Rwanda plan blame game begins over latest delays – with plenty more showdowns to come for Rishi Sunak

Published

1 year ago

April 18, 2024

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This was the week it was meant to be done.

Having forced the House of Commons to vote down the Lords’ amendments to the prime minister’s flagship illegal immigration bill three times, peers would typically have bowed out of the battle this time around and passed the Rwanda bill.

Instead, they sought to amend the legislation again.

Politics latest:
Rwanda bill delayed after government suffers surprise defeats

There is obvious frustration in government, with one senior figure saying: “We wanted to get it done today, but it shows Labour for their true colours.”

The Rwanda bill now comes back to the Commons next week, and could finally be passed on Monday.

All the while, the clock is ticking down on the prime minister‘s promise to get flights away by the end of spring.

With that timetable already in doubt, at least this ping pong can help ministers pin this on peers should that deadline be missed.

But there is also huge frustration amongst some MPs with Number 10.

‘We need to get it through’

Many are asking why the government didn’t just table late night sittings and force Lords to sit into the night to ram through the legislation.

Tory MP Rehman Chishti spoke for many colleagues when he told me he didn’t understand why the whips hadn’t chosen this course.

“I think the programme motion could easily have ensured that we had a vote tomorrow because at the end of day the public want us to get on and get it done. Labour have delayed, dithered, delayed. We’ve got a plan, but we need to get it through,” he said.

“If you would have asked me, I would have put it in tomorrow and I would have a vote on it. And therefore we get those planes off and make sure that this policy delivers what it needs to be delivering, which is deterrence.”

Another senior minister told me it was “clear” to them that these were “delaying tactics because they know the version of the policy doesn’t work and they want more time and to put off the day of reckoning”.

Labour ‘terrified it will work’

As Labour blames the government for refusing to compromise on amendments, and “going home” instead of looking again at the bill this evening, the government blames Labour for delaying the bill because – to quote minister Steve Baker – “they are terrified it will work”.

There is talk that had the government accepted the amendment to exempt Afghans who served alongside UK forces from deportation to Rwanda, the Lords might have passed the bill.

Labour had received an assurance from the Home Office that this amendment, tabled by former Labour defence secretary Des Browne, was going to be accepted – only for it then to be blocked.

For all the drama and irritation, it is likely that the prime minister will still have his moment.

At some point, the House of Lords will have to cave. Unelected peers cannot keep ignoring the will of the Commons.

But the question then is whether he can assuage the frustration of voters who are watching the small boats still coming, with the most crossings in a single day this year – 534 people – happening this week.

‘Another failed thing they promised’

In our Sky News election target town of Cleethorpes, part of a key bellwether seat in the next general election, voters we spoke to are sceptical the government will deliver the flights at all.

One resident told us: “They tell you what they think you want to hear but when it comes down to it, they don’t deliver that.”

Another said: “No one’s gone to Rwanda. They get on the plane, and they take them off. So that’s another failed thing they’ve promised.”

And really that’s the rub of it – the prime minister will get this legislation passed.

Then the challenge is to get those planes off the ground. Anything less won’t be acceptable.

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But with even some of his own backbenchers believing the policy won’t work, a parliamentary win is only the end of the beginning.

The next question is will he, if he has to, not just take on the Lords, but take on the European courts – and those in his own cabinet – and if necessary ignore court rulings to get flights away.

There are plenty more showdowns to come.

Politics

Everstake defends non-custodial staking as SEC weighs industry input

Published

6 hours ago

May 17, 2025

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Everstake defends non-custodial staking as SEC weighs industry input

The US Securities and Exchange Commission (SEC) has held discussions with Everstake, one of the largest non-custodial staking providers globally, to explore clearer regulatory definitions around staking in blockchain networks.

The meeting, which also involved the SEC’s Crypto Task Force, comes at a time when over $193 billion in digital assets are staked across major proof-of-stake (PoS) networks.

However, despite the massive scale of participation, staking remains in a legal gray zone in the US as regulators wrestle with its classification under existing securities law.

