Britain needs to embrace crypto with its own Genius Act
While Reeves is contemplating cashing in her Bitcoin, the US is going in a very different direction. This month Congress established the GENIUS Act (Guiding and Establishing National Innovation for US Stable coins), which will regulate and encourage the use of 'stable coins' – cryptocurrencies backed by liquid assets such as dollars or short-dated Treasuries. The act will address many concerns about criminals' use of cryptocurrencies by incorporating strong consumer and anti-money laundering provisions. It will mandate the reporting of any suspicious activity involving cryptocurrencies, and ensure that they are backed by low-risk investments such as the dollar, or government bonds. There is an expectation, too, that President Trump will sign an executive order to allow the pension plans of millions of Americans to hold cryptocurrencies.
The US approach towards cryptocurrencies is both liberating and reassuring for consumers. The Genius Act is a recognition of the massively-expanding crypto market – worth $5.7 billion globally last year – and an effort rightfully to bring it inside the regulatory tent for the first time, rather than to leave it at the mercy of private operators. It introduces safeguards which might prevent a future scandal along the lines of the discredited scheme operated by the now-jailed Sam Bankman-Fried. It introduces supervision to ensure that those trading stable coins retain adequate liquidity, and introduces a proper framework for dealing the currencies.
Many people remain deeply suspicious about cryptocurrencies and will balk at the idea of governments having anything to do with them. Yet they are not going to go away. There is a generational divide in attitudes towards cryptocurrencies. While many older people continue to see them as a scam, many younger people have a similar attitude towards fiat currencies – paper money issued by governments and central banks which is not backed by gold or any other valuable commodity. It is time to recognise that fiat currencies are not the only ones that can be used in commercial transactions, and there is a good reason to explore alternatives. Blockchain, the technology behind cryptocurrencies, is increasing the speed at which transactions can take place. As for the argument that Bitcoin is not a proper currency because of the volatility in price, this needs to be absorbed as a warning to investors. It should not be used as a reason to prevent holding it, say, in a pension fund.
Many corporations, too, once had reservations about cryptocurrencies yet have since been converted. Those who decline to be involved face losing out. Look at analytics company MicroStrategy, whose shares have increased fourfold over the past year as it has become the largest corporate holder of Bitcoin.
The choice for our own government lies between taking action to incorporate cryptocurrencies into mainstream finance – or to watch as the US and others take the initiative. We need to be part of cryptocurrency regulation just as we were part of the post World War II Bretton Woods agreement, which established a regime for creating exchange rate stability, and which also established the International Monetary Fund (IMF) and the dollar peg. Stable coins, in fact, are becoming a new dollar peg. One of the consequences of the GENIUS Act, if it is not followed by a similar move here, will be to boost the value of the dollar.
In her Mansion House speech, Rachel Reeves rightfully blamed excessive regulation for stifling growth. Yet as well as restricting and encumbering, well-designed regulations can free up markets and encourage growth. Reeves should be looking into a UK equivalent of the GENIUS Act. But in the meantime she should signal her intentions towards cryptocurrencies by retaining the government's £5.4 billion of Bitcoin and have it managed by a City firm. If Reeves will not do this, it is very fertile ground for the Conservatives. Kemi Badenoch will be watching the GENIUS Act with great interest.
Fail to embrace cryptocurrency now, and Britain will once again have missed out on the chance to take a lead in an emerging industry. It is critical that the City of London should not lag behind major structural changes in the world or finance. Creating a proper platform in London for trading cryptocurrencies could be the beginning of the City's revival.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
ITV News
29 minutes ago
- ITV News
What do locals in Scotland think of Donald Trump?
