Connect with us

Published

on

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”.

Please use Chrome browser for a more accessible video player

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.”

Continue Reading

Politics

70% chance of crypto bottoming before June amid trade fears: Nansen

Published

on

By

70% chance of crypto bottoming before June amid trade fears: Nansen

70% chance of crypto bottoming before June amid trade fears: Nansen

The cryptocurrency market may see a local bottom in the next two months amid global uncertainty over ongoing import tariff negotiations, which have been limiting investor sentiment in both traditional and digital markets.

US President Donald Trump is set to detail on April 2 his reciprocal import tariffs, measures aimed at reducing the country’s estimated trade deficit of $1.2 trillion in goods and boosting domestic manufacturing. 

While global markets took a hit from the first tariff announcement, there is a 70% chance for cryptocurrency valuations to find their bottom by June, according to Aurelie Barthere, principal research analyst at the Nansen crypto intelligence platform.

The research analyst told Cointelegraph:

“Nansen data estimates a 70% probability that crypto prices will bottom between now and June, with BTC and ETH currently trading 15% and 22% below their year-to-date highs, respectively. Given this data, upcoming discussions will serve as crucial market indicators.”

“Once the toughest part of the negotiation is behind us, we see a cleaner opportunity for crypto and risk assets to finally mark a bottom,” she added.

Related: Bitcoin can hit $250K in 2025 if Fed shifts to QE: Arthur Hayes

Both traditional and cryptocurrency markets continue to lack upside momentum ahead of the US tariff announcement.

70% chance of crypto bottoming before June amid trade fears: Nansen

BTC/USD, 1-day chart. Source: Nansen

“For the main US equity indexes and for BTC, the respective price charts failed to resurface above their 200-day moving averages significantly, while lower-lookback price moving averages are falling,” wrote Nansen in an April 1 research report

“Fragile market psychology highlights the necessity of “good news,” mainly on US growth and on tariffs,” added the report.

Related: Michael Saylor’s Strategy buys Bitcoin dip with $1.9B purchase

Bitcoin needs to hold $82k amid crypto market “wait and see” mode: analyst

Investors are currently in “wait and see mode” and are hesitant to take on large positions as markets lack direction.

However, the Crypto Fear & Greed Index remained above the “extreme fear” mark for a third consecutive session, which suggests a marginal improvement despite continued caution, Stella Zlatareva, dispatch editor at digital asset investment platform Nexo, told Cointelegraph.

“This reinforces the view that markets are in a wait-and-see mode,” Zlatareva told Cointelegraph, adding:

“Bitcoin continues to consolidate within the $82,000 – $85,000 range after experiencing a period of directional recalibration in Q1. The asset is navigating this zone with key support at $82,000 and upside potential toward $86,500 and $90,000 if broader sentiment stabilizes.”

Other traders are awaiting a Bitcoin breakout above $84,500 as a signal for more upside momentum amid the ongoing tariff uncertainty.

Magazine: Bitcoin ATH sooner than expected? XRP may drop 40%, and more: Hodler’s Digest, March 23 – 29

Continue Reading

Politics

VanEck eyes BNB ETF with latest Delaware trust filing

Published

on

By

VanEck eyes BNB ETF with latest Delaware trust filing

VanEck eyes BNB ETF with latest Delaware trust filing

Investment company VanEck filed to register a Delaware trust company for an exchange-traded fund (ETF) tracking Binance-linked BNB cryptocurrency.

VanEck, on March 31, registered a new entity under the name VanEck BNB ETF in Delaware, according to public records on the official Delaware state website.

In filing 10148820, the entity is registered as a trust corporate service company in Delaware, hinting at a potential spot BNB (BNB) ETF in the United States.

VanEck eyes BNB ETF with latest Delaware trust filing

VanEck BNB ETF trust registration in Delaware. Source: Delaware.gov

According to social media reports, VanEck is the first company to propose a potential BNB ETF in the US, potentially signaling an expansion of BNB Chain — formerly known as Binance Chain — across traditional financial products in the market.