The previous SEC administration also took enforcement actions against major players such as Kraken, Coinbase, and Consensys due to their staking services. The agency, under pro-crypto President Donald Trump, has recently dismissed these enforcement actions.

During the meeting, Everstake told the SEC that non-custodial staking should not be classified as a securities transaction. The company said that users maintain full control over their digital assets throughout the staking process and do not transfer ownership to a third party.

They argued that this makes staking a technical function, not an investment product.

“Our main assertion is that staking is not a financial instrument or security transaction, but rather a technical process, a base-layer protocol mechanism—akin to an oracle in a database—that maintains the integrity and functionality of decentralized networks,” Everstake founder Sergii Vasylchuk told Cointelegraph.

Everstake calls for regulatory clarity

In a letter submitted to the SEC’s Crypto Task Force on April 8, 2025, Everstake asked the agency to extend regulatory clarity to non-custodial staking and custodial and liquid staking models.

In the letter, which came in respond to Commissioner Hester Peirce’s call for input on regulatory treatment of blockchain services, Everstake argued that non-custodial staking should not be considered a securities offering.

It claimed that non-custodial staking, where users retain control of their tokens, does not involve the pooling of assets or the expectation of profits from managerial efforts.

In its model, Everstake said users delegate only validation rights while maintaining ownership of their digital assets. The staking rewards are algorithmically distributed by the blockchain network itself, and the firm merely provides technical infrastructure.

Non-custodial staking fails the Howey test

The letter also details why non-custodial staking fails each prong of the Howey test. Users do not make an investment of money in a common enterprise, do not expect profits from Everstake’s efforts, and are not dependent on the company’s management for financial returns.

Instead, any rewards come from network-level incentives and fluctuate with the market value of the underlying asset.

Everstake proposes specific criteria that should exempt non-custodial staking from securities classification. These include user asset control, absence of pooled funds, permissionless unstaking, and the provision of purely technical services.

It likens non-custodial staking to proof-of-work mining, which the SEC has previously ruled out as a securities transaction.

Margaret Rosenfeld, Everstake’s chief legal officer, also told Cointelegraph that “with non-custodial staking, there’s no handover of assets, no investment contract, and no third-party risk.” She added:

“Treating it as a securities offering undermines the decentralized model and risks chilling innovation in the blockchain sector.”

Nevertheless, the SEC has so far withheld a definitive stance. Rosenfeld said that the agency did not make any “specific commitments” on staking guidance. However, it continues to listen to industry stakeholders.

“The Task Force is actively engaging with a range of stakeholders—including those involved with non-custodial staking, ETFs, and broader blockchain infrastructure—to gather input.”

In an April 30 letter to the SEC, nearly 30 crypto advocate groups led by the lobby group the Crypto Council for Innovation (CCI) asked the agency for clear regulatory guidance on crypto staking and staking services.

Magazine: Binance Wallet ‘killing’ MetaMask and airdrops, Chinese RWA tokens: Asia Express

Politics

New Zealand man arrested in $265M crypto scam tied to FBI probe

Published

8 hours ago

May 17, 2025

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New Zealand man arrested in 5M crypto scam tied to FBI probe

A man from Wellington, the capital city of New Zealand, has been arrested in connection with an FBI-led investigation into a global cryptocurrency fraud operation that allegedly stole $450 million New Zealand dollars ($265 million).

According to New Zealand Police, the man is one of 13 individuals charged after authorities executed search warrants across Auckland, Wellington, and California over the past three days.

The charges stem from allegations that members of an organized criminal group manipulated seven victims to obtain large amounts of cryptocurrency, which was then laundered through multiple platforms between March and August 2024.

The US Department of Justice has indicted the man under federal law, including charges of racketeering, conspiracy to commit wire fraud, and conspiracy to commit money laundering, per the announcement.

