They came in their droves: thousands of Reform supporters poured into a vast hall in a Birmingham conference centre on Sunday to hear Nigel Farage.
His backers brought with them Union Jacks, and brandished Reform placards. There were even one or two red baseball caps emblazoned with the slogan “Make Britain Great Again”, which seemed fitting for an event that felt quite Trumpian in style and tone.
Mr Farage came onto the stage to pounding music, smoke machines, fireworks, and a sea of “it’s time for Reform” placards to a 5,000-strong crowd with a speech that spoke about how Britain was broken and it was time for Reform.
He said his party would be the “leading voice of opposition” as he attacked ‘the establishment’ in all its guises, from the Conservative Party to Labour, the BBC, and Channel 4 to the Governor of the Bank of England.
While detractors describe Mr Farage’s platform as a type of dog-whistle politics that does little but to stoke grievances and division, there is an audience for him and his policies that politicians in larger parties should ignore at their peril.
When I spoke to many people in the hall afterwards, they were overwhelmingly former Conservative voters disillusioned with their old party.
One woman, who had travelled over from Hull for the rally told me she thought there were a lot of “silent people who may be frightened to say they are voting Reform”.
“I think it’s going to be shock,” she said.
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Image: The crowd in Birmingham. Pic: Reuters
2024 is the election for ‘the other parties’
The rise of the ‘other’ parties is a clear theme of this election campaign as the Liberal Democrats, who won just 11 seats back in 2019, now eye getting back to the levels of seats they enjoyed – in the 1940s or 1950s – before it was wiped out in 2015 on the back of the coalition years.
Nigel Farage’s Reform, meanwhile, is on 16.2% in our Sky News poll tracker, just behind the Tories on 20%.
Mr Farage likes to make the argument that Labour could be heading to a landslide on a lower voter share.
Recent analysis in the Financial Times suggested Labour could win a record 450 seats – about 70% – on just 41% of the votes, lower than the figure Jeremy Corbyn’s Labour achieved in 2017, while the Lib Dems could pick up 50 seats with a lower share of the vote than Reform with just a few seats at best. If it turns out anything like this, prepare for plenty of noise from Mr Farage.
Whether undecided voters or those leaning to Reform stick with them on Thursday is a big unknown of this election. Tories are nervous, knowing that big Reform votes piling up in their constituencies could cost them their seat.
In 2019, the majority of Conservatives did not have a threat from the right, as the Brexit Party stood down candidates with a Brexit-backing Conservative candidate. They stood but 275 or 632 seats.
This time around, Reform is everywhere and no one feels safe: one poll put James Cleverly’s Braintree constituency, supposedly the 19th safest Conservative seat, on a knife edge as Reform clocks up an estimated 22% vote share in his Essex constituency.
Image: Pic: Reuters
Tories in all-out war
The Conservatives, who began this campaign trying not to get into a fight with Mr Farage (perhaps for fear of further alienating their traditional voters) are now at all-out war as they try to salvage as many seats as they can.
On Sunday the party said if “just 130,000 voters currently considering a vote for Reform or the Lib Dems voted Conservative, it would be enough to stop Labour’s supermajority”.
The prime minister, meanwhile, has become increasingly vocal in his criticisms of Reform and Mr Farage as the party looks for a way to pull voters back.
Mr Sunak has been vocal in his criticism of Mr Farage as a “Putin appeaser” after the Reform leader suggested Ukraine enter peace talks – something which Ukraine has emphatically ruled out unless Russia retreats from its territory.
The prime minister also spoke of his “anger and hurt” over revelations – contested by Reform – in a Channel 4 undercover report of a Reform canvasser calling Mr Sunak a “f****** P***”.
This, combined with a Reform organiser making homophobic remarks and candidates being suspended for racist, antisemitic and sexist views has caused difficulties for Mr Farage in recent days.
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Sunak ‘hurt’ over Reform race row
Tensions around Farage starting to show
In our interview in Birmingham on Sunday, some of those tensions were beginning to show.
For a start, the politician who had appeared with right-wing Tories such as potential future leader Dame Priti Patel at the Conservative Party conference last October, and openly toyed about returning to the fold, now ruled out any sort of tie-up.
Having spoken but a month ago about a reverse takeover of the Tories and refusing to rule out one day rejoining the party, on Sunday he was clear he would not rejoin, and wanted nothing to do with the Conservatives.
Image: Pic: Reuters
It comes after a clutch of senior figures, including Dame Priti, indicated that Mr Farage would now not be welcomed back into the party in the wake of the backlash over his claim the West provoked Russia to invade Ukraine and the racism row engulfing Reform.
He equally was more equivocal than he had been about Andrew Tate in the past, making it clear to me that he “disavowed’ him, and was also highly critical of Reform events organiser George James who made homophobic remarks, saying he was “furious” when he saw the footage (also in the Channel 4 report) of Mr James describing the Pride flag as “degenerate” and criticising the police for displaying the flag.
“They should be out catching the n***** not promoting the f******”,” he said in the report.
Mr Farage said Mr James was “crass, drunken, rude and wrong” and told me he had been asked to remove his membership. But he also said he was “down a few drinks” explaining: “We could all say silly things when we’re a bit drunk.”
When I asked him if people really say things like this when they are drunk, Mr Farage said: “People say all sorts of things when they’re drunk and often don’t remember. But it was awful.”
So awful that one Reform candidate announced on Sunday evening they were standing down and would instead back their local Conservative in the constituency of Erewash.
The question for Reform is whether their potential voters, looking at some of the controversy surrounding the party, decide it’s not for them after all.
What is absolutely clear is Reform’s performance will help determine that of the Conservatives on Thursday night as the election results come in.
If he’s successful, Mr Farage will be heading for parliament, not only giving him a bigger national platform but a democratic mandate. That spells trouble for a Conservative party already in turmoil.
