Humza Yousaf vows to stay in power – as pressure builds on his government
Embattled Humza Yousaf has told Sky News he will not resign as Scotland’s first minister.
Pressure has been building on the SNP leader after he tore up the power-sharing deal with the Scottish Greens – prompting a no-confidence motion in his leadership and a threatened knife-edge vote.
First Minister Humza Yousaf insists he is getting on with the job. Pic: PA
However, Mr Yousaf, on a visit to Dundee that was arranged at short notice after he pulled out of a speech in Glasgow, insisted he was getting on with the job and accused the opposition of “playing games”.
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He said he would be writing to the leaders of all Scottish political parties to seek talks on making a minority government work.
He told Sky News’ Scotland correspondent Connor Gillies: “I intend absolutely to fight that vote of no confidence, I’ve got every intention of winning that vote of no confidence.
“And let me say to the opposition for minority government to work in the interest of the people of Scotland also requires the opposition to act in good faith.”
Mr Yousaf has been left fighting for his political survival after his former allies in the Scottish Greens vowed to vote against him in a motion of no confidence, lodged by the Tories.
The crisis was sparked after Mr Yousaf dramatically brought the power-sharing deal with the Greens to an end on Thursday.
It followed tensions over the administration’s climbdown on climate targets and the decision to pause the prescription of new puberty blockers at Scotland’s only gender clinic for young people.
The ditching of the deal, branded an act of “political cowardice” by the Greens, means the SNP will now operate as a minority administration at Holyrood.
Referring to the Greens, whose co-leaders Patrick Harvie and Lorna Slater were dumped this week as junior ministers, Mr Yousaf said he had “heard their anger, their upset”.
He added: “What I will do is be writing to all the political party leaders, all the party groups represented in the Scottish parliament, including of course Patrick Harvie and Lorna Slater, asking them to meet with me, to say how do we make minority government work.
“It’s in the best interests of the people of Scotland that all of us act in good faith and make it work.”
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A tight vote is expected at Holyrood next week, where 64 out of 128 MSPs are poised to oppose Mr Yousaf continuing as first minister.
The SNP have 63 MSPs at Holyrood while there is also Ash Regan, a former leadership rival to Mr Yousaf, who defected to Alex Salmond’s Alba Party last October.
Ash Regan. Pic: PA
She has written to the first minister, setting out demands in exchange for her crucial support, including progress on Scottish independence and defending “the rights of women and children”.
In the event of a tie-break, the presiding officer Alison Johnstone, who traditionally does not vote, would be expected to support the status quo.
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Meanwhile, Scottish Labour leader Anas Sarwar has also sought to tighten the screw by lodging a no-confidence motion in the entire devolved government – rather than just Mr Yousaf – which carries more far-reaching implications, including the prospect of an election.
Mr Sarwar: “It’s a matter now of when – not if – Humza Yousaf will step down as first minister.
“It would be untenable for the SNP to assume it can impose another unelected first minister on Scotland.”
Both the Tories and Liberal Democrats in Scotland have said they will support the Labour-led motion.
However, the move is unlikely to secure enough support with Alba coming out against it and accusing Mr Sarwar of “grandstanding”.
Investment firms with Bitcoin-focused treasuries are front-running global Bitcoin adoption, which may see the world’s first cryptocurrency soar to a $200 trillion market capitalization in the coming decade.
Institutions and governments worldwide are starting to recognize the unique monetary properties of Bitcoin (BTC), according to Adam Back, co-founder and CEO of Blockstream and the inventor of Hashcash.
“$MSTR and other treasury companies are an arbitrage of the dislocation between the bitcoin future and todays fiat world,” Back wrote in an April 26 X post.
“A sustainable and scalable $100-$200 trillion trade front-running hyperbitcoinization. scalable enough for most big listed companies to move to btc treasury,” he added.
Hyperbitcoinization refers to the theoretical future where Bitcoin soars to become the largest global currency, replacing fiat money due to its inflationary economics and growing distrust in the legacy financial system.
Related: Crypto sentiment recovers, but weekend liquidity risks remain
Bitcoin’s price outpacing fiat money inflation remains the main driver of global hyperbitcoinization, Back said, adding:
“Some people think treasury strategy is a temporary glitch. i’m saying no it’s a logical and sustainable arbitrage. but not for ever, the driver is bitcoin price going up over 4 year periods faster than interest and inflation.”
