King’s Speech: Sir Keir Starmer attacks ‘divisive brand’ of Suella Braverman – warning PM of her ‘ambitions’

Published

1 year ago

November 7, 2023

admin

Sir Keir Starmer has launched a scathing attack on Suella Braverman over her recent controversial remarks on homelessness – warning Rishi Sunak that “without a serious home secretary… he cannot be a serious prime minister”.

Speaking during a debate on Tuesday’s King’s Speech, the Labour leader slammed her claims that living on the street was a “lifestyle choice”, instead calling it a “political choice” resulting from the scrapping of government housing targets and not enough new homes being built.

Politics live: Tories joke about Johnson and Truss as MPs debate King’s Speech

Sir Keir also appeared to reference other contentious comments by Ms Braverman, including her description of pro-Palestine protests at “hate marches”, saying using security issues as “a platform for her own ambitions” was making the job of the police even harder.

The prime minister failed to defend his home secretary during his response, even after being pressed further by Labour shadow minister Sir Chris Bryant, who asked whether he agreed with Ms Braverman on homelessness or whether she should be sacked.

Instead, Mr Sunak claimed the “actions” of the Conservative government had seen rough sleeping fall by a third and the Homelessness Reduction Act had helped “relieve or prevent” over 640,000 people from being homeless.

During the debate, Sir Keir criticised the King’s Speech as “a missed opportunity”, calling Mr Sunak’s pitch as the change candidate for the next election “ridiculous posturing”.

The Labour leader dubbed the government plans revealed by the King today as “more of the same sticking plaster politics”, adding: “Today we reach something of a new low because they’re not even pretending to govern anymore.

“They’ve given up on any sense of service. They see our country’s problems as something to be exploited, not solved.”

But the Labour leader saved his real ire for Ms Braverman and issued a warning to the prime minister over her recent controversies.

“We needed a King’s Speech that would draw a line under 13 years of Tory decline, a King’s Speech for national renewal and a serious plan for growth,” he said.

“But instead, we have a party so devoid of leadership, it is happy to follow a home secretary who describes homelessness as a lifestyle choice and believes that the job of protecting us all from extremists – the most basic job of government – is legitimate terrain for her divisive brand of politics.”

Sir Keir added: “As director of public prosecutions, I worked closely with the police and counter-terrorism forces. Their job is hard enough already without the home secretary using it as a platform for her own ambitions.

“And so I say to the prime minister, think very carefully about what she is committing your government to do and think very carefully about the consequences of putting greater demands on public servants at the coalface of keeping us safe.

“Because without a serious home secretary, there can be no serious government and he cannot be a serious prime minister.”

Is Starmer preparing for Braverman as Tory leader?

Jon Craig

Chief political correspondent

@joncraig

Did we just witness a taste of the fierce Commons battles to come after the next general election?

The most blistering attack of Sir Keir Starmer’s speech in the debate on the King’s Speech was not directed at Rishi Sunak, but at Suella Braverman.

Plenty of MPs believe the home secretary’s controversial attacks on “hate marches” and rough sleepers making a “lifestyle choice” are all about playing to the Tory gallery ahead of a leadership campaign.

Some MPs even claim Ms Braverman is goading Mr Sunak into sacking her so she can launch a leadership bid before the general election.

So it’s highly significant the Labour leader launched such a harsh attack on the home secretary. Does he anticipate facing her across the despatch box if he wins the election?

Throughout Sir Keir’s attacks, Mr Sunak’s body language is highly revealing. He makes no eye contact with her and makes no attempt to shake his head during the onslaught.

And then, when the Labour MP Sir Chris Bryant joins the attack on Ms Braverman and challenges the PM to sack her if he disagrees with her “lifestyle choice” slur, he doesn’t even mention her and praises the veterans’ minister Johnnie Mercer instead.

So is she on borrowed time in the Cabinet ahead of launching a leadership bid? As soon as Mr Sunak finished his speech, she hurried out of the chamber.

Will she have relished Sir Keir’s attack on her? Almost certainly. And what about the lack of support for her from the PM? Good or bad news for her?

Probably bad news in the short-term, but probably not in the long-term, namely after the next election – when she no doubt hopes to be doing battle with Sir Keir across the despatch box.

While Mr Sunak did not have a response on the home secretary, who sat next to him throughout Sir Keir’s speech, he had lots to say about Labour’s plans for if they get into government.

He said the policies would lead to “higher inflation, more strikes, more immigration and higher borrowing”, and he said they would “give into inflation busting demands from their union paymasters”, calling such a move “dangerous”.

The prime minister also claimed Sir Keir “stands for the same old ideas”, while the government was “focused on the long-term decisions that will provide a better and brighter future for everyone”.

Mr Sunak also trumpeted a number of his government policies announced in today’s speech, including:

• New licenses for gas and oil fields

• A new bill to phase out smoking

• Introducing whole-life orders for the most horrific murders

• A new legal framework to enable self-driving cars to be used on Britain’s roads.

