Connect with us

Published

on

The leader of Burnley Council and 10 other councillors have resigned from the Labour Party over Sir Keir Starmer’s decision not to push for a ceasefire in Gaza, Sky News understands.

Afrasiab Anwar, who has been in the party for 10 years, said it had been a “really difficult decision” to leave Labour.

He was among those calling for Sir Keir to step down on Thursday.

Please use Chrome browser for a more accessible video player

‘Is ceasefire issue tearing Labour apart?’

The 11 councillors described their memberships as “untenable” given the leadership’s refusal to demand a ceasefire in the Middle East.

In a statement, they said Sir Keir had indicated he “does not value the voice of the grassroots of the party” – citing remarks the opposition leader made following a speech on Friday in the North East.

Sir Keir, who has come under internal pressure for Labour to demand a cessation of hostilities, told reporters his focus was on stopping the suffering in Gaza, not on the “individual positions” of party members.

Labour has backed the UK government’s stance of calling for a pause in the fighting to allow humanitarian aid and medical treatments to reach Palestinians in Gaza.

Analysis: Sir Keir’s attempts to draw a line under the ceasefire row are backfiring


Amanda Akass is a politics and business correspondent

Amanda Akass

Political correspondent

@amandaakass

Sir Keir Starmer has spent weeks trying to downplay his party’s divisions over the question of a ceasefire in Gaza – but the row continues to escalate.

On Friday he claimed Labour was “united” on the issue because everyone is motivated by the same desire to alleviate human suffering there – and that he just isn’t concerned about the individual positions of party members.

But this attempt to paper over the cracks with optimistic descriptions just isn’t cutting it with many of those members, who feel he’s just not listening.

Now the leader of Burnley Council, one of two Labour council leaders who called on Sir Keir to resign over the issue last week, has himself announced he’s stepping down from the party, along with 10 other councillors.

Cllr Afrasiab Anwar claims the views of grassroots members are being ignored. Some in the party are worried about the kind of exodus of Muslim support seen in the wake of the Iraq war.

It brings the number of councillors to have resigned from Labour to 50 – alongside the many big names who have overstepped the party line in calling for a ceasefire, including the mayors Sadiq Khan, Andy Burnham and the Scottish Labour Leader Anas Sarwar.

Last week Sir Keir attempted to draw a line under the row with a big speech and a number of interviews clarifying his position, arguing that he shares people’s “human emotion” in response to what’s happening, but that humanitarian pauses are the most practical way to alleviate the suffering of the people of Gaza.

He pointed out that demanding a ceasefire would negate Israel’s right to defend itself – both positions which are in line with the government.

He’s hoping the wider electorate will sympathise with his arguments and the desire to stand up for Israel after the horrors of 7 October, particularly given the antisemitism allegations which have haunted his party in the past.

The big risk for him is if this rebellion amongst councillors spreads to the parliamentary party.

There’s talk of left wing MPs attempting to force a vote on the issue this week, perhaps in league with the SNP, to expose the scale of opposition to his position.

Many MPs are under real pressure from their constituents – loyal shadow leader of the Commons Lucy Powell told Sky’s Kay Burley this morning she’s had protests outside her office and it’s “a difficult one for all of us to look at”.

The real challenge to Sir Keir’s leadership would be if any of those shadow frontbenchers who’ve publicly defied the party line and called for a ceasefire decide to take it further – and step down.

However, Mr Anwar said the position was “nonsensical” and did not capture the strength of feeling in his Lancashire town, along with communities elsewhere in Britain, about the war.

“We just can’t stand by watching and being part of a party that is not speaking out, or at the very least calling for a ceasefire,” Mr Anwar said.

“Instead of talking of peace – all of our world leaders, including the leader of the Labour Party, are talking about humanitarian pauses. It’s just nonsensical.

“I just don’t think the message is getting through in terms of how our communities, right across the board, are feeling about this.”

He said the group had tried “everything we could by working within the party”.

Mr Anwar added he wanted Labour to “come back to its core values of fighting for social justice”.

