the time when Mr Farage is accused of saying antisemitic and other racist remarks by more than a dozen pupils.

Mr Farage has said he “never directly racially abused anybody” at Dulwich and said there is a “strong political element” to the allegations coming out 49 years later.

Reform’s deputy leader Richard Tice has called the ex-classmates “liars”.

A Reform UK spokesman accused Sky News of “scraping the barrel” and being “desperate to stop us winning the next election”.

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‘European SEC’ proposal sparks licensing concerns, institutional ambitions

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‘European SEC’ proposal sparks licensing concerns, institutional ambitions

The European Commission’s proposal to expand the powers of the European Securities and Markets Authority (ESMA) is raising concerns about the centralization of the bloc’s licensing regime, despite signaling deeper institutional ambitions for its capital markets structure.

On Thursday, the Commission published a package proposing to “direct supervisory competences” for key pieces of market infrastructure, including crypto-asset service providers (CASPs), trading venues and central counterparties to ESMA, Cointelegraph reported.

Concerningly, the ESMA’s jurisdiction would extend to both the supervision and licensing of all European crypto and financial technology (fintech) firms, potentially leading to slower licensing regimes and hindering startup development, according to Faustine Fleuret, head of public affairs at decentralized lending protocol Morpho.

“I am even more concerned that the proposal makes ESMA responsible for both the authorisation and the supervision of CASPs, not only the supervision,” she told Cointelegraph.

The proposal still requires approval from the European Parliament and the Council, which are currently under negotiation. 

If adopted, ESMA’s role in overseeing EU capital markets would more closely resemble the centralized framework of the US Securities and Exchange Commission, a concept first proposed by European Central Bank (ECB) President Christine Lagarde in 2023.

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EU plan to centralize licensing under ESMA creates crypto and fintech slowdown concerns

The proposal to “centralize” this oversight under a single regulatory body seeks to address the differences in national supervisory practices and uneven licensing regimes, but risks slowing down overall crypto industry development, Elisenda Fabrega, general counsel at Brickken asset tokenization platform, told Cointelegraph.

“Without adequate resources, this mandate may become unmanageable, leading to delays or overly cautious assessments that could disproportionately affect smaller or innovative firms.”

“Ultimately, the effectiveness of this reform will depend less on its legal form and more on its institutional execution,” including ESMA’s operational capacity, independence and cooperation “channels” with member states, she said.

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Global stock market value by country. Source: Visual Capitalist

The broader package aims to boost wealth creation for EU citizens by making the bloc’s capital markets more competitive with those of the US.

The US stock market is worth approximately $62 trillion, or 48% of the global equity market, while the EU stock market’s cumulative value sits around $11 trillion, representing 9% of the global share, according to data from Visual Capitalist.

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