Donald Trump is on a trip to Scotland, but what do people make of his visit? ITV News' Ben Chapman reports from Turnberry The US President Donald Trump is now halfway through his private visit to Scotland. He is here primarily to play golf and to open his newest course, but he is fitting in meetings with the prime minister, first minister and president of the European Commission. He is famously proud of his Scottish heritage, but what do people here make of this unusual presidential visit? Locals in Girvan, the closest town to Trump's luxury golf resort, had mixed views ahead of his arrival on Friday. One man said: 'There's enough trouble going on in the world at the moment without Donald Trump coming to Scotland to play golf. He's flying thousands of miles for a game of golf. I think his focus should be elsewhere. If anything good comes of it, then great, but I have my doubts.' While a woman said: 'I think it's great that he visits Scotland because his mother is from Scotland and he has invested a lot in Scotland. "He employs a lot of people in the region, and he looks after the places where he is running his business, which is great for this local economy.' "He's just such a controversial figure, and I just don't understand what he's up to. He's just causing chaos and confusion around the whole world," another man said. 'The US government won't be paying for it because it's a private trip, so I think the bill will land at the doorstep of the Scottish people. He should take some of his profits and pay for the expenses.' This mother and daughter had different views on whether Trump's visit was welcome or not. The mother said: 'I don't think it's worth it. Not for a private visit. There will be local disruption, and there is a cost implication as well. I mean, the Americans will obviously pick up some of the security, but there will also be an obligation on Police Scotland. I mean not just to police the visit but also the protests that are going to obviously result over the weekend.' Meanwhile, her daughter said Trump "brings a lot of good things to the community here". "I don't agree with everything that he does politics wise, but I think he's done a lot for the area, and I think, well, good luck to him," she added. On Friday night at Prestwick airport, more than 1,000 people camped out with deck chairs and picnic blankets to catch a glimpse of Air Force One touching down on Scottish soil. Many waited for hours to claim their spot. Surprisingly, there were no obvious protesters. Instead, the crowd was made up of dedicated plane spotters and locals who were excited to have the President of the United States and his plane land in their town. Some wore Make America Great Again caps and carried pro-Trump flags to welcome him. Samuel Ackroyd and James Swan were among those who waited more than eight hours to catch a glimpse of Air Force One. They told ITV News: 'I like Trump, but it's mainly about seeing Air Force One. 'This is a big bucket list item for aviation enthusiasts. Many of us want to see the Boeing 747-200. 'It's a great privilege to see the President of the United States land here.' A mother and her son, who came down from Fife, said: 'We've come down from Fife today to see President coming for the first time. We've never plane spotted in Ayr before but we wanted to be here today for this.' On Saturday morning, Trump was out on the golf course bright and early, but unlike his last visit as president, there were no protesters on the beach next to the Turnberry course. There was just the odd Trump supporter hanging around to try and see him in person. This couple travelled to Ayrshire from Liverpool to show their support. The man said: 'We support MAGA (Make America Great Again) and Trump and what he's doing. We've just made our way down to the golf course to try and catch a glimpse of him. Mainly because it might be the only chance we ever get to see him here. I know he's doing a state visit in London, but that will be all private escorts and everything, so we thought we'd try to see him while we can.' In the afternoon, planned anti-Trump protests took place in Aberdeen and Edinburgh, far from the president's eyes. Many there said they were frustrated and angry that he is being welcomed by our prime minister and first minister, and that he is coming on a private golfing trip that is costing taxpayers here. 'Trump's not welcome in Scotland. He has done too much damage globally. He's a global leader, but he doesn't like one or think like one. And we didn't vote for him here, yet he's here in Scotland today, and we're not happy about it. "He claims Scottish heritage, but he is not from Scotland. He doesn't share our values. We care about people. We care about diversity. Scotland has people in every single country in the world. He's just focusing on making America great. What does that even mean? It doesn't mean anything.' 'He wants to come and see his businesses, then let him pay for the security. Let him pay for the police. He's always bragging about how rich is, even though he didn't release his tax returns. So let him use some of all that money that he's had from all that winning and all those fantastic trade deals. 'He keeps telling everyone he's really wealthy and he's got all this money. Let him pay for it. I see, absolutely no reason why we should pay one penny for that orange walloper.' 'I am an American living here now, and he is just an embarrassment. I don't even want to go back to America right now. This is just a little part I can do because I'm not there. I can still vote, but I can't go to any protest there, so I just want to come out here and support everyone. I feel good that there are other people sharing my sentiment. 'He's like an evil genius. I don't know what it is, but he's Teflon Don. That's his nickname. These people are just kissing the ring because they feel they need to. "And I think once he is gone, whether it's a cheeseburger too many or whatever, I think it'll all go away because I don't think anybody has his level of depravity.' On Monday, Trump is set to meet the Prime Minister, Sir Keir Starmer. On Tuesday, he will open his new golf course in Aberdeenshire, which is named after his Scottish mother, Mary Anne MacLeod. He is due to leave Scotland on Tuesday afternoon.