BNB ETP product already exists in Europe

While VanEck is the first to move toward a potential BNB ETF product in the US, similar products have been trading in Europe for several years.

Prominent European crypto asset manager 21Shares launched a BNB exchange-traded product (ETP) in Switzerland in October 2019, according to TradingView.

VanEck eyes BNB ETF with latest Delaware trust filing

21Shares BNB ETP details. Source: TradingView

TradingView data suggests that 21Shares BNB ETP has only $15 million in assets under management (AUM), a 0.3% share of Switzerland’s total crypto AUM of $5.3 billion as of March 28, as reported by CoinShares.

Related: Grayscale files S-3 for Digital Large Cap ETF

The product reportedly saw a significant drop in fund flows in the past year, totaling 537 million euros, or $580 million.

What is BNB?

Formerly known as Binance Coin, BNB is the native digital asset of the BNB Chain, which is now described as a “community-driven and decentralized blockchain ecosystem for Web3 decentralized applications.”

BNB was launched by Binance in July 2017 as an ERC-20 token on the Ethereum blockchain as a tool to incentivize users to trade on their platform and pay for fees at a discounted rate.

Delaware, United States, Binance, Binance Coin, ETF

Five top crypto assets by market capitalization. Source: CoinGecko

At the time of writing, BNB is the fifth-largest cryptocurrency asset by market capitalization, worth about $88 billion, according to CoinGecko.

Altcoin filings surge with Trump administration

VanEck’s BNB ETF trust filing is just one of many new US altcoin ETF filings and registrations that have followed Donald Trump’s presidential inauguration in January.

In early March, VanEck registered a similar Delaware trust for an ETF tracking the price of Avalanche (AVAX), also becoming one of the first companies to register such a trust.

Many ETF issuers have filed for an XRP (XRP) ETF with the Securities and Exchange Commission, with at least nine companies submitting standalone XRP ETF filings as of March 12.

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

Continue Reading

Politics

SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

Published

on

By

SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

The US Securities and Exchange Commission and crypto exchange Gemini have asked to pause the regulator’s suit over the exchange’s Gemini Earn program, saying they want to discuss a potential resolution. 

In an April 1 letter to New York federal court judge Edgardo Ramos, lawyers representing the SEC and Genesis requested a 60-day hold on the case and that all deadlines be pulled “to allow the parties to explore a potential resolution.” 

“In this case, the parties submit that it is in each of their interests to stay this matter while they consider a potential resolution and agree that no party or non-party would be prejudiced by a stay,” the letter states.

The lawyers added that a stay was in the court’s interest as “a resolution would conserve judicial resources” and proposed that a joint status report be submitted within 60 days after the entry of the stay.

The SEC sued Gemini and crypto lending firm Genesis Global Capital in January 2023, alleging they offered unregistered securities through the Gemini Earn program.

In March 2024, Genesis agreed to pay $21 million to settle charges related to the lending program, but the enforcement case against Gemini remains outstanding.

SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

Letter from SEC and Genesis Global requesting extension of stay. Source: CourtListener

The letter did not specify what a possible resolution would entail, but the SEC has dropped several lawsuits it launched against crypto companies under the Biden administration, including against Coinbase, Ripple and Kraken.

Related: Will new US SEC rules bring crypto companies onshore?

In February, Gemini said the SEC closed a separate investigation into the firm as the regulator winds back its crypto enforcement under President Donald Trump. 

“The SEC cost us tens of millions of dollars in legal bills alone and hundreds of millions in lost productivity, creativity, and innovation. Of course, Gemini is not alone,” Gemini co-founder Cameron Winklevoss said at the time.

OpenSea, Crypto.com and Uniswap, among others, have also recently reported that the SEC had closed similar probes into their companies that were investigating alleged breaches of securities laws.

Magazine: Bitcoin ATH sooner than expected? XRP may drop 40%, and more: Hodler’s Digest, March 23 – 29

Continue Reading

Trending