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A sitting mayor who was blocked by Labour from standing for a new regional role has quit the party in protest at Sir Keir Starmer’s leadership.

Jamie Driscoll, who was Labour’s North of Tyne mayor, said he had “no other choice” but to quit the party after he was barred from running as North East mayor last month.

He said he would now serve the region as an independent mayor.

In a letter to the Labour leader, Mr Driscoll accused Sir Keir of breaking “so many promises”, including plans to scrap tuition fees, watering down a £28bn commitment to tackle climate change and introducing universal free school meals.

He claimed the Labour leader told him in 2020 – when Sir Keir was running to lead the party – that “disciplining people to be united is going nowhere”.

He wrote: “You’ve U-turned on so many promises: £28 billion to tackle the climate emergency, free school meals, ending university tuition fees, reversing NHS privatisation; in fact, a list of broken promises too long to repeat in this letter.

“It is not grown-up politics to say Britain is broken, and then claim things are now so difficult we will abandon any plan to fix it. That is mental gymnastics worthy of Olympic gold.”

Tories ‘could lose all three by-elections’ this week – politics latest

Mr Driscoll added: “Worst of all, you’ve said you’re not interested in hope and change.

“Well, I am – Britain needs hope and change. Instead of London Labour HQ barring me from running, you could have used my work as a showcase of economic competence.”

The decision to bar Mr Driscoll from the longlist to be the next North East mayor – a role that was created as part of a £1.4bn devolution deal for the region – was immediately criticised by MPs on the left, including former shadow chancellor John McDonnell, who branded the news “staggering”.

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Driscoll told Sky News of his shock at Labour’s decision

Clive Lewis, the Labour MP for Norwich South, said he was “shocked by such sectarian behaviour”.

Sky News reported that Mr Driscoll’s candidacy was refused because he recently appeared at an event with the film director Ken Loach, who was expelled from the party in 2021 for claiming there had been a “purge” and “witch hunt” of Jeremy Corbyn supporters under Sir Keir Starmer’s leadership.

Asked about the controversy by Sophy Ridge on Sky News last month, Mr Driscoll refused to condemn controversial remarks made by Mr Loach about Jews, Israel and the Holocaust.

They include saying that Israel’s actions made a rise in antisemitism understandable, and replying that “all history” was up for discussion when asked if the Holocaust was unacceptable or if Israel’s founding was based on ethnic cleansing.

Mr Driscoll said this was a question for Mr Loach, and that he was “not a spokesman for Ken Loach”.

“My combined authority has adopted the… IHRA [International Holocaust Remembrance Alliance] definition of antisemitism,” he added.

“I’ve been on Jewish Labour Movement training, I work very closely with the Jewish Leadership Council… visit the synagogues in my region.”

Read more:
Cooper refuses to say if she backs Labour’s two-child benefit cap decision
Streeting says Corbyn supporters should ‘dry their eyes’

In a final swipe at Sir Keir, Mr Driscoll said key figures in the region had encouraged him to run as an independent, “saying they will vote for me because the North East needs an autonomous voice that’s not in hock to Westminster Party HQs”.

A Labour spokesperson said: “The Labour Party is delighted that local party members have selected Kim McGuinness as our candidate for the North East Mayoral election next year.

“With Keir Starmer as leader, the Labour Party is a changed party, relentlessly focussed on delivering for working people, and we make no apologies that Labour candidates are held to the highest standard.

“The Tories have let our region down, and as Labour mayor, Kim will be the strong voice the North East deserves.”

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SEC chair suggests ‘huge benefits’ in agency’s third crypto roundtable

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<div>SEC chair suggests 'huge benefits' in agency's third crypto roundtable</div>

<div>SEC chair suggests 'huge benefits' in agency's third crypto roundtable</div>

In one of his first appearances as the recently sworn-in chair of the US Securities and Exchange Commission, Paul Atkins delivered remarks to the agency’s third roundtable discussion of crypto regulation. 

In the “Know Your Custodian” roundtable event on April 25, Atkins said he expected “huge benefits” from blockchain technology through efficiency, risk mitigation, transparency, and cutting costs. He reiterated that among his goals at the SEC would be to facilitate “clear regulatory rules of the road” for digital assets, hinting that the agency under former chair Gary Gensler had contributed to market and regulatory uncertainty. 

“I look forward to engaging with market participants and working with colleagues in President Trump’s administration and Congress to establish a rational fit-for-purpose framework for crypto assets,” said Atkins.

SEC chair suggests 'huge benefits' in agency's third crypto roundtable
SEC chair Paul Atkins addressing the April 25 crypto roundtable. Source: SEC

Some critics of US President Donald Trump see Atkins’ nomination to lead the SEC as a nod to the crypto industry, acting on campaign promises to remove Gensler — the former chair resigned the day Trump took office — and cut back on regulation. Democratic lawmakers on the Senate Banking Committee questioned Atkins on his ties to the industry, potentially presenting conflicts of interest in his role regulating crypto.