Analysis: Starmer’s attempts to draw a line under Gaza ceasefire row ‘aren’t cutting it’

Please use Chrome browser for a more accessible video player

Protesters shut down central London

In a statement on Sunday, the group said: “It has become apparent that Keir Starmer and the leadership either cannot or will not heed our concerns or acknowledge the sentiments within our communities.”

It added: “In response to our calls for him to resign he responded that the individual concerns of members are not his focus, further illustrating that he does not value the voice of the grassroots of the party.”

The leader of Pendle Council, which is also in Lancashire, also called on Sir Keir to resign on Thursday.

It came after senior Labour figures also broke ranks to challenge Sir Keir’s stance – including London mayor Sadiq Khan, Scottish Labour leader Anas Sarwar, and Greater Manchester mayor Andy Burnham.

Read more:
Sue Gray’s baptism of fire trying to fix Starmer’s ceasefire crisis
Labour rebels try to secure divisive Commons vote on Gaza

A Labour spokesman said: “Labour fully understands calls for a ceasefire.

“Everybody wants to see an end to this cycle of violence and suffering, we need to see hostages released and aid getting to those most in need.

“But a ceasefire now will only freeze this conflict and would leave hostages in Gaza and Hamas with the infrastructure and capability to carry out the sort of attack we saw on October 7.

“International law must be followed at all times and innocent civilians must be protected.

“Labour is calling for humanitarian pauses in the fighting.

“This is the best and most realistic way to address the humanitarian emergency in Gaza and is a position shared by our major allies, in the US and the EU.”

Continue Reading

Politics

US crypto rules like ‘floor is lava’ game without lights — Hester Peirce

Published

on

By

<div>US crypto rules like 'floor is lava' game without lights — Hester Peirce</div>

<div>US crypto rules like 'floor is lava' game without lights — Hester Peirce</div>

SEC Commissioner and head of the crypto task force, Hester Peirce, says US financial firms are navigating crypto in a way that’s similar to playing the children’s game “the floor is lava,” but in the dark.

“It is time that we find a way to end this game. We need to turn on the lights and build some walkways over the lava pit,” Peirce said at the SEC “Know Your Custodian” roundtable event on April 25.

The lava is crypto, says Peirce

Peirce explained that SEC registrants are forced to approach crypto-related activities like “the floor is lava,” where the aim is to jump from one piece of furniture to the next without touching the ground, except here, touching crypto directly is the lava.

“A D.C. version of this game is our regulatory approach to crypto assets, and crypto asset custody in particular,” she said.

Peirce said that, much like in the game, firms wanting to engage with crypto must avoid directly holding it due to unclear regulatory rules. “To engage in crypto-related activities, SEC-registrants have had to hop from one poorly illuminated regulatory space to the next, all while ensuring that they never touch any crypto asset,” Peirce said.

Cryptocurrencies, SEC, United States
Source: US Securities and Exchange Commission

Peirce said that investment advisers are often unsure which crypto assets qualify as securities, what entities count as qualified custodians, and whether “exercising staking or voting rights” could trigger custody violations.

“The twist in the regulatory version is that it is largely played in the dark: burning legal lava and no lamps to illuminate the way.”

Peirce also said that a broker or ATS that cannot custody or manage crypto assets will struggle to facilitate trading, making it unlikely for a “robust market” to develop.

Echoing a similar sentiment, SEC Commissioner Mark Uyeda said at the event that as more SEC registrants work with crypto assets, it’s essential that they have access to custodial options that meet legal and regulatory requirements.

Uyeda said the agency should consider letting advisers use “state-chartered limited-purpose trust companies” with the authority to hold crypto assets as qualified custodians.

Related: Blockchain needs regulation, scalability to close AI hiring gap

Meanwhile, the recently sworn-in chair of the SEC, Paul Atkins, said that 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.

