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British politics is changing after a night that saw a sensational, record-breaking victory by Nigel Farage in the North West.
That’s the conclusion of a nail-biting night that delivered more drama than expected and gives strong indications – though not yet certainty – about how politics is being reshaped for a new era, which means greater political unpredictability and challenges for the main parties in highly uncomfortable ways.
The significance of this morning’s results will be argued over for years to come.
Reform beats Labour by six votes; follow Politics latest
Hours after counting began, there are two big themes for definite.
The first is that Reform UK proved they continue to evolve into a mature and potentially lethal political force.
Across the country they are now winning votes in Labour areas as well as Conservative, and they have run both parties close in a number of key contests.
They achieved vote shares of 40% or more, twice their share at the General Election. They even won a seat from the Liberal Democrats.
Read more:
Mayoral election results as they come in
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First Reform UK mayoral win
The second is that while Labour was able to deliver a number of physiologically important mayoral wins – often by the smallest of margins – they need to go up a gear to fight.
Labour’s vote declined but did not collapse and they are still able to get “their people” to the ballot box from Bristol to Tyneside.
But in the most important battle of all – the North West seat of Runcorn and Helsby – they could not, and Reform UK pulled off a stunning triumph, taking the 49th-safest Labour seat in the country.
Karen Shore, Labour’s losing candidate in the Runcorn and Helsby by-election. Pic: PA
Nigel Farage and the team had poured huge amounts of time and resource into the seat, with multiple visits and the chairman Zia Yusuf on the ground to direct operations. It paid off.
By contrast, Sir Keir Starmer did not turn up once. Number 10 will be asking itself today whether a prime ministerial visit could have been worth those six precious votes.
It is true to say that politics has become so unpredictable because neither party knew what was about to happen.
The evening started with Reform UK hinting at victory, but by 2am Labour was quietly confident. By 3am, it had turned out neither really knew, and a full recount was launched after Reform UK was four votes ahead. After the recount, Labour had lost by six.
This is the moment Reform UK proved itself a protest party for Labour voters as well as Tories.
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‘Keir is making life easy’ for Reform
Significance for Reform is immense
The significance is immense. At last year’s general election, there were over 150 seats where the Tories lost because Reform UK got more votes than the margin by which the Conservatives lost to the winner.
Now this suggests that Reform UK has the capacity to mete out the same damage to Labour and puts the two traditional parties on notice that they face a threat.
Labour has already shown itself willing to bend because of the threat of Reform UK, slashing the aid budget to pay for more military spending and slashing Whitehall with a promise of more to come.
The question is, how much further can Labour go in this direction? In some of the council by-elections there was already evidence of bleeding to the Greens – a sign that more left-leaning one-time Labour supporters are deserting the party because they think it no longer represents them.
What course does this Number 10 chart now? A slew of announcements on immigration and slashing red tape – and risk a greater schism on the left – or end up in the mushy middle and pleasing no one? The choices are unappetising.
Robert Jenrick featured in a leaked recording about a Tory ‘coalition’ with Reform UK
Then there is the challenge for the Tories.
For those hoping for a non-aggression pact on the right, today’s results suggest that Reform UK can credibly question whether they are a party of the right, given their success in Labour areas.
This is a complicating factor. Where does the logic heard in the leaked recording by Robert Jenrick – brought up by Nigel Farage this morning – take us now?
There will be those who point to UKIP’s success in the early 2010s and lack of impact in the 2015 election, and say that there is no certainty that Reform UK will fly.
Of course, there is a chance they may fade, particularly if their infighting gets worse.
But UKIP never achieved a breakthrough on the left like Reform UK has done to date, and its impact may never actually be in the seats that it wins.
Arguably in that early 2010 period, Farage and UKIP left an even bigger legacy without ever holding power: a Brexit referendum which he went on to win.
There are now lots of paths for what Farage has started to change Britain. We do not know where this ends.
