Cryptoassets: Regulation

Debate between Martin Docherty-Hughes and Alexander Stafford

Wednesday 7th September 2022 Westminster Hall

[Alexander Stafford]

I thank the hon. Member for her intervention and for all the hard work she is doing on this subject. She is right: we need to get these business regulated more quickly. We cannot rest on our laurels; we need to get things going, although that applies to all business, whether crypto or not. The UK needs to encourage more businesses to establish themselves more quickly, and we should have the regulations in place to make the UK accessible.

This new Government must look at increasing the level of public education around cryptocurrencies. The most common crypto-related Google search query is, “What is cryptocurrency?” That is nearly five times more common than any other. The public—from the schoolyard to the retirement home—need to be educated about the risks and rewards of this new financial asset. As with all new technology or financial tools, there clearly are risks. According to Action Fraud, nearly £150 million was scammed and stolen through crypto-related fraud last year. Educating people is the only way to ensure sensible decisions.

That being said, there are significant rewards to be gained from crypto, including instant free transactions, which will help businesses deal internationally. Meanwhile Britons will be able to transact in new ways that were previously impossible: they will be able to pay their energy bills per unit used, have their hourly wages paid on the hour or have increased privacy when paying for goods and services. Britons must be shown that the benefits are there if they approach crypto sensibly, but they must also know the risks.

That being said, given that crypto ownership is already on the rise, we cannot rely on education alone. The estimates of how many Britons own some form of cryptoassets range from 5% up to 20%, with that number clearly increasing year on year. As well as educating the public, we must rethink the regulator’s approach to cryptocurrencies. As I mentioned, there are serious risks involved in investing in crypto, even with the so-called stablecoins, as we saw with the rapid decline of Terra earlier this year. However, the current system serves only to suppress British businesses, without offering enough protection to customers and consumers.

[Martin Docherty-Hughes]

Does the hon. Gentleman not accept, as I said, that fraud is fraud, and that if fraud is being done, it needs to be dealt with by the appropriate authorities? It is up to the Government to make sure they actually clamp down through existing legislation.

Conduct of the Right Hon. Member for Uxbridge and South Ruislip

Debate between Martin Docherty-Hughes and Alexander Stafford

Tuesday 30th November 2021 Commons Chamber

[Alexander Stafford (Rother Valley) (Con)]

I rise today on behalf of the people of Rother Valley to put on the record our strong and unwavering support for the Prime Minister and the transformative work he is doing for our communities and areas like ours across the north and the midlands. There is no doubt that this Prime Minister gets things done. I have been very disappointed by the tone of the debate. SNP Members, in typical SNP fashion, snipe from the sidelines—they are literally doing it now—and make wholly unsubstantiated claims for purely political gain. This Prime Minister, however, focuses on the job at hand of levelling up for everyone. It is clear that he is radically improving public life. To prove that, my constituents would point to a panoply of evidence.

First, and very importantly for those on the Conservative Benches and the people of the country, this is the Prime Minister who got Brexit done where others failed. He achieved Brexit when we were told that we could not leave and there was no deal that we could make. Despite that, he overcame the gridlock and delivered on what the people wanted, Brexit, which was no easy feat. He secured a deal that everyone else said was impossible and negotiated an unprecedented free trade agreement with the European Union, which no other country in the world enjoys. Crucially, he achieved a full and complete Brexit: not some Brexit in name only which was advocated by many of the liberal elite, but a full and proper Brexit.

[Martin Docherty-Hughes]

Will the hon. Gentleman give way?

[Alexander Stafford]

On Brexit, of course. I love Brexit.

[Martin Docherty-Hughes]

Given that Northern Ireland now has access to the single market as part of the island of Ireland and voted to remain within the European Union, why has Scotland not been offered the same opportunity?

[Alexander Stafford]

I am a bit unsure about the hon. Gentleman’s point, because the United Kingdom as a whole voted for Brexit, including a large number of people in Scotland, lest we forget—an awful lot of people. I think we should all obey the will of the people. As we have already established, when we talk about standards, SNP Members do not like listening to the will of the people, whether on Brexit or independence. They are having their cake and eating it.

Another aspect that my constituents—even SNP constituents—care passionately about is the roll-out of the fastest vaccine programme in the world under this Prime Minister. By taking the brave choices and backing myriad horses, almost nine in 10 people aged 12 and over have now received a first dose of the vaccine. Undoubtedly, the Prime Minister’s actions have led to the saving of thousands upon thousands of lives.

The Prime Minister has placed great emphasis on inventing and manufacturing vaccines here in Britain. We must recognise the Prime Minister’s foresight in placing bets on multiple vaccine options, in over-ordering doses, in ensuring the provision of boosters and in backing our British scientists and companies. Not only that, but we have provided vaccines to the rest of the world, leading the way at the G20 on vaccine donation, committing 100 million doses, including the entire Janssen UK supply and half of the UK Oxford-AstraZeneca vaccines for countries in need.

Turning to Rother Valley, this Prime Minister has the backing of Rother Valley and is delivering for it. There is his support for the green industries of the future, with visible Government support for ITM Power and Government measures to protect Sheffield and Rotherham steel.

We have heard about the levelling-up fund, from which Rother Valley was pleased to get £11 million. Contrary to what SNP Members claim about the funding going to well-off areas, £4.5 million of that went to a town that they may only have heard of called Maltby. It is one of the most deprived parts of the country—in fact, it is in the lowest 5% for poverty in the entire country. I therefore believe that people there should get that funding. It is right.

The Prime Minister has listened to the people of Rother Valley and scrapped the HS2 2b arm, which is great. The area has received much coronavirus support throughout, including from bounce back loans and the like. On top of that, the Government are delivering the biggest increase in police numbers in 10 years. Government funding and the police precept will mean that, by 2022, police numbers in South Yorkshire will rise by 228—[Interruption.] Despite what SNP Members may be chuntering—there are not many of them, admittedly—by 2023, there will be more police than there were in 2010, so we are overdelivering.

Let us look at the evidence for why the people back the Prime Minister. I point to the local election results in Rotherham this year: the last time we had election results, we got a grand total of zero Conservative councillors, but this time in May, we had 20. That is the biggest increase of any council in the country and the most Conservative councillors that have ever represented Rotherham. In Rotherham, that bastion of socialism since time immemorial, Labour came within 94 votes of losing their majority. If that is not a backing for this Prime Minister, his way of doing things and getting things done, and his action, I do not know what is. Surely the test of all politicians is election results and, in May this year, the electorate gave its resounding support to the Prime Minister.

I believe that this House offers its full backing to the Prime Minister, and that Rother Valley and those areas that need levelling up support him to get things done.