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In 1935, the American novelist Sinclair Lewis published a political novel entitled It Couldn’t Happen Here. The book was really a warning of what could go wrong depicting the rise of a fascist dictator and society in the US.

Fortunately, it turned out to be unnecessary. America was the leading force establishing the post-war democratic world order and, imperfectly, creating a “great society” and establishing civil rights.

That was then. Now, in defiance of multiple criminal indictments, Donald Trump is the favourite to be re-elected president of the US next year.

He openly espouses many of the “America First” attitudes that are satirised in Lewis’s story.

Meanwhile, It Could Happen Here is the title of a popular critical podcast that, according to promotional blurb, takes “a jaunty walk through the burning ruins of the old world”.

Those who say “only in America” are kidding themselves.

Politicians who can be described as populist nationalists have already entered government through the ballot box in Turkey, Hungary, Poland, Russia and Italy.

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In Spain, France and Germany, far-right parties are gaining strength and are already power brokers, driving the policies of mainstream parties in their direction.

In Ireland, a rabble of some 200 blockaded the Dail for an afternoon last week, January 6-style they brought along a mock gallows, decorated with images of members of the traditional parties and the police commissioner.

In Argentina, Javier Milei, an anarcho-capitalist who has called the Pope “a piece of s***”, is current favourite to be the next president.

Meanwhile, rising global powers such as the Peoples’ Republic of China and the Kingdom of Saudi Arabia are autocratic dictatorships.

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‘It’s Trump or death’

It could happen here

Those who see themselves as centrists – whether centre-right or centre-left – in this country still comfort themselves that the UK is not as polarised as the US and that the British have always been moderate. We would never saddle ourselves with an autocratic government.

And yet, in our society, as elsewhere, there is widespread dissatisfaction with the way things are and an urge to seek out others to blame. Opinion polls find that younger adults are increasingly losing faith in representative democracy.

Read more:
A general election isn’t far away – and Labour need to make Sir Keir look like a PM
Sunak will not go quietly – and will do what it takes to shift the dial ahead of election

Small “l” liberalism means entertaining and even encouraging the expression of points of view on all sides of an argument.

This is not the position taken either by populists on the right, who want to coerce and overrule those with whom they disagree or by those on the left embracing “cancel culture”.

The common enemy of the extremes is the centre.

Centrism accepts rules-based order and the operation of checks and balances between what people ask for, the politicians who try to satisfy them and the legal structures that constrain them. As society evolves, we assume democratic systems have the capacity to adjust to them.

Populism rejects this approach. It is intolerant. It denounces the status quo and exaggerates how bad things are, without taking any political responsibility.

Trump talked about “American carnage” and is now belittling fellow Republicans competing for his party’s nomination.

Suella Braverman flies out to a right-wing American thinktank to attack the past 25 years’ immigration policy “too much, too quick, with too little thought” when her Conservative Party has been in government for the past 13 of those years.

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Braverman uses ‘unprecedented’ language

Populists talk tough about law and order for others but have little respect for it when they fall foul of it. The “good chap” theory of politics, described by Lord (Peter) Hennessy, would have barred a return by Braverman as home secretary, after she resigned for breaching the ministerial code.

But Rishi Sunak needed to hug her close to shore up his shaky unelected hold on the Conservative Party leadership, so they both looked the other way. Sympathetic Tory politicians and news outlets lauded the vandalism on ULEZ enforcement devices.

Trump views any legal curb on his behaviour as unjustified and politically motivated. Trump and the Republican Senate have successfully politicised the Supreme Court in their image.

In Israel, Trump’s friend Benjamin Netanyahu is attempting much the same, apparently to save himself from prosecutions for corruption.

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Targeting checks and balances

Would-be autocrats try to undermine any independent authorities they cannot dominate. Boris Johnson’s challenge to the monarchy, the courts and parliament was an overt attempt to break them as regulating forces.

A similar approach is evident where this country is a participant, voluntarily and with a voice, in international organisations concerned with multi-lateral issues.

The Take Back Control slogan from Leave EU was a pure expression of this destructive and deluded impulse.

Now the government is floating leaving the European Convention of Human Rights (ECHR) as “a warning shot” to the Strasbourg court.

Any government should argue its case vigorously, attempts to coerce justice with threats are a different matter. The ECHR was established after 1945 to prevent authoritarians persecuting minorities again.

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Evidently, such angry political posturing attracts support, especially when times are as hard and as globally competitive as they are now.

But even when, as at present, the majority do not go along blaming others – whether migrants or mainstream media and politicians – mobilising core voters can yield big dividends.

In the United States, skewed constitutional arrangements have resulted in the Republicans winning control in the White House and Congress, when significantly defeated in the popular vote.

Johnson and Truss owed their prime ministership to Conservative Party activists, not the electorate. Sunak was installed by the passive aggression of Tory MPs.

In continental Europe, populists have broken through by founding new parties, such as Vox and Alternative für Deutschland. In the US and UK, they have risen on the inside of existing parties, which command automatic, unthinking, legacy loyalty from some voters.

