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.
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.
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.
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“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’.”
Image: 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.
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.”
Traditional financial markets are moving rapidly onchain as the US Securities and Exchange Commission chair doubled down on the idea of an “innovation exemption” to accelerate tokenization.
“U.S. financial markets are poised to move on-chain,” wrote Paul Atkins, chair of the SEC, in a Friday X post, adding that the agency is “embracing new technologies to enable this onchain future.”
His comments come shortly after the SEC issued a “no action” letter to a subsidiary of the Depository Trust and Clearing Corporation (DTCC), enabling it to offer a new securities market tokenization service.
The DTCC plans to tokenize assets, including the Russell 1000 index, exchange-traded funds tracking major indexes and US Treasury bills and bonds, which Atkins called an “important step towards onchain capital markets.”
“On-chain markets will bring greater predictability, transparency, and efficiency for investors,” he said.
However, the green light for the DTCC’s pilot is only the beginning, as the SEC will consider an innovation exemption to enable builders to start “transitioning our markets onchain,” without being burdened by “cumbersome regulatory requirements,” added Atkins.
Atkins pledged to encourage innovation as the industry moves toward onchain settlement, which would mean settling transactions on a blockchain ledger, removing intermediaries, enabling 24/7 trading and faster transaction finality.
Cointelegraph has contacted the SEC for comment on the details and timeline of an innovation exemption for tokenization.
Atkins first proposed an innovation exemption for tokenization during his remarks at the Crypto Task Force Roundtable on DeFi on June 9.
The SEC’s no-action letter means that the agency won’t take enforcement action if the DTCC’s product operates as described. The DTCC provides clearing, settlements and trading services as one of the most important infrastructure providers for US securities.
Asset tokenization involves minting tangible assets on the blockchain ledger, offering more investor access through fractionalized shares and 24/7 trading opportunities.
DTCC pilot and RWA builders push more TradFi onchain
Crypto analysts have praised the SEC’s move to allow the DTCC’s new market tokenization service, which will award tokenized assets the same entitlements and investor protection mechanisms as traditional assets.
“Not sure people fully appreciate how quickly financial markets are heading towards full tokenization… Moving even faster than I expected,” wrote ETF analyst Nate Geraci, in a Friday X post.
Over the past few months, the SEC issued two no-action letters: one for a Solana-based decentralized physical infrastructure network (DePIN) project, and a second no-action letter in September that allowed investment advisers to use state trust companies as crypto custodians.
Meanwhile, crypto projects continue to raise funds to build the infrastructure necessary for tokenized onchain markets.
On Tuesday, asset tokenization network Real Finance closed a $29 million private funding round to build an infrastructure layer for real-world assets (RWAs) that can boost institutional participation.
Crypto exchange Binance has added new features to its application programming interface (API), indicating that the platform is preparing to introduce stock trading capabilities.
Binance’s changelog notes that on Thursday, the exchange introduced three new API endpoints, one of which — with a URL including stock/contract — allows users to “sign [a] TradFi-Perps agreement contract.” The two other endpoints introduced on the same day allow users to query “trading session schedules for a one-week period” or “current trading session information.”
Together, this suggests that Binance is planning to introduce perpetual futures trading on its platform. The existing trading schedule endpoints also suggest trading will likely occur in sessions, as in traditional finance, rather than following crypto’s 24/7 nature.
Binance’s initiative follows a series of similar efforts by players in both traditional and crypto finance, taking stock tokenization out of the fringes of finance. Friday reports indicate that top US-based crypto exchange Coinbase is days away from unveiling its push into tokenized stocks and prediction markets.
However, not everyone is enthusiastic about how stock tokenization is being rolled out. Market maker Citadel Securities caused an uproar earlier this month when it recommended that the US Securities and Exchange Commission tighten regulations on tokenized stock trading on decentralized finance (DeFi) platforms.
According to the market maker, DeFi developers, smart-contract coders and self-custody wallet providers should not be given “broad exemptive relief” for offering trading of tokenized US equities. Citadel argued that DeFi platforms likely fall under the definitions of an “exchange” or “broker-dealer” and should be regulated under securities law.
It also claimed that allowing those platforms to operate free from regulations “would create two separate regulatory regimes for the trading of the same security.” The World Federation of Exchanges (WFE) also argued in late November that the SEC shouldn’t grant broad regulatory relief to companies launching tokenized stock offerings.
The WFE said tokenization “is likely a natural evolution in capital markets” and that it was “pro-innovation.” Still, the organization argued that it “must be done in a responsible way that does not put investors or market integrity at risk.”
The comments followed tokenized stocks making their way not only to centralized crypto exchanges, but also to the DeFi ecosystem. At the end of June, more than 60 tokenized stocks had launched on Solana-based DeFi platforms as well as on crypto exchanges Kraken and Bybit.
Other traditional finance players appeared to follow the “if you can’t beat them, join them” approach to the issue.
Last month, Nasdaq’s head of digital assets strategy, Matt Savarese, said the stock exchange is making SEC approval of its proposal to offer tokenized versions of stocks listed on the exchange a top priority.
The race intensified after the SEC was reported to be developing a plan to allow blockchain-registered versions of stocks to trade on cryptocurrency exchanges by the end of September.