Back’s comments come nearly two months after US President Donald Trump signed an executive order to establish a national Bitcoin reserve from BTC forfeited in government criminal cases.
Related: Serbia’s Prince Filip says Bitcoin is being stifled, expects huge rally
Global firms continue Bitcoin accumulation
Continued Bitcoin investments from the likes of Strategy, the largest corporate Bitcoin holder, may inspire more global firms to follow suit.
Strategy’s approach is proving to be lucrative, with the firm’s Bitcoin treasury generating over $5.1 billion worth of profit since the beginning of 2025, according to Strategy’s co-founder, Michael Saylor.
Japanese investment firm Metaplanet, also known as “Asia’s MicroStrategy,” adopted a similar strategy, since surpassing 5,000 BTC in total holdings on April 24, Cointelegraph reported.
As Asia’s largest corporate Bitcoin holder, Metaplanet plans to acquire 21,000 BTC by 2026.
US financial institutions may also have more confidence in adopting Bitcoin after the US Federal Reserve withdrew its 2022 guidance discouraging banks from engaging with cryptocurrency. “Banks are now free to begin supporting Bitcoin,” Saylor said in response to the guidance withdrawal.
“Banks will now be supervised through normal processes, signaling a more open regulatory environment for digital asset integration,” Nexo dispatch analyst Iliya Kalchev told Cointelegraph.
Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest, April 13 – 19
SEC Commissioner and head of the crypto task force, Hester Peirce, says US financial firms are navigating crypto in a way that’s similar to playing the children’s game “the floor is lava,” but in the dark.
“It is time that we find a way to end this game. We need to turn on the lights and build some walkways over the lava pit,” Peirce said at the SEC “Know Your Custodian” roundtable event on April 25.
The lava is crypto, says Peirce
Peirce explained that SEC registrants are forced to approach crypto-related activities like “the floor is lava,” where the aim is to jump from one piece of furniture to the next without touching the ground, except here, touching crypto directly is the lava.
“A D.C. version of this game is our regulatory approach to crypto assets, and crypto asset custody in particular,” she said.
Peirce said that, much like in the game, firms wanting to engage with crypto must avoid directly holding it due to unclear regulatory rules. “To engage in crypto-related activities, SEC-registrants have had to hop from one poorly illuminated regulatory space to the next, all while ensuring that they never touch any crypto asset,” Peirce said.
Peirce said that investment advisers are often unsure which crypto assets qualify as securities, what entities count as qualified custodians, and whether “exercising staking or voting rights” could trigger custody violations.
“The twist in the regulatory version is that it is largely played in the dark: burning legal lava and no lamps to illuminate the way.”
Peirce also said that a broker or ATS that cannot custody or manage crypto assets will struggle to facilitate trading, making it unlikely for a “robust market” to develop.
Echoing a similar sentiment, SEC Commissioner Mark Uyeda said at the event that as more SEC registrants work with crypto assets, it’s essential that they have access to custodial options that meet legal and regulatory requirements.
Uyeda said the agency should consider letting advisers use “state-chartered limited-purpose trust companies” with the authority to hold crypto assets as qualified custodians.
Related: Blockchain needs regulation, scalability to close AI hiring gap
Meanwhile, the recently sworn-in chair of the SEC, Paul Atkins, said that he expected “huge benefits” from blockchain technology through efficiency, risk mitigation, transparency, and cutting costs.
He reiterated that among his goals at the SEC would be to facilitate “clear regulatory rules of the road” for digital assets, hinting that the agency under former chair Gary Gensler had contributed to market and regulatory uncertainty.
“I look forward to engaging with market participants and working with colleagues in President Trump’s administration and Congress to establish a rational fit-for-purpose framework for crypto assets,” said Atkins.
Magazine: Bitcoin $100K hopes on ice, SBF’s mysterious prison move: Hodler’s Digest, April 19 – 25
Politics
Labour and Reform in battle for Runcorn by-election seat – but disillusionment could be eventual winner
On the banks of the Mersey, Runcorn and Helsby is a more complicated political picture than the apparent Labour heartland that first presents itself.
Yes, there are industrial and manufacturing areas – an old town that’s fallen victim to out-of-town shopping, and an out-of-town shopping centre that’s fallen victim to Amazon.
But there are also more middle-class new town developments, as well as Tory-facing rural swathes.