Trump was elected because he was able to take over the Republicans, the Grand Old Party, even though he had no track record within it.

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Can the Tories win voters back?

What if the Tories win?

In this country, some voters, and much of the media, will accommodate the Conservative Party and give it their backing, irrespective of where its leaders are taking it.

The Tories could win the next election, more likely obeying the pendulum theory of politics beloved of centrists, at a subsequent contest. What will they stand for when they get into power again?

In anticipation of possible defeat at the approaching election, the Conservative Party is already in a state of civil war about where it goes next.

Following the purges conducted by Johnson, and the despairing retirements precipitated by Truss, the centre-right of the party is in a weakened state.

Braverman and Kemi Badenoch are favourites to contest the party leadership, assuming that Sunak does not pre-empt them by continuing to stampede in their rightward, negativist, policy direction.

There are a lot of ifs, which would have to be made real. It would then, of course, be what people voted for. It would kill off the centrist consensus, which has prevailed in this country for centuries.

But, more possible than ever, it could happen here.

Watch Sunday Morning With Trevor Phillips at 8.30am on Sky News – live from the Conservative Party conference. He will be joined by Levelling Up Secretary Michael Gove, former home secretary Dame Priti Patel, and Labour’s shadow Scotland secretary Ian Murray.

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CFPB likely to step back from crypto regulation — Attorney

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CFPB likely to step back from crypto regulation — Attorney

CFPB likely to step back from crypto regulation — Attorney

The Consumer Financial Protection Bureau (CFPB) will likely see a reduced role in crypto regulations as other federal agencies like the Securities and Exchange Commission (SEC) and state-level regulators assume a bigger role in crypto policy, according to Ethan Ostroff, partner at the Troutman Pepper Locke law firm.

“I think with the current administration, my sense is, we are highly likely to see a significant pullback by the CFPB in the context of the activity by other regulators,” Ostroff told Cointelegraph in an interview.

State regulators also have the authority under the Consumer Financial Protection Act (CFPA) to assume some of the regulatory roles of the CFPB, the attorney said but also added that some regulatory functions will continue to fall within the purview of the CFPB as a matter of established law.

Ostroff cited the New York Department of Financial Services (NYDFS) and the California Department of Financial Protection and Innovation (DFPI) as regulators to keep an eye on as potential leaders of crypto regulations at the state level.

However, the attorney clarified that while the CFPB may see a diminished role during the Trump administration, the agency would not be outright dismantled during the current regime due to “statutorily mandated obligations and requirements” that require acts of Congress to change.

Related: Elon Musk’s ‘government efficiency’ team turns its sights to SEC — Report

Trump administration targets CFPB in efficiency push

The Trump administration targeted the CFPB as part of a broader push by the Department of Government Efficiency (DOGE) to slash government spending and reduce the federal debt.

Russell Vought, the recently appointed head of the CFPB, announced major funding cuts to the agency and scaled back operations within days of assuming the helm at the CFPB in February 2025.

Bitcoin Regulation, US Government, United States, Donald Trump

Source: Russell Vought

Massachusetts Senator Elizabeth Warren criticized Elon Musk for dismantling the CFPB, which the US senator co-founded back in 2007.

Warren characterized Musk as a “bank robber” and claimed that the Trump administration dismantled the CFPB to undo consumer protection rules and have greater control over the financial system.

In a February 12 interview with Mother Jones, the senator stressed that the Executive Branch of government does not have the statutory authority to fully dismantle the CFPB, which can only be done through Congressional approval.

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

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Nearly 400,000 FTX users risk losing $2.5 billion in repayments

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Nearly 400,000 FTX users risk losing .5 billion in repayments

Nearly 400,000 FTX users risk losing .5 billion in repayments

Nearly 400,000 creditors of the bankrupt cryptocurrency exchange FTX risk missing out on $2.5 billion in repayments after failing to begin the mandatory Know Your Customer (KYC) verification process.

Roughly 392,000 FTX creditors have failed to complete or at least take the first steps of the mandatory Know Your Customer verification, according to an April 2 court filing in the US Bankruptcy Court for the District of Delaware.

FTX users originally had until March 3 to begin the verification process to collect their claims.

“If a holder of a claim listed on Schedule 1 attached thereto did not commence the KYC submission process with respect to such claim on or prior to March 3, 2025, at 4:00 pm (ET) (the “KYC Commencing Deadline”), 2 such claim shall be disallowed and expunged in its entirety,” the filing states.

Nearly 400,000 FTX users risk losing $2.5 billion in repayments

FTX court filing. Source: Bloomberglaw.com

The KYC deadline has been extended to June 1, 2025, giving users another chance to verify their identity and claim eligibility. Those who fail to meet the new deadline may have their claims permanently disqualified.

According to the court documents, claims under $50,000 could account for roughly $655 million in disallowed repayments, while claims over $50,000 could amount to $1.9 billion — bringing the total at-risk funds to more than $2.5 billion.