Panama’s capital city will accept cryptocurrency payments for taxes and municipal fees, including bus tickets and permits, Panama City mayor Mayer Mizrachi announced on April 15, joining a growing list of jurisdictions globally that have voted to accept such payments.
Panama City will begin accepting Bitcoin (BTC), Ether (ETH), Circle’s USDC (USDC), and Tether’s USDt (USDT) stablecoin for payment once the crypto-to-fiat payment rails are established, Mizrachi posted on the X platform.
Mizrachi said previous administrations attempted to push through similar legislation but failed to overcome stipulations requiring the local government to accept funds denominated in US dollars.
In a translated statement, the Panama City mayor said that the local government partnered with a bank that will immediately convert any digital assets received into US dollars, allowing the municipality to accept crypto without introducing new legislation.
Panama City joins a growing list of global jurisdictions on the municipal and state level accepting cryptocurrency payments for taxes, exploring Bitcoin strategic reserves to protect public treasuries from inflation and passing pro-crypto policies to attract investment.
Several municipalities and territories around the globe already accept crypto for tax payments or are exploring various implementations of blockchain technology for government spending.
The US state of Colorado started accepting crypto payments for taxes in September 2022. Much like Panama City said it will do, Colorado immediately converts the crypto to fiat.
In December 2023, the city of Lugano, Switzerland, announced taxes and city fees could be paid in Bitcoin, which was one of the developments that earned it the reputation of being a globally recognized Bitcoin city.
The city council of Vancouver, Canada, passed a motion to become “Bitcoin-friendly city” in December 2024. As part of that motion, the Vancouver local government will explore integrating BTC into the financial system, including tax payments.
North Carolina lawmaker Neal Jackson introduced legislation titled “The North Carolina Digital Asset Freedom Act” on April 10. If passed, the bill will recognize cryptocurrencies as an official form of payment that can be used to pay taxes.
As digital assets gain mainstream adoption, establishing a legal framework for stablecoins is a “good idea,” said US Federal Reserve Chair Jerome Powell.
In an April 16 panel at the Economic Club of Chicago, Powell commented on the evolution of the cryptocurrency industry, which has delivered a consumer use case that “could have wide appeal” following a difficult “wave of failures and frauds,” he said.
Powell delivers remarks at the Economic Club of Chicago. Source: Bloomberg Television
During crypto’s difficult years, which culminated in 2022 and 2023 with several high-profile business failures, the Fed “worked with Congress to try to get a […] legal framework for stablecoins, which would have been a nice place to start,” said Powell. “We were not successful.”
“I think that the climate is changing and you’re moving into more mainstreaming of that whole sector, so Congress is again looking […] at a legal framework for stablecoins,” he said.
“Depending on what’s in it, that’s a good idea. We need that. There isn’t one now,” said Powell.
This isn’t the first time Powell acknowledged the need for stablecoin legislation. In June 2023, the Fed boss told the House Financial Services Committee that stablecoins were “a form of money” that requires “robust” federal oversight.
Washington’s formal embrace of cryptocurrency began earlier this year when Trump established the President’s Council of Advisers on Digital Assets, with Bo Hines as the executive director.
Hines told a digital asset summit in New York last month that a comprehensive stablecoin bill was a top priority for the current administration. After the Senate Banking Committee passed the GENIUS Act, a final stablecoin bill could arrive at the president’s desk “in the next two months,” said Hines.
Bo Hines (right) speaks of “imminent” stablecoin legislation at the Digital Asset Summit on March 18. Source: Cointelegraph
Stablecoins pegged to the US dollar are by far the most popular tokens used for remittances and cryptocurrency trading.
The combined value of all stablecoins is currently $227 billion, according to RWA.xyz. The dollar-pegged USDC (USDC) and USDt (USDT) account for more than 88% of the total market.
An appellate court has granted a joint request from Ripple Labs and the Securities and Exchange Commission (SEC) to pause an appeal in a 2020 SEC case against Ripple amid settlement negotiations.
In an April 16 filing in the US Court of Appeals for the Second Circuit, the court approved a joint SEC-Ripple motion to hold the appeal in abeyance — temporarily pausing the case — for 60 days. As part of the order, the SEC is expected to file a status report by June 15.
April 16 order approving a motion to hold an appeal in abeyance. Source: PACER
The SEC’s case against Ripple and its executives, filed in December 2020, was expected to begin winding down after Ripple CEO Brad Garlinghouse announced on March 19 that the commission would be dropping its appeal against the blockchain firm. A federal court found Ripple liable for $125 million in an August ruling, resulting in both the SEC and blockchain firm filing an appeal and cross-appeal, respectively.
However, once US President Donald Trump took office and leadership of the SEC moved from former chair Gary Gensler to acting chair Mark Uyeda, the commission began dropping multiple enforcement cases against crypto firms in a seeming political shift. Ripple pledged $5 million in XRP to Trump’s inauguration fund, and Garlinghouse and chief legal officer Stuart Alderoty attended events supporting the US president.
Despite support for the end of the case coming from both Ripple and the SEC, the August 2024 judgment and appellate cases leave some legal entanglements. Alderoty said in March that Ripple would drop its cross-appeal with the SEC and receive a roughly $75 million refund from the lower court judgment. It’s unclear what else may result from negotiations over a settlement in appellate court.
New leadership at SEC incoming
Acting chair Uyeda is expected to step down following the US Senate confirming Paul Atkins as SEC chair on April 9.
During his confirmation hearings, lawmakers questioned Atkins about his ties to crypto, which could create conflicts of interest in his role regulating the industry. In financial disclosures, Atkins stated he had millions of dollars in assets through stakes in crypto firms, including Securitize, Pontoro and Patomak.