SEC Chair Paul Atkins recently described tokenization as an “innovation” the agency should seek to advance, not restrict. The SEC issued a “no-action” letter Thursday to a subsidiary of the Depository Trust and Clearing Corporation that specializes in tokenizing securities, indicating that the regulator intends to allow the company to offer a new securities market tokenization service.
The United Arab Emirates is not choosing between Bitcoin and broader crypto. Instead, it is deliberately building both, in different cities and for different stages of adoption.
Abu Dhabi, the capital of the UAE, has positioned itself as a hub for Bitcoin (BTC)-focused institutional infrastructure, emphasizing custody, over-the-counter (OTC) liquidity, mining and regulated capital markets. Dubai, by contrast, has built a broader crypto economy that spans payments, stablecoins, Web3 apps, gaming, tokenization and consumer-facing products.
While this shows a distinction, industry participants noted that it reflects a layered strategy and not fragmentation. “The two approaches are complementary,” said Gregg Davis, producer of Bitcoin MENA, the largest Bitcoin-focused event in the UAE.
“A broad digital-asset ecosystem naturally directs attention toward the most secure and time-tested asset — Bitcoin. Together, they create a diverse and dynamic market across the UAE,” Davis told Cointelegraph.
Dubai’s ecosystem maximizes participation and real-world usage, according to Matthias Mende, co-founder of the Dubai Blockchain Center and the founder of the Web3 social verification platform Bonuz.
“In simple terms, Abu Dhabi is building ‘crypto Wall Street,’ while Dubai is building the place where people actually use this technology every day,” Mende said.
Michael Saylor at the Bitcoin MENA event. Source: Cointelegraph
Abu Dhabi’s Bitcoin-first institutional thesis
Davis argued that Abu Dhabi’s strategy is rooted in a clear distinction between Bitcoin and the broader crypto landscape.
“Abu Dhabi has done the work to understand that Bitcoin stands apart from the broader digital-asset landscape,” Davis said. “Much of what falls under ‘Web3’ remains speculative or built around problems that may not need solving.”
According to Davis, the intent to position Abu Dhabi as a center for institutional Bitcoin is already visible.
“Major entities in Abu Dhabi gaining exposure to Bitcoin is a strong signal of long-term conviction,” he told Cointelegraph. He added that clearer regulatory pathways and public-sector support have made the emirate attractive for Bitcoin-native firms.
Recent developments back up this institutional Bitcoin thesis. Abu Dhabi has emerged as a focal point for large-scale, regulated Bitcoin activity, underscored by the launch of the Bitcoin MENA 2025 event, which brought institutional investors, miners and infrastructure providers to the emirate to discuss custody, mining and treasury strategies.
While Abu Dhabi focuses on institutional rails, Dubai has taken a broader approach, designing a regulatory environment intended to support entire industries built on top of digital assets.
“Dubai is trying to build the full crypto economy around that,” Mende told Cointelegraph. “Consumer apps, brands, payments, gaming, creators and tokenization.”
He told Cointelegraph that the convergence of stablecoins, tokenized real-world assets (RWAs) and consumer-facing apps created a new economic layer that goes beyond trading.
“Stablecoins will be the visible part — simple ‘scan, tap, pay’ flows — while RWAs bring serious institutional capital onchain,” Mende said, adding that blockchain-based digital IDs, non-fungible tokens (NFTs), vouchers and tickets make the whole system human-centric and “useful for daily life.”
Dubai’s regulatory clarity has been a major enabler of the crypto economy vision. “The biggest enabler is clarity,” Mende said. “Founders know which activities are regulated, what license they need and which rulebook they fall under, so they can design products and token models with a clear path.”
That clarity, however, does not eliminate all friction. Mende told Cointelegraph that challenges remain at the interface with traditional finance, particularly banking and fiat on- and off-ramps, and in more experimental areas such as decentralized finance and DAOs, where frameworks are still evolving.
As Dubai’s crypto economy develops, multiple industry leaders point to payments and stablecoins as the first area of durable, real-world adoption.
“Payments and stablecoin infrastructure will lead because they solve a universal and urgent problem: cross-border settlement that is slow, expensive and fragmented,” Patrick Ngan, the chief investment officer at Zeta Network Group, told Cointelegraph.
According to Ngan, regulatory clarity provides financial institutions with the confidence to integrate digital settlement rails directly into commerce. “Once those rails are in place, volume follows,” he said. “That is where the first durable, real-world adoption will appear.”
SingularityDAO founder Marcello Mari echoed the sentiment. He said that stablecoins are already more embedded in everyday activity than many outside the region realize.
“In Dubai, USDT and USDC are actually used more than you think — for rent, remittances, real estate and service payments,” Mari said. “Gaming and Web3 creators will follow, but stablecoins are the first bridge to real-world utility.”
Apart from crypto-native companies, stablecoins have caught the attention of mainstream companies in the UAE. On Thursday, state-owned telecom giant e& announced that it’s preparing to test a dirham-backed stablecoin for bill payments.
However, both Ngan and Mari said that while regulatory clarity exists, operational timelines and banking relationships remain the biggest bottlenecks. “The rules are clear, but the process requires patience and strong operational discipline,” Ngan said.