Related: Atkins SEC era sparks massive industry optimism, crypto execs speak out

The direction of the SEC under new leadership

“We’ve noticed that we don’t have to be as concerned […] about being accused of things that we’re not doing, like being broker-dealers for securities,” Exodus chief legal officer Veronica McGregor, who participated in the roundtable, told Cointelegraph on April 24.”It’s just a less scary regulatory environment in general. It is, however, still unclear what the ultimate regs are going to look like for crypto.” 

The SEC crypto task force is scheduled to hold two more roundtables in May and June to discuss tokenization and decentralized finance, respectively. Commissioner Hester Peirce, who leads the task force, told Cointelegraph in March that she welcomed the opportunity to work with Atkins to “reorient the agency,” hinting at an SEC with regulations more favorable to the crypto industry.

In addition to the roundtables, the crypto task force has reported several meetings with digital asset firms to discuss various policies and considerations in developing a regulatory framework.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered

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Nasdaq urges SEC to treat certain digital assets as ‘stocks by any other name’

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<div>Nasdaq urges SEC to treat certain digital assets as 'stocks by any other name'</div>

<div>Nasdaq urges SEC to treat certain digital assets as 'stocks by any other name'</div>

Nasdaq has urged the US Securities and Exchange Commission (SEC) to hold digital assets to the same regulatory standards as securities if they constitute “stocks by any other name,” according to an April 25 comment letter. 

The exchange said the US financial regulator needs to establish a clearer taxonomy for cryptocurrencies, including categorizing a portion of digital assets as “financial securities.” Those tokens, Nasdaq argued, should continue to be regulated “as they are regulated today regardless of tokenized form.”

“Whether it takes the form of a paper share, a digital share, or a token, an instrument’s underlying nature remains the same and it should be traded and regulated in the same ways,” the letter said. 

It also proposed categorizing a portion of cryptocurrencies as “digital asset investment contracts,” to be subject to “light touch regulation” but still overseen by the SEC.

Nasdaq urges SEC to treat certain digital assets as 'stocks by any other name'
Nasdaq’s April 25 letter to the SEC. Source: Nasdaq

Related: Certain stablecoins aren’t securities, SEC says in new guidance

Regulatory U-turn

The SEC has dramatically pivoted its stance on cryptocurrency oversight since US President Donald Trump took office in January. 

Under the leadership of former Chair Gary Gensler, the SEC took the position that practically all cryptocurrencies, with the exception of Bitcoin (BTC), represent investment contracts and therefore qualify as securities. 

This stance led the agency to bring upwards of 100 lawsuits against crypto firms for alleged securities law violations.

However, under Trump nominee Paul Atkins, who was sworn in as chair on April 21 after a lengthy Senate confirmation, the SEC has claimed jurisdiction over a narrower segment of cryptocurrencies. 

In February, the agency issued guidance stating that memecoins — if clearly identified as purely speculative assets with no intrinsic value — do not qualify as investment contracts pursuant to US law. 

In April, the SEC said that stablecoins — digital tokens pegged to the US dollar — similarly do not qualify as securities if they are marketed solely as a means of making payments.

Nasdaq urges SEC to treat certain digital assets as 'stocks by any other name'
Stablecoin market overview. Source: RWA.xyz

Integrating crypto into TradFi

In its April 21 letter, Nasdaq said existing financial infrastructure “can readily absorb digital assets by establishing the proper taxonomy and calibrating certain rules to reflect what is truly new and novel about digital assets.”

The Depository Trust & Clearing Corporation (DTCC) — a private US securities clearinghouse closely overseen by the SEC — has been laying the foundation for integrating blockchain technology into regulated financial markets.

In March, the DTCC committed to promoting Ethereum’s ERC-3643 standard for permissioned securities tokens.

Magazine: Ethereum is destroying the competition in the $16.1T TradFi tokenization race

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Crypto firms launch Wall Street-style funds: Finance Redefined

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Crypto firms launch Wall Street-style funds: Finance Redefined

Crypto firms launch Wall Street-style funds: Finance Redefined

Cryptocurrency firms and centralized exchanges are launching more traditional investment offerings, bridging the divide between traditional financial and digital assets.

With investors seeking more flexible product offerings under one platform, the “line is blurring” between traditional finance (TradFi) and the cryptocurrency space, as the two financial paradigms signal a “growing synergy,” according to Gracy Chen, CEO of Bitget, the world’s sixth-largest crypto exchange.

In the wider crypto space, Securitize partnered with Mantle protocol to launch an institutional fund that will generate yield on a basket of diverse cryptocurrencies, similar to how traditional index funds track a mix of stocks.

The developments come after crypto investor sentiment staged a significant recovery, moving from “fear” to “neutral” for the first time since January 2025.

Crypto firms launch Wall Street-style funds: Finance Redefined
Fear & Greed Index chart. Source: CoinMarketCap

Investor sentiment was bolstered after US President Donald Trump said that import tariffs on Chinese goods will “come down substantially,” adopting a softer tone in negotiations for the first time since the reciprocal tariff announcement.