Magazine: Bitcoin $100K hopes on ice, SBF’s mysterious prison move: Hodler’s Digest, April 19 – 25

Continue Reading

Politics

Labour and Reform in battle for Runcorn by-election seat – but disillusionment could be eventual winner

Published

on

By

Labour and Reform in battle for Runcorn by-election seat - but disillusionment could be eventual winner

On the banks of the Mersey, Runcorn and Helsby is a more complicated political picture than the apparent Labour heartland that first presents itself.

Yes, there are industrial and manufacturing areas – an old town that’s fallen victim to out-of-town shopping, and an out-of-town shopping centre that’s fallen victim to Amazon.

But there are also more middle-class new town developments, as well as Tory-facing rural swathes.

Space Café director Marie Moss says a sense of community has faded
Image:
Space Cafe director Marie Moss says a sense of community has faded

One thing this area does mirror with many across the country, though, is a fed-up electorate with little confidence that politics can work for them.

In the Space Cafe in Runcorn Old Town, its director Marie Moss says many in the region remember a time when a sense of community was more acute.

“People were very proud of their town… and that’s why people get upset and emotional as they remember that,” she says.

It’s this feeling of disenfranchisement and nostalgia-tinged yearning for the past that Reform UK is trading off in its targeting of traditional Labour voters here.

More on Liverpool

Party leader Nigel Farage features heavily on leaflets in these parts, alongside spikey messaging around migration, law and order, and Labour’s record in government so far.

Runcorn 2024 result
Image:
Runcorn 2024 result

Taxi driver Mike Holland hears frequent worries about that record from those riding in the back of his cab.

A Labour voter for decades, he says locals were “made up” at last year’s election result but have been “astonished” since then, with benefit changes a common topic of concern.

“Getting a taxi is two things, it’s either a luxury or a necessity… the necessity people are the disabled people… and a lot of the old dears are so stressed and worried about their disability allowance and whether they are going to get it or not get it,” he says.

But will that mean straight switchers to Reform UK?

Taxi driver Mike Holland has voted for Labour for decades, but is looking at the Liberal Democrats and Greens, or may not vote
Image:
Taxi driver Mike Holland has voted for Labour for decades, but is now looking at the Lib Dems and Greens – or may not vote at all

Mike says he agrees with some of what the party is offering but thinks a lot of people are put off by Mr Farage.

He’s now looking at the Liberal Democrats and Greens, both of whom have put up local politicians as candidates.

Or, Mike says, he may just not vote at all.

It’s in places like Runcorn town that some of the political contradictions within Reform UK reveal themselves more clearly.

Many here say they were brought up being told to never vote Tory.

And yet, Reform, chasing their support, has chosen a former Conservative councillor as its candidate.

It’s no surprise Labour has been trialling attack lines in this campaign, painting Mr Farage’s party as “failed Tories”.

As a response to this, look no further than Reform’s recent nod to the left on industrialisation and public ownership.

👉 Click here to listen to Electoral Dysfunction on your podcast app 👈

Read more:
Tough test for Labour after MP quits
MP jailed for late-night brawl
Local elections could re-shape politics

But head 15 minutes south from Runcorn docks, and this by-election campaign changes.

Rural areas like Frodsham and Helsby have, in the past, tended towards the Tories.

The Conservatives, of course, have a candidate in this vote, one who stood in a neighbouring constituency last year.

But Reform is now making a hard play for their supporters in these parts, with a softer message compared to the one being put out in urban areas – an attempt to reassure those anxious about too much political revolution coming to their privet-lined streets.

Labour, meanwhile, is actively trying to mobilise the anti-Farage vote by presenting their candidate – another local councillor – as the only person who can stop Reform.

Nadine Tan is concerned about division and anger in the community
Image:
Makeup artist Nadine Tan is concerned about division and anger in the community

The pitch here is aimed at voters like Frodsham makeup artist Nadine Tan, who are worried about division and anger in the community.

“I think they need to kind of come together and stop trying to divide everyone,” she says.

But like Mike the taxi driver five miles north, disillusionment could be the eventual winner as Nadine says, despite the “thousands of leaflets” through her door, she still thinks “they all say the same thing”.