“This King’s Speech builds on the strong foundation of economy well on its way to recovery,” added the prime minister. “It rejects big government and instead backs people and businesses to thrive.

“It strengthens society with historic measures to support the nation, health and education. It secures our streets and borders with tougher sentences for criminals and powers for police.

“And above all this, King’s Speech delivers change. Change in our economy. Change in our society. Change in our communities. It takes long-term decisions for a brighter future.”

Politics

Pakistan appoints Changpeng Zhao as crypto adviser as adoption heats up

Published

2 hours ago

April 7, 2025

admin

Pakistan appoints Changpeng Zhao as crypto adviser as adoption heats up

Former Binance CEO Changpeng “CZ” Zhao has been appointed as an adviser to Pakistan’s Crypto Council, a newly formed regulatory body tasked with overseeing the country’s embrace of blockchain technology and digital assets.

The appointment was confirmed by Pakistan’s finance ministry and reported by Bloomberg on April 7. Zhao will advise the regulatory body on cryptocurrency regulation, infrastructure and adoption, Bloomberg reported.

Zhao is one of the most recognizable names in crypto, having served as CEO of Binance between 2017 and 2023. He resigned as CEO of the exchange in November 2023 after pleading guilty to charges related to violating US money laundering laws. He was later sentenced to four months in prison.

For Pakistan, Zhao is a high-profile appointment that could potentially help the country lure foreign investment in an industry that has taken on new strategic importance.

In March, the CEO of Pakistan’s Crypto Council, Bilal bin Saqib, told Bloomberg that the country plans to develop a clear regulatory framework for digital assets.

“Pakistan is done sitting on the sidelines,” Saqib said. “We want to attract international investment because Pakistan is a low-cost high-growth market with […] a Web3 native workforce ready to build.”

Crypto in Pakistan: Adoption and pain-points

Pakistan has long been considered a potential hub for crypto adoption due to its growing population, large diaspora and thriving black market for foreign exchange trades.

The value of cash sent to Pakistan through formal remittance channels surged at the end of last year amid a countrywide crackdown on black market dollar trades.

“This increase might be because remittances that had previously been sent using the black market are now being sent via official channels,” John Ashbourne, an economist at Fitch Solutions, told Bloomberg.

Pakistan ranked highly in Chainalysis’ 2024 crypto adoption index, largely due to strong retail adoption and transactions at centralized services.

Stablecoins have emerged as one of crypto’s most prominent use cases in regions with high demand for US dollars due to currency depreciation.

Although data on stablecoin usage in Pakistan is slim, a 2023 KuCoin survey revealed that 33% of local crypto investors use digital assets to hedge against the rupee’s devaluation.

A more recent survey conducted by Bitget found that 46% of respondents in South Asia — a region that includes India, Pakistan, Bangladesh and others — use digital assets for speed and accessibility of transactions.

Magazine: How crypto laws are changing across the world in 2025

Politics

Mantra unveils $108M fund to back real-world asset tokenization, DeFi

Published

7 hours ago

April 7, 2025

admin

Mantra unveils 8M fund to back real-world asset tokenization, DeFi

The Mantra blockchain network has launched a $108,888,888 ecosystem fund aimed at accelerating the growth of startups focused on real-world asset (RWA) tokenization and decentralized finance (DeFi), amid rising demand for stable, asset-backed digital products.

Mantra, a layer-1 (L1) blockchain built for tokenized RWAs, launched the Mantra Ecosystem Fund (MEF) to accelerate the growth and adoption of projects and startups building on its network, according to an April 7 announcement shared with Cointelegraph.

Mantra said it will deploy the capital over the next four years among “high-potential blockchain projects” worldwide, with investment opportunities sourced through Mantra’s network of partners. The fund’s backers include a wide range of institutional partners including Laser Digital, Shorooq, Brevan Howard Digital, Valor Capital, Three Point Capital and Amber Group.

Mantra CEO John Patrick Mullin said the fund will operate an “open-arms policy, welcoming projects at any developmental stage globally with a particular focus on RWA’s and DeFi.” Mullin told Cointelegraph:

“The MEF thesis is to invest in top-tier teams building RWA and DeFi applications, as well as complimentary infrastructure, that will both directly and indirectly support the broader ecosystem.”

Mantra aims to become the underlying infrastructure layer for tokenized asset issues worldwide, Mullin said.

Mantra unveils $108M fund to back real-world asset tokenization, DeFi — *Source:* *Mantra*

The launch of the fund comes a month after Mantra became the first DeFi platform to obtain a virtual asset service provider (VASP) license under Dubai’s Virtual Assets Regulatory Authority (VARA).

Investor demand grows for RWAs

The timing of the fund’s launch aligns with growing institutional interest in RWAs, which are seen by some as a hedge against crypto market volatility and broader economic uncertainty.

Global fears and uncertainty around US President Donald Trump’s tariffs have impacted investor sentiment across markets.