Opinion by: Merav Ozair, PhD
Lately, stablecoins are everywhere — this time around, headed by “traditional” financial institutions. Bank of America and Standard Chartered are considering launching their own stablecoin, joining JPMorgan, which launched its stablecoin, JPM Coin — rebranded as Kinexys Digital Payments — to facilitate transactions with their institutional clients on their blockchain platform, Kinexys (formerly Onyx).
Mastercard plans to bring stablecoins to the mainstream, joining Bleap Finance, a crypto startup. The aim is to enable stablecoins to be spent directly onchain — without conversions or intermediaries — seamlessly integrating blockchain assets with Mastercard’s global payment rails.
In early April 2025, Visa joined the Global Dollar Network (USDG) stablecoin consortium. The company will become the first traditional finance player to join the consortium. In late March 2025, NYSE parent Intercontinental Exchange (ICE) announced that it is investigating applications for using USDC (USDC) stablecoin and US Yield Coin within its derivatives exchanges, clearinghouses, data services and other markets.
Why the renewed interest in stablecoins?
Regulatory clarity and acceptance
Recent moves by regulatory bodies in the United States and Europe have created more straightforward guidelines for cryptocurrency use. In the US, Congress is considering legislation to establish formal standards for stablecoins, bolstering confidence among banks and fintech companies.
The European Union’s Markets in Crypto-Assets regulation requires that stablecoin issuers operating within the EU adhere to specific financial standards, including special reserve requirements and risk mitigation. In the UK, financial authorities plan to conduct consultations to draft rules governing stablecoin use, further facilitating their acceptance and adoption.
The Trump administration executive order 14067, “Strengthening American Leadership in Digital Financial Technology,” supports and “promotes the development and growth of lawful and legitimate dollar-backed stablecoins worldwide” while “prohibiting the establishment, issuance, circulation, and use of a CBDC within the jurisdiction of the United States.”
This executive order, followed by Trump’s World Liberty Financial company launching a stablecoin called USD1, signals that this is the era of stablecoins, particularly those pegged to the USD.
Do we need more stablecoins?
The stablecoin landscape
There are over 200 stablecoins, most pegged to the US dollar. Two established stablecoins dominate the stablecoin landscape. Tether’s USDt (USDT), the oldest stablecoin, launched in 2014 and USDC, launched in 2018, capturing 65% and 28% of stablecoins market cap, respectively — both are centralized fiat collateralized.
Recent: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
In third place, a relatively new one, USDe, launched in February 2024, holds about 2% of the stablecoin market cap and has an unconventional mechanism based on derivatives in the crypto market. Although it runs on a DeFi protocol on Ethereum, it incorporates centralized features since centralized exchanges hold the derivatives positions.
There are three primary mechanisms of stablecoins:
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Centralized, fiat-collateralized: A centralized company maintains reserves of the assets in a bank or trust (e.g., for currency) or a vault (e.g., for gold) and issues tokens (i.e., stablecoins) that represent a claim on the underlying asset.
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Decentralized, cryptocurrency-collateralized: A stablecoin is backed by other decentralized crypto assets. One example can be found in the MakerDAO stablecoin Dai (DAI), which is pegged to the US dollar and encapsulates the features of decentralization. While a central organization controls centralized stablecoins, no one entity controls the issuance of DAI.
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Decentralized, uncollateralized: This mechanism ensures the stability of the coin’s value by controlling its supply through an algorithm executed by a smart contract. In some ways, this is no different from central banks, which also don’t rely on reserve assets to keep the value of their currency stable. The difference is that central banks, like the Federal Reserve, set a monetary policy publicly based on well-understood parameters, and its status as the issuer of legal tender provides the credibility of that policy.
Depegging, risk and fraudsters
Stablecoins are supposed to be stable. They were created to overcome the inherent volatility of cryptocurrencies. To maintain their stability, stablecoins should (1) be pegged to a stable asset and (2) follow a mechanism that sustains the peg.
If stablecoins are pegged to gold or electricity, they will reflect the volatility of these assets and thus may not be the best choice if you are seeking a no-risk (or close to no-risk) asset.
