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Union leaders have urged Sir Keir Starmer to be bolder with his vision for the country if he wants to win the next election and lead Britain out of decline.

In a message to the potential future incumbent of Downing Street, union chiefs said the Labour leader needed to offer a more positive message than simply being “better than the Conservatives”.

The choice words were delivered at the Trades Union Congress (TUC) annual conference in Liverpool, where issues like workers’ rights, the state of public services and the cost of living crisis are being hotly debated.

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Paul Novak, the new general secretary of the TUC, delivered a rousing speech on Monday, claiming the Conservatives have “broken Britain” and calling for change in the form of a Labour government.

But while Labour traditionally enjoys the support of unions, the party’s perceived move to the centre, with a focus on fiscal Conservatism, has attracted anger among the movement.

Sharon Graham, leader of Labour’s biggest union donor Unite, has accused the party of becoming a “1990s tribute act” to former prime minister Tony Blair.

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Despite winning three elections, she told Sky News that Sir Keir’s leadership needs to be more radical than then because there is less money in the public coffers to spend – and options such as wealth taxes and nationalising energy should be considered to raise capital.

In a reference to the post-war Labour government of Clement Attlee, which founded the NHS, she said: “Britain is in crisis. And what we need to do now is not to look back to 1997.

“What we need to do is be more like in 1945. The country needs a reboot and Labour needs to put policies forward that give it that reboot.”

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Sharon Graham calls on Labour to be ‘like 1945’

That sentiment was echoed by the leader of the PCS union that represents civil servants.

Mark Serwotka, a Labour member, said Sir Keir needs to offer a vision for people to vote for Labour “that is more than just ‘we’re better than the Conservatives'”.

He told Sky News: “Britain is in crisis. We’ve got people waiting for 15 hours in ambulances, schools being shut through crumbling concrete, a 180,000 backlog of asylum cases because of lack of staff and incredibly £45bn in uncollected tax because we don’t have enough staff in tax offices. A crisis needs urgent and radical action.”

Mr Serwotka called on Labour to offer things like free school meals, a record investment in public services and a clamp down on tax evasion.

He denied “singing from a different hymn sheet” to Mr Nowak, who urged the trade union movement to unite behind Labour “to kick this rotten government out”.

Mr Serwotka insisted: “I want to see a Labour government, but I don’t want to see a Labour government that comes in and tells people that they’ve ‘still got to live in poverty, there’s nothing much we can do about it’.

“The point of a Labour government is to offer hope to those currently in despair. And the way to do that is to say ‘we will be bold, we will invest in our communities’.”

Paul Nowak, general secretary of the TUC speaking at the TUC congress at the ACC Liverpool. Picture date: Monday September 11, 2023.
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Paul Nowak accused the Tories of having ‘broken Britain’

In a direct challenge to the Labour leader, he added: “If I had the chance to talk to Keir Starmer, I would say to him, enthuse those voters who didn’t vote Labour last time. Tell them why you would make a difference to their lives and you can win an election. But if you only rely on not being a Conservative, you risk winning the election. So be bold.”

Starmer: Labour ‘absolutely focused on future’

After more than a decade out of power, Sir Keir is hoping to become the first Labour prime minister to win at the ballot box since Mr Blair – who secured two more terms after his landslide victory in 1997.

He has sought to rebuild the party focusing on a more centrist style than his predecessor, Jeremy Corbyn, and has stressed the need for fiscal Conservatism amid bleak warnings about the state of the UK economy.

In recent months, he has rowed back on a number of big spending commitments, arguing Labour will only get into government if they are trusted to handle the public finances.

However, he insisted there is still “a lot of common ground” with trade unions when asked about the criticism.

Speaking ahead of a dinner with union leaders in Liverpool tonight, Sir Keir said: “The Labour Party is absolutely focused on the future, not the past, and the challenges that we will inherit if we’re privileged enough to go into government.

“The central challenge will be growing the economy. Within that is dignity and respect for working people in their working environment.”

Asked how he plans to keep unions on side, he added: “The Labour Party and the trade unions have had a long relationship together and we had a big session at the beginning of the summer where we agreed policy going forward.

“So what you’ll see here is a lot of common ground as we go towards what we know will be really huge challenges.”

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SEC ends Biden-era probe into tokenized equity platform Ondo Finance

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SEC ends Biden-era probe into tokenized equity platform Ondo Finance

The US Securities and Exchange Commission has officially dropped its investigation into the New York-based tokenization platform Ondo Finance, which it initiated in 2023.

Ondo Finance has received formal notice that a confidential, multi-year SEC investigation into the platform has been closed without any charges, the company announced on Monday.

“The probe examined whether Ondo’s tokenization of certain real-world assets complied with federal securities laws as well as whether the ONDO token was a security,” the statement said.

The SEC’s decision to end the investigation reflects a broader shift in the US policy regarding real-world asset (RWA) tokenization, bringing it on the authority’s formal agenda, Ondo noted.

A new chapter of tokenization in the US

According to a report by Crypto in America, the SEC initially opened the probe in October 2023 under former SEC Chair Gary Gensler, who was known for his stringent stance toward the crypto industry.

However, since Paul Atkins took over as SEC chair, the agency has closed a number of crypto-related cases involving major companies, including Coinbase, Ripple and Kraken.

“When the inquiry began in 2024, the US regulatory environment for digital assets was defined by caution, confusion, and occasionally overbroad enforcement actions,” Ondo Finance said in its blog post.

Source: Ondo Finance

Against that backdrop, Ondo was “one of the only firms focused on tokenizing publicly listed equities at scale,” it said, adding: “Being early, and being successful, came with scrutiny.”

According to Ondo, the resolution of the SEC inquiry marks the end of one chapter for Ondo and the beginning of another, where tokenized securities become a “core part of the US capital markets.”

“The future of global finance, including U.S. capital markets, will be onchain and Ondo will help lead that transition,” Ondo said.

Most US tokenization platforms serve overseas markets

The news comes as most tokenization platforms offer tokenized equity products primarily to customers outside the US, including firms such as Kraken-owned Backed, the issuer of xStocks.

While these platforms tokenize major US-listed stocks and exchange-traded funds (ETFs), many of the offerings are aimed at clients located overseas, particularly in Europe.