Space Cafe director Marie Moss says a sense of community has faded
One thing this area does mirror with many across the country, though, is a fed-up electorate with little confidence that politics can work for them.
In the Space Cafe in Runcorn Old Town, its director Marie Moss says many in the region remember a time when a sense of community was more acute.
“People were very proud of their town… and that’s why people get upset and emotional as they remember that,” she says.
It’s this feeling of disenfranchisement and nostalgia-tinged yearning for the past that Reform UK is trading off in its targeting of traditional Labour voters here.
Party leader Nigel Farage features heavily on leaflets in these parts, alongside spikey messaging around migration, law and order, and Labour’s record in government so far.
Runcorn 2024 result
Taxi driver Mike Holland hears frequent worries about that record from those riding in the back of his cab.
A Labour voter for decades, he says locals were “made up” at last year’s election result but have been “astonished” since then, with benefit changes a common topic of concern.
“Getting a taxi is two things, it’s either a luxury or a necessity… the necessity people are the disabled people… and a lot of the old dears are so stressed and worried about their disability allowance and whether they are going to get it or not get it,” he says.
But will that mean straight switchers to Reform UK?
Taxi driver Mike Holland has voted for Labour for decades, but is now looking at the Lib Dems and Greens – or may not vote at all
Mike says he agrees with some of what the party is offering but thinks a lot of people are put off by Mr Farage.
He’s now looking at the Liberal Democrats and Greens, both of whom have put up local politicians as candidates.
Or, Mike says, he may just not vote at all.
It’s in places like Runcorn town that some of the political contradictions within Reform UK reveal themselves more clearly.
Many here say they were brought up being told to never vote Tory.
And yet, Reform, chasing their support, has chosen a former Conservative councillor as its candidate.
It’s no surprise Labour has been trialling attack lines in this campaign, painting Mr Farage’s party as “failed Tories”.
As a response to this, look no further than Reform’s recent nod to the left on industrialisation and public ownership.
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Read more:
Tough test for Labour after MP quits
MP jailed for late-night brawl
Local elections could re-shape politics
But head 15 minutes south from Runcorn docks, and this by-election campaign changes.
Rural areas like Frodsham and Helsby have, in the past, tended towards the Tories.
The Conservatives, of course, have a candidate in this vote, one who stood in a neighbouring constituency last year.
But Reform is now making a hard play for their supporters in these parts, with a softer message compared to the one being put out in urban areas – an attempt to reassure those anxious about too much political revolution coming to their privet-lined streets.
Labour, meanwhile, is actively trying to mobilise the anti-Farage vote by presenting their candidate – another local councillor – as the only person who can stop Reform.
Makeup artist Nadine Tan is concerned about division and anger in the community
The pitch here is aimed at voters like Frodsham makeup artist Nadine Tan, who are worried about division and anger in the community.
“I think they need to kind of come together and stop trying to divide everyone,” she says.
But like Mike the taxi driver five miles north, disillusionment could be the eventual winner as Nadine says, despite the “thousands of leaflets” through her door, she still thinks “they all say the same thing”.
One factor that doesn’t seem to be swinging too many votes, though, is the insalubrious circumstances in which the area’s former Labour MP left office.
Labour MP Mike Amesbury was convicted of punching a man in the street. Pic: Reuters
Mike Amesbury stepped down after being convicted of repeatedly punching a constituent in a late-night brawl outside a pub.
But across the patch, many praise their ex-MP’s local efforts, while also saying he was “very silly” to have acted in the way he did.
That may be putting it mildly.
But it’s hard to find much more agreement ahead of Thursday’s vote.
A constituency still hungry for change, but unsure as to who can deliver it.
Full list of candidates, Runcorn and Helsby by-election:
Catherine Anne Blaiklock – English Democrats
Dan Clarke – Liberal Party
Chris Copeman – Green Party
Paul Duffy – Liberal Democrats
Peter Ford – Workers Party
Howling Laud Hope – Monster Raving Loony Party
Sean Houlston – Conservatives
Jason Philip Hughes – Volt UK
Alan McKie – Independent
Graham Harry Moore – English Constitution Party
Paul Andrew Murphy – Social Democratic Party
Sarah Pochin – Reform UK
Karen Shore – Labour
John Stevens – Rejoin EU
Michael Williams – Independent
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