New Zealand man arrested in $265M crypto scam tied to FBI probe — *Source: New Zealond Police*

Scammer used stolen funds to purchase luxury vehicles

Prosecutors allege the stolen funds were used to purchase $9 million worth of luxury vehicles and spent lavishly on high-end goods, including designer handbags, watches, and clothing, as well as services such as nightclub access, private security, and rentals in Los Angeles, Miami, and the Hamptons.

The accused appeared in Auckland District Court and was granted bail with interim name suppression. He is scheduled to reappear on July 3.

“We have worked closely with our law enforcement colleagues in the United States in support of their investigation,” the police stated. They added:

“Today’s search warrant and arrest reflects the importance of international partnerships where criminals are operating across borders.”

The investigation remains ongoing.

Crypto thefts surge to $360 million in April

Digital asset thefts skyrocketed in April 2025, with nearly $360 million stolen across 18 separate hacking incidents, according to data from blockchain security firm PeckShield.

The figure marks a staggering 990% jump from March when reported losses stood at just $33 million. The sharp rise was largely attributed to a single unauthorized Bitcoin transfer that accounted for the bulk of the month’s losses.

On April 28, blockchain analyst ZachXBT identified a suspicious $330 million BTC transaction. The incident was later confirmed as a social engineering attack that targeted an elderly US resident, resulting in one of the largest individual crypto thefts to date.

Magazine: Binance Wallet ‘killing’ MetaMask and airdrops, Chinese RWA tokens: Asia Express

Politics

French crypto entrepreneurs to receive extra security amid recent kidnappings: Report

Published

15 hours ago

May 17, 2025

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French crypto entrepreneurs to receive extra security amid recent kidnappings: Report

Crypto entrepreneurs and their families in France will receive enhanced security measures amid a recent rise in crypto-related kidnappings in the country, Politico reported.

According to the May 16 report, the measures include priority access to police emergency lines, home security assessments, and safety briefings from French law enforcement to ensure best practices are being followed.

France’s Interior Minister Bruno Retailleau introduced the security measures as part of a broader effort to counter the recent wave of attacks.

“These repeated kidnappings of professionals in the crypto sector will be fought with specific tools, both immediate and short-term, to prevent, dissuade and hinder in order to protect the industry.”

Law enforcement officers will also undergo “anti-crypto asset laundering training,” Retailleau noted.

Retailleau met with several local leaders from the crypto industry to discuss the measures following three crypto-related kidnapping incidents in recent months.

Two kidnappings and a failed attempt in France this year

The latest incident occurred on May 13, when assailants attempted to abduct the daughter and grandson of Pierre Noizat, CEO of the French crypto platform Paymium. Fortunately, they managed to fend off the attack, which occurred in broad daylight.

The assailants tried to force the pair into a waiting van, but Noizat’s daughter managed to take one of the guns off an assailant and throw it away, local police said.

En plein Paris, un homme a été violenté par des individus cagoulés, habillés tout en noir. Ils tentaient de l’enlever. Un homme a surgi, extincteur à la main, pour les faire fuir. →https://t.co/P0qV6PR40v pic.twitter.com/9f4r2Gi7ho

— Le Figaro (@Le_Figaro) May 13, 2025

On May 3, Paris police freed the father of a crypto entrepreneur who was held for several days in connection with a 7 million euros ($7.8 million) kidnapping plot.

In January, the co-founder of crypto hardware wallet provider Ledger, David Balland, was abducted from his home in central France during the early hours of Jan. 21. He was held captive until a police operation on the night of Jan. 22 secured his release.

Retailleau said earlier this week that he believes the incidents were likely connected.

There have been over 150 crypto-related robbery or kidnapping incidents since 2014, with 23 of those incidents occurring in 2025 alone, according to a GitHub database maintained by Bitcoin cypherpunk Jameson Lopp.

Lopp noted many of these criminals typically identify future victims through social media posts, public conversations, meetups, and conferences.

He strongly advises against peer-to-peer trades — particularly with people you don’t trust — flaunting wealth on social media and wearing crypto-branded clothing.

Magazine: Binance Wallet ‘killing’ MetaMask and airdrops, Chinese RWA tokens