Labour’s conference is opening in Brighton after Sir Keir Starmer was forced into a humiliating retreat over his attempt to re-write the party’s rulebook.
He had to put his reforms on hold after a backlash from unions and party activists, in what left-wing MPs said was an own goal that had weakened his authority.
The Labour leader is now attempting to salvage his proposals in talks with those trade unions he hopes will back them, though he may have to make significant concessions to win their support.
The conference opens with a speech by Angela Rayner, Labour’s deputy leader, who will commit the party to introduce a new deal for working people – including pay rises and new employment rights – if it wins the next election.
Ahead of her speech, Ms Rayner features in a glossy photoshoot in The Times’ Saturday magazine, accompanied by an interview in which she says she “definitely wouldn’t say no” to standing for party leader.
“If I felt it was the right thing to do for the party and the right thing for the country, then I would step up and do it,” she told The Times, in comments that will annoy Sir Keir and his inner circle at a time when his critics are questioning his leadership.
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The Labour leader was forced to abandon his plans to put his reforms – which include scrapping ‘one member, one vote’ for electing the party leader and returning to an electoral college of MPs, unions and activists – to a vote on the ruling national executive after opposition from unions.
But ahead of another meeting of the executive shortly before the conference opens, Sir Keir is to hold talks with three major unions, Unison, Usdaw and the GMB, which he hopes to persuade to back his proposals.
Image: Deputy leader Angela Rayner will speak at the opening of the party conference
It is thought that to win their support, however, the beleaguered Labour leader may have to drop some of his proposals, including his plans to bring back the electoral college, which was replaced with one member, one vote by former leader Ed Miliband in 2014.
Speaking to Sky News after Sir Keir withdrew his proposals, at least temporarily, former party chair and leading Jeremy Corbyn supporter Ian Lavery said the Labour leader had scored an own goal and his position as leader had been weakened.
“Had the consultation taken place with the unions, with the CLPs, things might have been different,” said Mr Lavery.
“It’s a huge lesson to be learned by Keir Starmer tonight, and that is everybody counts in the Labour Party, not just the few in the leader’s room.”
The left-wing pressure group Momentum said it celebrated the delay, declaring: “Starmer’s attack on democracy is floundering.
“This delay has been won by the grassroots members who have taken action to organise their delegates, lobby their unions and mobilise ahead of conference.
“But it is not over yet. We have to keep up the pressure to make sure this rule change and all the other regressive changes concocted by the leadership get comprehensively rejected.”
Image: Angela Rayner has been tipped as a possible replacement for Sir Keir
Just hours before the start of the conference, Sir Keir also came under attack from Mr Corbyn, his predecessor, who said: “Our movement has the answers to the big questions of the age – inequality, the climate crisis and the pandemic – but our leaders are failing to listen and put these solutions front and centre.
“At conference, I hope to hear how Labour will bring in a wealth tax to fund a National Care Service like the NHS, will take the radical action needed to decarbonise by 2030, stand against the drumbeat of a new Cold War, and will rein in the runaway wealth and power of a tiny elite.
“I know our trade unions and members have developed these policies. But the signs are that the party leadership wants to try to shut down debate, side-line the members and trade unions with the end result that Labour props up rather than challenges our broken political and economic system.”
In her speech pledging a new deal for workers, Ms Rayner will say: “It will be the driving mission of the next Labour government to end the poverty wages and insecure work that blights millions of lives and is holding back our economy. Labour will make Britain work for working people.
Image: Jeremy Corbyn is among those who have criticised Sir Keir
“Work should provide not just a proper wage that people can raise a family on, but dignity, flexibility and security. Better pay and more secure work is good for workers, good for businesses and good for the economy.
“Labour will deliver a new deal for working people so they get a fair share of the wealth they create, and within the first 100 days of the next Labour government we will sign this new deal for working people into law.”
“Working people don’t want a handout from a minister sat in Whitehall – workers want the power to stand up for themselves and demand their fair share and a better deal.”