The Independent
29 minutes ago
- The Independent
Number of Democratic voters who are ‘extremely motivated' to vote in next election skyrockets
Nearly three-quarters of Democratic voters say they are 'extremely motivated' to cast their ballots in the 2026 midterm elections, a dramatic uptick from four years ago, polling shows. Just six months after Republicans took control of the White House and Congress, 72 percent of Democrats and Democratic-aligned voters say they are 'extremely motivated' to vote in the next election, a CNN poll conducted by SSRS this month found. By contrast, only 50 percent of Republicans say the same. Democrats are now looking to enter midterm elections in 2026 under similar circumstances as 2018 in an attempt to break up the GOP's control of both chambers of Congress and the White House. During the 2018 elections, voters dealt a massive blow to President Donald Trump's first-term agenda, with House Democrats gaining 23 seats to take control of the House. In October 2022, two years into President Joe Biden's term when Democrats narrowly controlled the trifecta, just 44 percent of Democratic voters expressed the same motivation to vote in the midterm. That figure was just slightly higher for Republicans, with 48 percent saying they were eager to vote. In that election, Republicans clinched the House of Representatives while Democrats retained control of the Senate. Still, the poll shows Democrats could have some work cut out for them. Just 28 percent of respondents said they view the Democratic Party favorably. Meanwhile, 33 percent expressed a favorable view of the Republican Party. 'I think that the Democratic Party, we have a lot of work to do to make sure we are meeting voters where they are, listening to what they have to say, and talking to them about issues that they want us to take action on,' Virginia Democratic Congresswoman Jennifer McClellan told CNN in response to the poll. "What's going to matter is what we're doing on the ground in these districts.' Recovering from Kamala Harris' defeat to Trump in 2024, Democrats are looking to harness an electorate that they lost in the last election. A separate poll by Lake Research Partners and Way to Win analyzed 'Biden skippers,' those living in battleground states who voted for Biden in 2020 but sat out of the 2024 presidential election. The survey poked holes in the idea that Harris was 'too far left.' Progressive lawmaker Vermont Independent Senator Bernie Sanders and New York Democratic Rep. Alexandria Ocasio-Cortez topped the list of public figures respondents viewed positively, with 78 percent having a favorable view of Sanders and 67 percent having a favorable view of Ocasio-Cortez. Republicans are also making moves ahead of the 2026 midterms. The White House is already strategizing to ensure the GOP retains the trifecta. The plan reportedly includes Trump returning to the campaign trail as well as him having a hand in advising which candidates run and which 'stay put' in the upcoming election, sources told Politico.