Despite a broader market slump triggered by US tariff-related concerns, the value of tokenized RWAs recently surged to a record high. According to data from RWA.xyz, total RWA market capitalization reached more than $19.6 billion as of early April, up from $17 billion in early February.

Industry watchers previously told Cointelegraph that Bitcoin’s lack of upside momentum may drive RWAs to a $50 billion all-time high before the end of 2025.

The world’s largest asset manager, BlackRock, has also signaled support for the RWA space.

BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) saw an over three-fold increase in the three weeks leading up to March 26, from $615 million to $1.87 billion.

Magazine: Financial nihilism in crypto is over — It’s time to dream big again

Politics

Hong Kong introduces crypto staking rules, reaffirms Web3 commitment

Published

9 hours ago

April 7, 2025

admin

Hong Kong introduces crypto staking rules, reaffirms Web3 commitment

Hong Kong’s Securities and Futures Commission (SFC) has introduced new guidelines for crypto exchanges offering staking services.

In an April 7 announcement, the SFC announced new guidelines for crypto exchanges offering staking services and locally authorized funds exposed to digital assets involved in staking. The announcement follows recent remarks from Christina Choi, the SFC’s executive director of investment products, who said during a speech at the Hong Kong Web3 Festival:

“The SFC is committed to supporting Hong Kong’s Web3 journey.”

In its announcement, the regulator said it “recognizes the potential benefits of staking in enhancing the security of blockchain networks and allowing investors to earn yields.” Consequently, the latest guidance allows crypto exchanges to provide staking service offerings.

Chen Wu, co-founder and CEO of Hong Kong-based and SFC-licensed crypto exchange Ex.io, told Cointelegraph that the firm appreciates the regulator “allowing licensed platforms to offer staking services under clear and responsible guidelines.” She said:

“The SFC’s announcement signals that more doors are opening — not just for staking, but for a wider range of Web3 products to take shape under a regulated and trusted framework.”

“Hong Kong is positioning itself not just as a compliant market, but as a real hub for Web3 adoption, where users’ interests are protected without slowing down progress,” Wu added.

New rules for staking services

The new rules were communicated by the regulator in its latest circular sent to crypto exchanges under its jurisdiction. The SFC requires crypto exchanges to obtain written approval before offering staking services, retain control over staked virtual assets and not delegate custody to third parties.

Cryptocurrency exchanges engaged in staking must disclose all relevant risks and details concerning fees, minimum lock-up periods, unstaking processes, outage processes and custodial arrangements to their customers. Lastly, the providers must report on their staking activities to the SFC.

A similar circular was sent to SFC-regulated crypto fund operators, with the new rules being relevant to funds with more than 10% of their net asset value invested directly or indirectly in digital assets. Funds can only acquire virtual assets that are also directly available to the local public and rely on SFC-authorized platforms. Leveraged exposure is prohibited.

Funds can engage in staking if it is consistent with the fund’s objectives, while providing clear disclosure and robust controls. An investor notice and possibly shareholder approval may be required if staking implementation leads to material strategy or risk profile changes.

Hong Kong bets on Web3

During her recent speech, SFC’s Choi recognized that the Web3 space is still evolving and that “its full benefits will unfold in time, likely with twists and turns.” She cited the speculative industry of non-fungible tokens (NFTs) as a cautionary tale that justifies caution in the current regulatory approach:

“Therefore, rather than chasing every new spark, we believe in a pragmatic approach — strengthening the fundamentals and fostering a supportive ecosystem where Web3 can thrive in a sustainable manner.“

The official’s comments follow recent reports that cryptocurrency exchange Bybit announced the shutdown of its NFT marketplace as the market is running out of steam. The decision follows a similar decision by major NFT marketplace X2Y2 announced in late March.

The non-fungible token market is seeing a significant downturn. Daily NFT trading volume was over $18 million 364 days ago before Bybit’s announcements and stood at $5.34 million when the decision to shut down the platform was made public — a 70% fall.

When arguing why Web3 companies should choose Hong Kong as their headquarters, Choi pointed out that Hong Kong ranks third in the Global Financial Centres Index. Furthermore, local regulators have set clear guidelines for crypto industry firms, and Hong Kong provides easy access to Asian markets.

In her closing statements, Choi said, “We stand today at the crossroads where traditional finance and the digital economy are converging to drive promising outcomes for our financial markets.” She added:

“The zero-to-one breakthrough has been made, and its future success would very much depend on how we nurture this convergence, that is, how we go from one to 100.“

Her statements echo Hong Kong’s financial technology sector, which has seen 250% growth since 2022. The SFC recently introduced a new roadmap to position the city as a global cryptocurrency hub.

The “ASPIRe” roadmap hopes to future-proof the local virtual asset ecosystem. It involves 12 initiatives spread across five broad categories, which include providing market access, optimizing compliance and frameworks and improving blockchain efficiency.

Magazine: Korea to lift corporate crypto ban, beware crypto mining HDs: Asia Express