USDe maintains a peg to the USD through delta hedging. It uses short and long positions in futures, which generates a 27% yield annually — significantly higher than the 12% annual yield of other stablecoins pegged to the USD. Derivative positions are considered risky — the higher the risk, the higher the return. Therefore, it encapsulates an inherited risk due to its reliance on derivatives, which runs counter to the purpose of stablecoins.
Stablecoins have been around for more than a decade. During this time, there were no major depegging fiascos other than the case of Terra. The collapse of Terra was not the result of a reserve problem or mechanism but rather the act of fraudsters and manipulators.
TerraUSD (UST) had a built-in arbitrage mechanism between UST and the Terra blockchain native coin, LUNA. To create UST, you needed to burn LUNA.
To entice traders to burn LUNA and create UST, the creators of the Terra blockchain offered a 19.5% yield on staking, which is crypto terminology for earning 19.5% interest on a deposit, through what they called the Anchor protocol.
Such a high interest rate is simply not sustainable. Someone has to borrow at such a rate or above for the lender to receive 19.5% interest. This is how banks make their profit — they charge high interest on borrowing (such as mortgages or loans) and provide low interest on savings (such as a traditional savings account or a certificate of deposit account). Analysis of the Anchor protocol in January 2022 showed it was at a loss.
One of the allegations in the lawsuits against Terraform Labs’ founders is that the Anchor protocol was a Ponzi scheme.
In March 2025, Galaxy Digital reached a $200-million settlement with the New York Attorney General over claims the crypto investing company promoted the LUNA digital asset without disclosing its interest in the token.
In January 2025, Do Kwon, founder of Terra, was found liable for securities fraud and is facing multiple charges in the US, including fraud, wire fraud and commodities fraud. If regulators are interested in preventing future cases like Terra, they should focus on how to deter fraudsters and manipulators from issuing or engaging with stablecoins.
Decentralization: Rekindling the premise of Bitcoin
Most stablecoins are centralized assets collateralized. They are controlled by a company that could conduct unauthorized use of customers’ funds or falsely claim that reserves fully back a stablecoin.
To prevent companies’ misconduct, regulators should closely monitor these companies and set rules similar to securities laws.
Centralized stablecoins run counter to the notion of blockchain and the premise of Bitcoin. When Bitcoin was launched, it was supposed to be a payment platform free of intermediaries, not controlled by any company, bank or government — a decentralized mechanism — run by the people for the people.
If a stablecoin is centralized, it should follow the regulations of any other centralized asset.
Maybe it’s time to rekindle the premise of Bitcoin but in a more “stable” fashion. Developing an algorithmic, decentralized stablecoin that is free of any control of a company, bank or government and reviving the core notion of blockchain.
Opinion by: Merav Ozair, PhD.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Entertainment
Comedian and actor Russell Brand arrives at Westminster Magistrates’ Court after being charged with rape and sexual assault
Russell Brand has arrived at Westminster Magistrates’ Court, charged with sexual offences including rape.
The 49-year-old comedian, actor and author – who has most recently been based in the US – was charged by post last month with one count of rape, one count of indecent assault, one count of oral rape and two counts of sexual assault in connection with incidents involving four separate women between 1999 and 2005.
The allegations were first made in a joint investigation by The Sunday Times, The Times and Channel 4 Dispatches in September 2023.
Russell Brand arriving at Westminster Magistrates’ Court.
Pic: PA
The star, who is over 6ft tall, wore a black shirt which was unbuttoned to his mid-chest, black jeans and sunglasses.
He slowly made his way into the court’s main entrance, surrounded by a scrum of journalists and photographers. Remaining composed and looking around as he walked, he didn’t speak or respond to any of the questions shouted at him as he went.
In a video posted on X after he was charged, Brand said: “I am now going to have the opportunity to defend these charges in court, and I’m incredibly grateful for that.”
Pic: Reuters
Pic: Reuters
In a video referencing the court case posted on social media on Thursday, he said he welcomed the opportunity to prove his innocence and was “going to [his] country right now”.
The comedian has denied the accusations and said he has “never engaged in non-consensual activity”.
Brand surrounded by media. Pic: Reuters
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