She will add: “The best way to improve the lot of working people is collectively, achieving more by the strength of our common endeavour than we achieve alone.
“So the next Labour government will bring together representatives of workers and employers to agree fair pay agreements that will apply to every worker in each sector, starting in social care.
“Fair pay agreements will drive up pay, improve conditions in the workplace and stop bad bosses from exploiting their workers and driving down pay and standards for everyone.
“When Labour is in government there won’t just be a former social care worker and shop steward in the office of deputy prime minister, working people will have a seat at the cabinet table and their voices will be heard. The next Labour government will end poverty wages and insecure work for good.”
Do Kwon, the co-founder of Terraform Labs, has been sentenced to 15 years in prison after pleading guilty to wire fraud and conspiracy to defraud.
In a Thursday hearing in the US District Court for the Southern District of New York, Judge Paul Engelmayer ordered that Kwon serve 15 years in prison for his role in the collapse of Terraform, which wiped out about $40 billion from the crypto market in 2022. He will receive credit for time served in the US and 17 months of pre-extradition custody.
Prior to making his decision on sentencing, Engelmayer heard from some of Terraform’s victims and questioned what kind of justice Kwon might face in his native South Korea, where authorities are also building a case against him.
“I would like everyone to know that I have spent all my time thinking what I could have done, and what I can do,” said Kwon prior to his sentencing, according to Inner City Press. “It’s been four years since the crash, three years since I’ve seen my family. I’d like to [do] my penance in my home country.”
Engelmayer reportedly said the 12-year recommendation US prosecutors had requested the court impose on Kwon was “unreasonable,” while the five years requested by the co-founder’s lawyers “would be so implausible it would require appellate reversal.”
“To the next Do Kwon, if you commit fraud, you will lose your liberty for a long time as you will here,” said Engelmayer, according to Inner City Press. “You have been bitten by the crypto bug, and I don’t think that’s changed. You must be incapacitated. If not for your guilty plea, my sentence would have been higher.”
The judge added, addressing Kwon:
“Your fraud was unusually serious. For four years you publicly lied to the market […] The investors were taking a risk, caveat emptor. But they were not taking the risk of being a fraud victim… What makes what you did so despicable is that you traded on trust.”
Kwon could be extradited to South Korea after serving seven and a half years, where he may complete the second half of his US sentence. He could face up to an additional 40 years in prison in his native country.
Several victims have their say during the sentencing hearing
Prosecutors said at the sentencing hearing that there were about 16,500 victims from the collapse of Terraform, according to claims in the company’s ongoing bankruptcy case. Six of them were allowed to address the court via phone before Engelmayer’s decision, describing their financial losses due to Terra.
“I sold my apartment in Moscow to invest with Do Kwon,” said Tatiana Dontsova, one of the victims, according to Inner City Press. “I moved to Tbilisi. $81,000 turned into $13 in the palm of my hand. Kwon came up with Luna 2, calling it LUNC. He is not showing any responsibility for those who invested. I am now officially homeless.”
Kwon, alleged to have had a role in the 2022 collapse of the Terra ecosystem, was handed over to US authorities in December 2024 after his extradition from Montenegro. His legal team delayed proceedings for months by presenting various challenges in the Montenegrin courts.
With Kwon expected to be in prison for years, the Terraform co-founder became the latest former high-profile cryptocurrency executive to enter a plea deal or be found guilty in US courts.
Former FTX CEO Sam Bankman-Fried is serving a 25-year sentence, former Binance CEO Changpeng Zhao served four months — though was later pardoned by US President Donald Trump — and former Celsius CEO Alex Mashinsky was sentenced to 12 years.
Update (Dec. 11 at 7:35 pm UTC): This article has been updated to include a Thursday policy announcement from Caroline Pham.
The top Republican on the Senate Agriculture Committee said the full chamber could vote on US President Donald Trump’s pick to chair the Commodity Futures Trading Commission “maybe as soon as this afternoon.”
