Labour could ‘go under’ with Starmer at the helm, says outgoing Unite boss
Firebrand union leader Len McCluskey has fired a vicious parting shot against Sir Keir Starmer, claiming Labour’s ship could “go under” with him at the helm.
In hard-hitting memoirs to mark his retirement, the Unite general secretary known as “Red Len” suggests Sir Keir will fail to win back the “Red Wall” seats Labour lost to the Tories in 2019.
Mr McCluskey, still Jeremy Corbyn‘s chief union cheerleader, accuses the Labour leader of struggling to inspire the public, “vapid New Labour cliches”, and an “anti-democratic crackdown on the left”.
Len McCluskey is standing down as leader of the Unite union
In the book, titled Always Red, he settles old scores with enemies in the Labour movement including Tom Watson and Gerard Coyne – the rival he narrowly defeated in an election in 2017 who is now a candidate for general secretary once again.
And Mr McCluskey also confirms one of Westminster’s worst kept secrets: that he is in a relationship with Mr Corbyn’s chief of staff Karie Murphy, who is singled out for praise several times in the book.
Writing about rumours about their “personal connection” when she went to work for Mr Corbyn, he admits to “a game of cat of mouse” with the press. “We wanted our relationship to be kept private, away from the public gaze,” he reveals.
But in the very last sentence in the book, he writes: “Finally, thank you to Karie for persuading me to write this book and giving me the love and support to see it through.”
In a highly unusual move, several pages of what the publishers call “sensitive material”, including a showdown with Sir Keir about Mr Corbyn’s suspension from Labour, have been redacted until publication next month.
An uncompromising and highly critical chapter about the Labour leader, in which Mr McCluskey questions whether he is a “babe in the woods” or “altogether more calculating”, includes no fewer than 25 blacked out paragraphs.
Mr McCluskey was a staunch ally of Jeremy Corbyn during his tenure as Labour leader
The first redaction is about a phone conversation when Sir Keir told the Unite leader he had suspended Mr Corbyn over antisemitism, followed by more than two pages about a meeting with the leader and his deputy Angela Rayner.
Mr McCluskey writes: “Angela began by requesting our discussion be confidential. Given what happened subsequently, I no longer feel bound by that.”
Then comes the two-page redaction. And he adds defiantly: “I am so confident of the account I have given here that I have submitted it for use in legal proceedings and will stand by it in court.”
In a withering verdict on Sir Keir after Mr Corbyn’s suspension, Mr McCluskey writes: “I still hoped and believed that Keir Starmer could be Prime Minister.
“But I was fearful that if he continued on the course set in his first year of leadership he would not win back the red wall seats.
“If a general election was called early, which seemed possible, Starmer would have little time to rectify his mistakes.
“He still had the opportunity to change course, unite his party around a radical platform and make the promised ‘moral case for socialism’.
“But he needed to realise that if the ship he was captaining listed too far to the right, it would go under.”
On his feud with Mr Watson, Mr McCluskey talks about “the death of a friendship” when the then Labour deputy leader pulled out of peace talks with the unions during a coup against Mr Corbyn in 2018.
The first redaction is about a phone conversation when Sir Keir Starmer told the Unite leader he had suspended Jeremy Corbyn over antisemitism
He adds: “I haven’t spoken to Tom since, save for a few barbed texts two years later when his attempt to unseat me as Unite’s general secretary failed.”
Accusing Mr Watson of “a view to doing Corbyn in” and being “duplicitous”, Mr McCluskey speculates that his motives may have been to become interim leader and maybe stay on without a contest.
“Whatever the truth, it was a squalid, ignoble way to end a valued friendship.”
On Mr Coyne, Mr McCluskey says; “There is no doubt that the 2017 Unite general secretary election was a proxy war. If they could take me down, they could take Jeremy down.
“Were it not for the group of right-wing MPs and officials sometimes dubbed the ‘West Midlands mafia’ – the likes of John Spellar, Jess Phillips and Tom Watson – I’m sure Coyne would have remained a man of no consequence.”
Accusing Mr Coyne of “pumping out lies” and a negative campaign, he writes: “It was vicious. It was horrible. It consisted almost entirely of personal attacks and smears against me.”
He also accuses his rival of being “not a good loser” and a “Trump-like crusade to overturn the election result”. But he also accuses Mr Watson of being involved in “this grubby attempt to dislodge me using underhand means”.
Mr Coyne is currently standing in the election to succeed Mr McCluskey against Steve Turner and Sharon Graham, with the result due in late August.
