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After a bruising week for the government, with backbenchers unhappy about sleaze and watered-down rail plans, the prime minister’s authority will be tested again this week.

The Health and Social Care Bill is back in the Commons and the fine-print on the social care cap has come under criticism.

Under the new plans, from 2023 personal care costs in England – for things such as washing, eating, and dressing – will be capped at £86,000.

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UK ‘facing tsunami of unmet care needs’

Once that amount is reached, care is paid for by local authorities.

But this week the government confirmed that means-tested support payments from councils will not count towards that cap, which means poorer pensioners could have to pay more before the government steps in.

Critics blame the government of favouring wealthy pensioners and the Treasury of cost cutting, arguing the cap impacts people with less valuable assets and will disproportionately affect those living in the north of England.

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Labour leader Sir Keir Starmer on Labour’s social care plans

The government says the new system will be fairer and more generous, but one Tory MP described the mood on the backbenches as “angry and rebellious”.

More on Boris Johnson

There is no expectation of a government defeat, but there is unease and concern among backbenchers, including senior Tories, and some are poised for rebellion.

The government knows that politically, for a prime minister who pledged to fix social care, what happens next could be seized on by Labour as another broken promise.

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CFTC greenlights spot crypto trading on US exchanges

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CFTC greenlights spot crypto trading on US exchanges

The US Commodity Futures Trading Commission has given approval for spot cryptocurrency products to trade on federally regulated futures exchanges.

In a Thursday notice, Acting CFTC Chair Caroline Pham said the move was in response to policy directives from US President Donald Trump. She added that the approval followed recommendations by the President’s Working Group on Digital Asset Markets, engagement with the US Securities and Exchange Commission and consultations from the CFTC’s “Crypto Sprint” initiative.

“[F]or the first time ever, spot crypto can trade on CFTC-registered exchanges that have been the gold standard for nearly a hundred years, with the customer protections and market integrity that Americans deserve,” said Pham.

Investments, SEC, Cryptocurrency Exchange, Trading
Source: Acting CFTC Chair Caroline Pham

Pham, who became acting CFTC chair in January amid Trump’s taking office, is expected to step down once the US Senate confirms a replacement. The nomination of Michael Selig, an SEC official whom Trump nominated to chair the CFTC, is expected to head to the Senate floor for a vote soon after moving out of committee. 

Related: Acting CFTC chair seeks CEOs for ‘innovation council,’ citing crypto policy

One of the derivatives exchanges poised to be among the first to begin enacting trading is Bitnomial, which scheduled its launch for next week. The exchange is authorized to operate under the CFTC as a Designated Contract Market, which Coinbase also obtained in 2020.

Awaiting market structure, new leadership at CFTC

In addition to Selig’s nomination under consideration in the Senate, the CFTC has four empty commissioner seats on its leadership. As of Thursday, Trump had not announced any potential replacements for the regulator.

Also expected soon is for US senators to advance a digital asset market structure bill, legislation expected to lay out clear regulatory roles for the CFTC and SEC over cryptocurrencies. Discussion drafts of possible frameworks would give the CFTC more authority to regulate digital assets.