Nearly 400,000 FTX users risk losing $2.5 billion in repayments

FTX court filing, estimated claims. Source: Sunil

The next round of FTX creditor repayments is set for May 30, 2025, with over $11 billion expected to be repaid to creditors with claims of over $50,000.

Under FTX’s recovery plan, 98% of creditors are expected to receive at least 118% of their original claim value in cash.

Related: FTX liquidated $1.5B in 3AC assets 2 weeks before hedge fund’s collapse

How FTX users can complete KYC

Many FTX users have reported problems with the KYC process.

However, users who were unable to submit their KYC documentation can resubmit their application and restart the verification process, according to an April 5 X post from Sunil, FTX creditor and Customer Ad-Hoc Committee member.

Nearly 400,000 FTX users risk losing $2.5 billion in repayments

FTX KYC portal. Source: Sunil

Impacted users should email FTX support (support@ftx.com) to receive a ticket number, then log in to the support portal, create an account, and re-upload the necessary KYC documents.

Related: Crypto trader turns $2K PEPE into $43M, sells for $10M profit

FTX’s Bahamian subsidiary, FTX Digital Markets, processed the first round of repayments in February, distributing $1.2 billion to creditors.

The crypto industry is still recovering from the collapse of FTX and more than 130 subsidiaries launched a series of insolvencies that led to the industry’s longest-ever crypto winter, which saw Bitcoin’s (BTC) price bottom out at around $16,000.

While not a “market-moving catalyst” in itself, the beginning of the FTX repayments is a positive sign for the maturation of the crypto industry, which may see a “significant portion” reinvested into cryptocurrencies, Alvin Kan, chief operating officer at Bitget Wallet, told Cointelegraph.

Magazine: XRP win leaves Ripple a ‘bad actor’ with no crypto legal precedent set

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Sir Keir Starmer pledges to protect UK companies from Trump tariff ‘storm’

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Sir Keir Starmer pledges to protect UK companies from Trump tariff 'storm'

Sir Keir Starmer has said his government stands ready to use industrial policy to “shelter British business from the storm” after Donald Trump’s new 10% tariff kicked in.

The UK was among a number of countries hit with the lowest import duty rate following the president’s announcement on 2 April – which he called ‘Liberation Day’, while other nations, such as Vietnam, Cambodia and China face much higher US levies.

But a global trade war will hurt the UK’s open economy.

The prime minister said “these new times demand a new mentality”, after the 10% tax on British imports into America came into force on Saturday. A 25% US levy on all foreign car imports was introduced on Thursday.

It comes as Jaguar Land Rover announced it would “pause” shipments to the US for a month, as firms grapple with the new taxes.

On Saturday, the car manufacturer said it was working to “address the new trading terms” and was looking to “develop our mid to longer-term plans”.

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Jobs fears as Jaguar halts shipments

Referring to the tariffs, Sir Keir said “the immediate priority is to keep calm and fight for the best deal”.

Writing in The Sunday Telegraph, he said that in the coming days “we will turbocharge plans that will improve our domestic competitiveness”, adding: “We stand ready to use industrial policy to help shelter British business from the storm.”

It is believed a number of announcements could be made soon as ministers look to encourage growth.

NI contribution rate for employers goes up

From Sunday, the rate of employer NICs (national insurance contributions) increased from 13.8% to 15%.

At the same time, firms will also pay more because the government lowered the salary threshold at which companies start paying NICs from £9,100 to £5,000.

Also, the FTSE 100 of leading UK companies had its worst day of trading since the start of the pandemic on Friday, with banks among some of the firms to suffer the sharpest losses.

Sir Keir said: “This week, the government will do everything necessary to protect Britain’s national interest. Because when global economic sands are shifting, our laser focus on delivering for Britain will not. And these new times demand a new mentality.”

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Trump defiant despite markets

UK spared highest tariff rates

Some of the highest rates have been applied to “worst offender” countries including some in Southeast Asia. Imports from Cambodia will be subject to a 49% tariff, while those from Vietnam will face a 46% rate. Chinese goods will be hit with a 34% tariff.

Imports from France will have a 20% tariff, the rate which has been set for European Union nations. These will come into effect on 9 April.

Read more:
Red wall on Wall Street – but Trump undeterred
How will UK respond to Trump’s tariffs?

Sir Keir has been speaking to foreign leaders on the phone over the weekend, including French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni and Australian Prime Minister Anthony Albanese, to discuss the tariff changes.

A Downing Street spokesperson said of the conversation between Sir Keir and Mr Macron: “They agreed that a trade war was in nobody’s interests but nothing should be off the table and that it was important to keep business updated on developments.

“The prime minister and president also shared their concerns about the global economic and security impact, particularly in Southeast Asia.”

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Trump’s warning

Mr Trump has warned Americans the tariffs “won’t be easy”, but urged them to “hang tough”.

In a post on his Truth Social platform, he said: “We are bringing back jobs and businesses like never before.

“Already, more than FIVE TRILLION DOLLARS OF INVESTMENT, and rising fast!

“THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN. HANG TOUGH, it won’t be easy, but the end result will be historic.”

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