Crypto firms moving into Wall Street territory

Cryptocurrency firms and exchanges are increasingly moving into Wall Street territory, launching more traditional investment offerings and showcasing the increasing connection between crypto and traditional finance (TradFi).

“There’s a growing synergy between traditional financial investments and the emerging crypto space,” according to Gracy Chen, the CEO of Bitget, the world’s sixth-largest crypto exchange.

“Crypto players are now checking out traditional finance as they see the opportunity to bridge it,” Chen told Cointelegraph.

“The lines are blurring. Investors want flexibility, and products that can straddle both worlds are naturally attractive,” Chen said. “Some players see TradFi as a safety net; others, like Bitget, see it as a launchpad for broader adoption.” She added:

“In a volatile market, integration is smarter than isolation.”

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Securitize, Mantle launch institutional crypto fund

Tokenization platform Securitize partnered with decentralized finance (DeFi) protocol Mantle to launch an institutional fund designed to earn yield on a diverse basket of cryptocurrencies, the companies said. 

Similar to how a traditional index fund tracks a mix of stocks, the Mantle Index Four (MI4) Fund aims to offer investors exposure to cryptocurrencies, including Bitcoin (BTC), Ether (ETH), and Solana (SOL), as well as stablecoins tracking the US dollar, Securitize said in an April 24 announcement. 

The fund also integrates liquid staking tokens — including Mantle’s mETH, Bybit’s bbSOL, and Ethena’s USDe — in a bid to enhance returns with onchain yield, according to the announcement.

The launch comes as retail and institutions alike increase exposure to cryptocurrencies, particularly Bitcoin, as a hedge amid escalating macroeconomic uncertainty.

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Mantra says CEO has begun the process of burning his 150 million OM tokens

Mantra founder and CEO John Patrick Mullin has started unstaking 150 million of his Mantra (OM) tokens in preparation for sending them to a burn address in an attempt to restore the token’s value by tightening supply. 

Mantra announced on April 21 that the unstaking process had begun, and would be completed by April 29, at which point Mullin’s Mantra (OM) tokens will be sent to the burn address and permanently removed from circulating supply.

Mantra
Source: John Patrick Mullin

Mullin said it was a “first step in rebuilding trust with the community, but far from the last.” 

Mantra said it was also in talks with “key ecosystem partners” about burning a further 150 million OM to bring the total burn amount to 300 million.

With 150 million fewer OM, Mantra’s total supply will decline to 1.67 billion, and its number of staked tokens will drop by over 26% to 421.8 million OM from 571.8 million OM. 

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Symbiotic raises $29 million for staking-based universal coordination layer

Cryptocurrency staking protocol Symbiotic closed a $29 million Series A funding round led by Web3-focused investment firms, including Pantera Capital and Coinbase Ventures, to support the launch of a new economic coordination layer for blockchain security.

The round included more than 100 angel investors, with participation by major industry players Aave, Polygon and StarkWare, the company said in an April 23 announcement shared with Cointelegraph.

The closing of the funding round also marks the launch of Symbiotic’s Universal Staking Framework, which aims to be an economic coordination layer that bolsters blockchain security via staking.

The new staking layer enables the use of any combination of cryptocurrencies to secure networks, including monolithic and modular layer-1 and layer-2 blockchains, the announcement said.

“We’ve created a modular framework that lets protocols evolve security models over time while efficiently coordinating risk,” Misha Putiatin, co-founder of Symbiotic, told Cointelegraph. “This empowers protocols at every stage of their lifecycle to evolve their security models seamlessly without rebuilding infrastructure.”

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SEC delays decision on Polkadot ETF

The US Securities and Exchange Commission (SEC) delayed a decision on whether to approve a proposed exchange-traded fund (ETF) holding Polkadot’s native token, regulatory filings show. 

According to an April 24 filing, the regulator has extended its deadline for a final ruling until June 11, nearly four months after the Nasdaq sought permission to list Grayscale Polkadot Trust on Feb. 24.

Grayscale’s ETF filing adds to a roster of about 70 proposed ETFs awaiting SEC approval, including funds holding altcoins, memecoins and crypto-related financial derivatives, according to Bloomberg Intelligence.  

Asset managers are pitching ETFs for “[e]verything from XRP, Litecoin and Solana to Penguins, Doge and 2x Melania and everything in between,” Bloomberg analyst Eric Balchunas said in an April 21 post on the X platform. Asset manager 21Shares is also awaiting permission to list its own Polkadot ETF.

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DeFi market overview

According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.

The Official Trump (TRUMP) token rose over 73% as the week’s biggest gainer, after the president announced an exclusive in-person dinner for the top tokenholders. The Sui (SUI) token rose over 69% as the week’s second-best performing token.

Crypto firms launch Wall Street-style funds: Finance Redefined
Total value locked in DeFi. Source: DefiLlama

Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.

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