The Mantra blockchain network has launched a $108,888,888 ecosystem fund aimed at accelerating the growth of startups focused on real-world asset (RWA) tokenization and decentralized finance (DeFi), amid rising demand for stable, asset-backed digital products.
Mantra, a layer-1 (L1) blockchain built for tokenized RWAs, launched the Mantra Ecosystem Fund (MEF) to accelerate the growth and adoption of projects and startups building on its network, according to an April 7 announcement shared with Cointelegraph.
Mantra said it will deploy the capital over the next four years among “high-potential blockchain projects” worldwide, with investment opportunities sourced through Mantra’s network of partners. The fund’s backers include a wide range of institutional partners including Laser Digital, Shorooq, Brevan Howard Digital, Valor Capital, Three Point Capital and Amber Group.
Related: 0G Foundation launches $88M fund for AI-powered DeFi agents
Mantra CEO John Patrick Mullin said the fund will operate an “open-arms policy, welcoming projects at any developmental stage globally with a particular focus on RWA’s and DeFi.” Mullin told Cointelegraph:
“The MEF thesis is to invest in top-tier teams building RWA and DeFi applications, as well as complimentary infrastructure, that will both directly and indirectly support the broader ecosystem.”
Mantra aims to become the underlying infrastructure layer for tokenized asset issues worldwide, Mullin said.
Source: Mantra
The launch of the fund comes a month after Mantra became the first DeFi platform to obtain a virtual asset service provider (VASP) license under Dubai’s Virtual Assets Regulatory Authority (VARA).
Related: Stablecoin rules needed in US before crypto tax reform, experts say
Investor demand grows for RWAs
The timing of the fund’s launch aligns with growing institutional interest in RWAs, which are seen by some as a hedge against crypto market volatility and broader economic uncertainty.
Global fears and uncertainty around US President Donald Trump’s tariffs have impacted investor sentiment across markets.
Despite a broader market slump triggered by US tariff-related concerns, the value of tokenized RWAs recently surged to a record high. According to data from RWA.xyz, total RWA market capitalization reached more than $19.6 billion as of early April, up from $17 billion in early February.
RWA global market dashboard. Source: RWA.xyz
Industry watchers previously told Cointelegraph that Bitcoin’s lack of upside momentum may drive RWAs to a $50 billion all-time high before the end of 2025.
The world’s largest asset manager, BlackRock, has also signaled support for the RWA space.
BlackRock BUIDL capital deployed by chain. Source: Token Terminal, Leon Waidmann
BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) saw an over three-fold increase in the three weeks leading up to March 26, from $615 million to $1.87 billion.
Magazine: Financial nihilism in crypto is over — It’s time to dream big again
Hong Kong’s Securities and Futures Commission (SFC) has introduced new guidelines for crypto exchanges offering staking services.
In an April 7 announcement, the SFC announced new guidelines for crypto exchanges offering staking services and locally authorized funds exposed to digital assets involved in staking. The announcement follows recent remarks from Christina Choi, the SFC’s executive director of investment products, who said during a speech at the Hong Kong Web3 Festival:
“The SFC is committed to supporting Hong Kong’s Web3 journey.”
In its announcement, the regulator said it “recognizes the potential benefits of staking in enhancing the security of blockchain networks and allowing investors to earn yields.” Consequently, the latest guidance allows crypto exchanges to provide staking service offerings.
Chen Wu, co-founder and CEO of Hong Kong-based and SFC-licensed crypto exchange Ex.io, told Cointelegraph that the firm appreciates the regulator “allowing licensed platforms to offer staking services under clear and responsible guidelines.” She said:
“The SFC’s announcement signals that more doors are opening — not just for staking, but for a wider range of Web3 products to take shape under a regulated and trusted framework.”
“Hong Kong is positioning itself not just as a compliant market, but as a real hub for Web3 adoption, where users’ interests are protected without slowing down progress,” Wu added.
Related: Hong Kong investment firm’s shares surge 93% after buying just 1 Bitcoin
New rules for staking services
The new rules were communicated by the regulator in its latest circular sent to crypto exchanges under its jurisdiction. The SFC requires crypto exchanges to obtain written approval before offering staking services, retain control over staked virtual assets and not delegate custody to third parties.
Cryptocurrency exchanges engaged in staking must disclose all relevant risks and details concerning fees, minimum lock-up periods, unstaking processes, outage processes and custodial arrangements to their customers. Lastly, the providers must report on their staking activities to the SFC.