One factor that doesn’t seem to be swinging too many votes, though, is the insalubrious circumstances in which the area’s former Labour MP left office.

Suspended Labour MP Mike Amesbury walks outside Chester Magistrates Court.
Pic: Reuters
Image:
Labour MP Mike Amesbury was convicted of punching a man in the street. Pic: Reuters

Mike Amesbury stepped down after being convicted of repeatedly punching a constituent in a late-night brawl outside a pub.

But across the patch, many praise their ex-MP’s local efforts, while also saying he was “very silly” to have acted in the way he did.

That may be putting it mildly.

But it’s hard to find much more agreement ahead of Thursday’s vote.

A constituency still hungry for change, but unsure as to who can deliver it.

Full list of candidates, Runcorn and Helsby by-election:

Catherine Anne Blaiklock – English Democrats
Dan Clarke – Liberal Party
Chris Copeman – Green Party
Paul Duffy – Liberal Democrats
Peter Ford – Workers Party
Howling Laud Hope – Monster Raving Loony Party
Sean Houlston – Conservatives
Jason Philip Hughes – Volt UK
Alan McKie – Independent
Graham Harry Moore – English Constitution Party
Paul Andrew Murphy – Social Democratic Party
Sarah Pochin – Reform UK
Karen Shore – Labour
John Stevens – Rejoin EU
Michael Williams – Independent

Continue Reading

Politics

Solana’s Loopscale pauses lending after $5.8M hack

Published

on

By

<div>Solana's Loopscale pauses lending after .8M hack</div>

<div>Solana's Loopscale pauses lending after .8M hack</div>

Solana decentralized finance (DeFi) protocol Loopscale has temporarily halted its lending markets after suffering an approximately $5.8 million exploit. 

On April 26, a hacker siphoned approximately 5.7 million USDC (USDC) and 1200 Solana (SOL) from the lending protocol after taking out a “series of undercollateralized loans”, Loopscale co-founder Mary Gooneratne said in an X post. 

The exploit only impacted Loopscale’s USDC and SOL vaults and the losses represent around 12% of Loopscale’s total value locked (TVL), Gooneratne added. 

Loopscale is “working to resume repayment functionality as soon as possible to mitigate unforeseen liquidations,” its said in an X post. 

“Our team is fully mobilized to investigate, recover funds, and ensure users are protected,” Gooneratne said.

Solana's Loopscale pauses lending after $5.8M hack
Loopscale’s ‘Genesis’ lending vaults. Source: Loopscale

In the first quarter of 2025, hackers stole more than $1.6 billion worth of crypto from exchanges and on-chain smart contracts, blockchain security firm PeckShield said in an April report. 

More than 90% of those losses are attributable to a $1.5 billion attack on ByBit, a centralized cryptocurrency exchange, by North Korean hacking outfit Lazarus Group.

Related: Crypto hacks top $1.6B in Q1 2025 — PeckShield

Unique DeFi lending model

Launched on April 10 after a six-month closed beta, Loopscale is a DeFi lending protocol designed to enhance capital efficiency by directly matching lenders and borrowers.

It also supports specialized lending markets, such as “structured credit, receivables financing, and undercollateralized lending,” Loopscale said in an April announcement shared with Cointelegraph. 

Loopscale’s order book model distinguishes it from DeFi lending peers such as Aave that aggregate cryptocurrency deposits into liquidity pools.

Solana's Loopscale pauses lending after $5.8M hack
Loopscale’s daily active users. Source: Mary Gooneratne

Loopscale’s main USDC and SOL vaults yield APRs exceeding 5% and 10%, respectively. It also supports lending markets for tokens such as JitoSOL and BONK (BONK) and looping strategies for upwards of 40 different token pairs. 

The DeFi protocol has approximately $40 million in TVL and has attracted upwards of 7,000 lenders, according to researcher OurNetwork.

Magazine: Ripple says SEC lawsuit ‘over,’ Trump at DAS, and more: Hodler’s Digest, March 16 – 22

Continue Reading

Trending