In a prepared statement for a Thursday hearing on CFTC reauthorization, Committee Chair Glenn Thompson said the Senate could vote on Michael Selig’s nomination to chair the agency on Thursday. The potential vote would come just a few weeks after the Agriculture Committee advanced Selig’s nomination to the full chamber, along partisan lines.
According to the Senate’s calendar of business, a vote on Selig’s nomination did not appear on the schedule for Thursday. The chamber is expected to break for the holidays on Dec. 22, giving lawmakers a limited window to confirm the prospective CFTC chair.
Selig, whom Trump nominated as CFTC chair in November following the withdrawal of his former pick, Brian Quintenz, faced lawmakers in a November hearing. The prospective chair said it was “vitally important that [the CFTC] have a cop on the beat” for addressing crypto regulation and enforcement.
Acting CFTC Chair Caroline Pham has been the sole commissioner at the financial regulator for months, following the resignation or departure of every member of its leadership due to their terms expiring. Pham is also expected to leave once the Senate confirms a replacement chair, potentially leaving Selig as the sole member.
Pham is still pushing for crypto in her final days
Although it’s unclear when Pham may leave the CFTC, the acting chair has continued to push the Trump administration’s agenda on digital assets by advocating for policies that favor the industry and bringing executives in closer.
On Thursday, the acting chair said she planned to withdraw the CFTC’s “outdated” guidance on digital assets, claiming it “penalizes the crypto industry and stifles innovation.”
Mexico’s central bank warned in a new financial stability report that “stablecoins pose significant potential risks to financial stability,” citing their rapid growth, links to traditional finance and global regulatory gaps that could fuel arbitrage and magnify market stress.
Stablecoins’ heavy reliance on short-term US Treasurys, market concentration with two issuers controlling 86% of the supply and past depegging episodes with stablecoins underscore how vulnerable the sector remains to stress, according to the Banxico report.
Without coordinated international safeguards, mass redemptions or issuer failures could spill into broader funding markets, the central bank warned.
Banxico also highlighted diverging regulatory approaches as a growing source of risk, noting that frameworks like the EU’s MiCA and the US GENIUS Act impose different reserve, redemption and depositor-protection requirements, creating regulatory gaps that could incentivize arbitrage across jurisdictions.
Banxico acknowledged that stablecoins can improve settlement efficiency, reduce transfer costs and support remittances and liquidity in decentralized finance. However, it plans to keep a cautious distance between the traditional financial system and virtual assets, citing their potential to cause stress in broader markets.
Crypto adoption in Mexico is relatively low. According to Chainalysis’ Global Crypto Adoption Index, the country fell to 23rd place in 2025 from 14th place in 2024 in the adoption ranking.
The central bank’s warning reflects Mexico’s broader cautious stance on crypto. Despite the rise of exchanges like Bitso, the country has not introduced significant new digital-asset legislation and still relies on its 2018 Fintech Law as the primary regulatory framework.
Brazil and Argentina lead Latin America in crypto adoption
While Mexico’s central bank maintains a cautious stance on digital assets, other Latin American countries have embraced adoption.
Chainalysis’ 2025 Geography of Crypto Report shows that Latin America generated nearly $1.5 trillion in crypto transaction volume from July 2022 to June 2025, with monthly activity increasing to almost $88 billion by December 2024 from $20.8 billion in mid-2022. Several months in late 2024 and early 2025 consistently exceeded $60 billion.
According to the report, Brazil led Latin America by a wide margin, receiving $318.8 billion in crypto value from July 2022 to June 2025, nearly one-third of all activity in the region, while Argentina ranked second with $93.9 billion in transaction volume.
The central banks of the two leading countries are also taking a more proactive stance in regulating digital assets.
In November, Brazil’s central bank finalized rules that place crypto companies under banking-style supervision, including treating stablecoin transactions and certain self-custody wallet transfers as foreign exchange operations.