The Sun
an hour ago
- The Sun
I'm a top UK cop-turned UFO hunter – here's why Donald Trump is running out of time to ‘come clean' about alien secrets
DONALD Trump should come clean on UFOs before a "catastrophic event", a former British detective has warned. Gary Heseltine believes the US president should disclose the truth before a sighting causes mass panic. 8 8 8 Gary, who probed the 7/7 London bombings for the British Transport Police, is now a leading UFO detective, giving lectures around the world. The 65-year-old, who took early retirement in 2013 to launch his own UFO magazine after 24 years in the force, says it's only a matter of time before an incident would go viral over the internet sparking alarm. And he believes the pressure is growing to reveal the truth after several whistleblowers have come forward to give evidence before the US Congress and a new documentary featuring 34 high level military and government officials - including Senator Marco Rubio - has been released. He said: "With the arrival of President Trump for a second term in the White House many people wondered if he would become the 'Disclosure' President. "This was after many others who would go on to become senior officials in the administration had openly and publicly stated their views on the need for transparency on the UAP issue prior to taking office. "People like Secretary of State, Marco Rubio, Tulsi Gabbard, the Director of National Intelligence, Kash Patel, the Director of the FBI and John Ratcliffe, the Director of the CIA. "These people have openly advocated UAP transparency but in the first four months of the administration they have said nothing on the issue publicly. Why not?" With wars waging in Ukraine and the Middle East, Gary believes now would be the right time to admit we are being visited by non human intelligence (NHI) to unite the planet. He adds: "While the new President has walked into several major world issues like the Ukraine/Russia conflict and tensions in the Middle-East with the war with Israel/Palestine and further activity in Yemen, Iran, Syria and Lebanon etc., some might argue that it might be an appropriate time to announce Disclosure. "Such a revelation might galvanise nations away from the polarisation we see currently. Area 51 at risk as huge fire creeps closer to base with black smoke filling air sparking wild UFO conspiracy theories "This may sound fanciful but no-one doubts that as and when Disclosure occurs, that it will be the most profound moment in human history. "UAP are the Elephant in the room, no-one is talking about Non Human Intelligence because there hasn't been a Disclosure announcement, yet, we know from fast developing events in the U.S. that it is seemingly just around the corner. "Whether it is this year or next, the reality is that such an announcement is likely to occur soon and when it does and the reality of NHI sinks in, nothing in politics, the military and life in general will ever quite be the same. "We know that the Five Eyes countries (U.S., U.K., Canada, Australia and New Zealand) have been briefed on UAP activity in May 2023 and perhaps several more countries have been too, but the question is to what level are our military and political leaders informed. While the new President has walked into several major world issues like the Ukraine/Russia conflict and tensions in the Middle-East with the war with Israel/Palestine and further activity in Yemen, Iran, Syria and Lebanon etc., some might argue that it might be an appropriate time to announce Disclosure. Such a revelation might galvanise nations away from the polarisation we see currently. Gary HeseltineEx-cop and UFO expert "It remains a big question, just how much do our political leaders know about the reality of UAP? "I fear that they are vastly under informed and under prepared for an NHI Disclosure world." Gary, of Wakefield, West Yorkshire, who edits UFO Truth Magazine, is hopeful about a new documentary called Age Of Disclosure - featuring dozens of top officials including US Secretary of State Marco Rubio - could bring about "a new dawn in mankind's history." The retired cop said: "After giving it much thought I think 2025 could be a crucial year for the Disclosure issue. By Sayan Bose DONALD Trump vowed last year to reveal exclusive UFO footage if he was elected back to the White House. The Republican presidential candidate said he would push the Pentagon to declassify the alleged UFO sighting videos in a sensational interview. Trump, who went on to trounce Democratic rival Kamla Harris in the presidential elections in November 2024, is known to have a decade-long fascination with aliens and unexplainable sightings. He told popular American podcaster Lex Fridman that he would "surely" make secret footage of alleged UFO sightings public. During the chat, Fridman asked Trump: "Will you help push the Pentagon to release more footage, which a lot of people claim is available?" To which Trump readily agreed and said: "Oh yeah, sure, I'll do that. I would do that. I'd love to do that. I have to do that." The Republican leader also claimed he had faced pressure to declassify previous records of alien encounters as he admitted "there could be life on other planets". He added: "People begged me not to do it but I'll be doing that very early on." "Clearly the Trump administration is not going anywhere near the NHI topic at the moment, so when will the issue be broached? It's a good question. "The Federal Secrets Task Force under the stewardship of Congresswoman Anna Paulina Luna was given only a six-month mandate to look at the likes of the JFK, RFK assassinations etc, but it was also supposed to look at UFO/UAP/USOs yet, the latter dates to discuss that have been put back until no-one knows. "If things don't