A similar circular was sent to SFC-regulated crypto fund operators, with the new rules being relevant to funds with more than 10% of their net asset value invested directly or indirectly in digital assets. Funds can only acquire virtual assets that are also directly available to the local public and rely on SFC-authorized platforms. Leveraged exposure is prohibited.
Funds can engage in staking if it is consistent with the fund’s objectives, while providing clear disclosure and robust controls. An investor notice and possibly shareholder approval may be required if staking implementation leads to material strategy or risk profile changes.
Hong Kong bets on Web3
During her recent speech, SFC’s Choi recognized that the Web3 space is still evolving and that “its full benefits will unfold in time, likely with twists and turns.” She cited the speculative industry of non-fungible tokens (NFTs) as a cautionary tale that justifies caution in the current regulatory approach:
“Therefore, rather than chasing every new spark, we believe in a pragmatic approach — strengthening the fundamentals and fostering a supportive ecosystem where Web3 can thrive in a sustainable manner.“
Related: Hong Kong remains an ‘open and vibrant market’ for crypto, says financial secretary
The official’s comments follow recent reports that cryptocurrency exchange Bybit announced the shutdown of its NFT marketplace as the market is running out of steam. The decision follows a similar decision by major NFT marketplace X2Y2 announced in late March.
The non-fungible token market is seeing a significant downturn. Daily NFT trading volume was over $18 million 364 days ago before Bybit’s announcements and stood at $5.34 million when the decision to shut down the platform was made public — a 70% fall.
When arguing why Web3 companies should choose Hong Kong as their headquarters, Choi pointed out that Hong Kong ranks third in the Global Financial Centres Index. Furthermore, local regulators have set clear guidelines for crypto industry firms, and Hong Kong provides easy access to Asian markets.
Global Financial Centres Index top 10. Source: LongFinance
In her closing statements, Choi said, “We stand today at the crossroads where traditional finance and the digital economy are converging to drive promising outcomes for our financial markets.” She added:
“The zero-to-one breakthrough has been made, and its future success would very much depend on how we nurture this convergence, that is, how we go from one to 100.“
Her statements echo Hong Kong’s financial technology sector, which has seen 250% growth since 2022. The SFC recently introduced a new roadmap to position the city as a global cryptocurrency hub.
The “ASPIRe” roadmap hopes to future-proof the local virtual asset ecosystem. It involves 12 initiatives spread across five broad categories, which include providing market access, optimizing compliance and frameworks and improving blockchain efficiency.
Magazine: Korea to lift corporate crypto ban, beware crypto mining HDs: Asia Express
Stablecoins are the single best tool for the United States government to maintain the US dollar’s hegemony in global financial markets, according to LayerZero Labs CEO and founder Bryan Pellegrino.
In an interview with Cointelegraph, the CEO of LayerZero Labs, which created the LayerZero interoperability protocol recently chosen by Wyoming to be the distribution partner for the Wyoming stablecoin, said that the cross-border accessibility of dollar-pegged tokens makes them an obvious choice to drive US dollar demand. Pellegrino added:
“Stablecoins for the US dollar are the single best tool — the last Trojan Horse or vampire attack on every single other currency in the world — whether it is Argentina, whether it is Venezuela, whether it is all of the countries that have massive inflation.”
The CEO said he expects support for stablecoins on both the federal and state levels to grow because of the obvious boost stablecoins give to the US dollar in foreign exchange markets and the financial moat stablecoin-driven demand will create around the US dollar’s global reserve currency status.
Stablecoin market overview. Source: RWA.XYZ
Related: Certain stablecoins aren’t securities, SEC says in new guidance
US government looks to stablecoins to protect US dollar
Pellegrino cited Tether’s emerging role as one of the largest buyers of US Treasury bills in the world as evidence of the demand for US debt instruments from stablecoin issuers.
Tether recently became the seventh-largest holder of US Treasuries, beating out Canada, Germany, Norway, Hong Kong, and Saudi Arabia.
Speaking at the White House Crypto Summit on March 7, US Treasury Secretary Scott Bessent said the Trump administration would leverage stablecoins to extend US dollar hegemony and indicated this would be a top priority for officials in 2025.
According to a 2023 report from Chainalysis, over 50% of all the digital asset value transferred to countries in the Latin American region, including Argentina, Brazil, Columbia, Mexico, and Venezuela was denominated in stablecoins.
The low transaction fees, relative stability, and near-instant settlement times for dollar-pegged stablecoins make these real-world tokenized assets ideal for remittances and stores of value for residents in developing countries suffering from high inflation and capital controls.
Magazine: Bitcoin payments are being undermined by centralized stablecoins
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