develop soon on that front, then the six months mandate may soon expire. What then? "Approximately two months ago a major new UAP documentary film, 'The Age of Disclosure' premiered at a mid-west film festival and it received very favourable reviews in the mainstream media yet, the roll-out of the film nationwide/worldwide did not follow and has been put on hold. "Why? My guess it is all about timing. "I suspect the volatile situations in Europe and the Middle-East have put paid to addressing the UAP issue for the time being. "I think it will be interesting to see when the film is released, and indeed how it is rolled out. "Some people think it may get a national cinema run which would be very interesting if that occurs. "I believe the documentary may hold the key to a 'Disclosure' moment as it is meant to usher in a new dawn in mankind's history. "Senator Marco Rubio, the Secretary of State for the United States is featured in the film and he is seen as third only to the President and the Vice President in terms of his place in the administration. 8 8 8 "His appearance in the film is bound to be a major talking point for the media. "Whilst I have not seen the film the excellent trailer states that 34 key people appear in it, including several current politicians. "In the film trailer, Jay Stratton, the former head of the UAP Task Force states openly that he has seen NHI craft and Non-Human bodies. That in itself is highly noteworthy. He's never said anything like that publicly before. "In recent months two eminent scientists involved in UAP research for decades have finally revealed things in public for the very first time. "Hal Puthoff, arguably the most important scientist ever to work on the UAP issue, said recently on the Joe Rogan podcast, that the U.S. has 10 NHI craft in its possession. "And only in just the last few weeks, Eric Davis, a scientist who has worked with Puthoff for many years said at a UAP Disclosure Fund event in Congress, that there are four different types of NHI, the Greys, Reptilians, Mantids and Nordics! "What has long been suspected has now been confirmed by one of the world's leading scientists on the UAP issue. His public statement is something of a wow moment for me." 'PHOENIX LIGHTS' Back in March 1997, thousands of people, including Hollywood actor Kurt Russell and a former US governor, witnessed the so-called Phoenix Lights. Some people managed to film the lights using camcorders as camera phones were not available. But smartphones are everywhere now and Gary believes another major event could not be easily hushed up or dismissed by the powers that be like they did before. He said: "I think we are truly at a crossroads on the Disclosure issue. "There is a real chance this year that things will come together and the film 'Age of Disclosure' will be used to support an announcement by President Trump of the reality of NHI. "However, if that does not happen this year then the moment we have all hoped for so long may have been lost for who knows how long and the prospect of 'Catastrophic Disclosure', a term coined by Colonel Karl Nell, may be the only way that the NHI story finally breaks into the mainstream world. What were the Phoenix Lights? The Phoenix Lights were a series of widely sighted unidentified flying objects (UFOs) observed over Arizona and Nevada on March 13, 1997. Thousands of people reported seeing a V-shaped formation of lights moving silently across the sky, and stationary lights in the Phoenix area. While some believe it was a UFO sighting, the official explanation is that they were flares dropped during military exercises. The lights were observed between 7.30 pm and 10.30pm MST, spanning a distance of about 300 miles, from the Nevada border through Phoenix to Tucson. The Air Force stated the lights were flares dropped during military exercises at the Barry M. Goldwater Range near Phoenix. Despite the official explanation, many people believe the lights were a genuine UFO sighting, and the incident has become a significant event in UFO lore. The Phoenix Lights remain a subject of debate and fascination, with many still questioning the official explanation. "Yet 'Catastrophic Disclosure' should be a last resort measure because of the uncertainty such an event may cause. "For decades the forces that have controlled the UAP narrative have risked such an event but were half prepared to combat such a scenario, the risk for panic and alarm is now much higher because of the internet, new technology and the use of social media. "Think about it, everyone carries a smartphone with high quality video cameras and applications that offer immediate 'live streaming'. "I've been saying it for several years that if the 1997 Phoenix Lights event took place now that it would likely cause a 'Catastrophic Disclosure' moment. "Back then the authorities were able to cast doubt on grainy poor quality videos of lights in the sky above the city and they just about managed to 'control' of the media and officials but it was a close shave. "But here is the kicker, I believe that if that same event happened today and was seen by over 50,000 people, and was captured in 4k, 8k video and 'live streamed' within minutes of it occurring the authorities would not have time to contain it. "Such an event would likely go viral across the world on social media in minutes …. and the cat would be out of the bag. "A mile wide craft of unknown origin captured in stark reality over the city of Phoenix and with it 'Catastrophic Disclosure' on an unprepared world. "So this is a choice for our political leaders. I would urge President Trump to inform the world about the reality of NHI soon or risk causing major public panic with a 'Catastrophic Disclosure' event. "The clock is ticking like never before." 8 8
