Alistair Darling: Former Labour chancellor dies aged 70

Published

1 year ago

December 1, 2023

admin

Alistair Darling, who served as chancellor under Gordon Brown, has died at the age of 70, his family has confirmed.

The Labour Party stalwart became a household name when the then-prime minister gave him the keys to the Treasury back in 2007 – running the department throughout the global banking crisis and staying in post until Mr Brown lost the election in 2010.

But he had been a presence in Tony Blair’s government from the start, beginning as chief secretary to the Treasury in 1997 following Labour’s landslide victory, and going on to run a number of departments – including work and pensions, transport and trade.

Politics latest: Tributes to former chancellor flood in from across UK

Lord Darling’s family confirmed the news on Thursday, saying he had died after a short spell in Western General Hospital under the “wonderful care” of the cancer team.

In their statement, they described him as “the much-loved husband of Margaret and beloved father of Calum and Anna”.

After the news was announced, tributes poured in from all sides of the political spectrum, led by Labour leader Sir Keir Starmer, who said he had “lived a life devoted to public service”.

He said Lord Darling’s “calm expertise and honesty” as chancellor helped guide the country through the 2008 financial crisis, but that his “greatest professional pride” was serving his constituents in Edinburgh as an MP between 1987 and 2015.

Echoing the sentiment, ex-prime minister Mr Brown tweeted that he “like many, relied on his wisdom, calmness in a crisis and his humour”, adding: “He will be missed by all who knew him.”

In another statement, Mr Blair said: “He was highly capable, though modest, understated but never to be underestimated, always kind and dignified even under the intense pressure politics can generate.

“He was the safest of safe hands. I knew he could be given any position in the Cabinet and be depended upon. I liked him and respected him immensely as a colleague and as a friend.”

One of his Conservative successors, Jeremy Hunt, described him as “one of the great chancellors”, saying he would be “remembered for doing the right thing for the country at a time of extraordinary turmoil”.

And the woman hoping to follow in his footsteps to the Treasury, shadow chancellor Rachel Reeves, said she would miss “his advice and his counsel – but, more than anything I will miss his friendship, his kindness and decency, his humour and his warmth”.

Prime Minister Rishi Sunak said Lord Darling’s passing “is a huge loss to us all”. He added: “The role he played during the 2014 Independence referendum was vital in keeping our union together. My deepest condolences go out to his family and friends at this difficult time.”

Despite being Born in London, Lord Darling came from a long line of Scots, and returned to the country for school, before going to the University of Aberdeen, where he became president of the Student’s Representative Council.

After graduating, he became a solicitor, but having joined Labour aged just 23, it wasn’t long before he changed course to enter politics, being elected as a councillor on the Lothian Regional Council in 1982.

He became the MP for Edinburgh South in the 1987 election, ousting the Conservative candidate from the seat. When that constituency was abolished in 2005, he ran for – and won – the seat of Edinburgh South West until he left the Commons in 2015.

Lord Darling also played a prominent role in the Scottish independence referendum in 2014 as the chairman of the “Better Together” campaign.

Former first minister and SNP leader, Nicola Sturgeon, said despite the “clashes” the pair had over the country’s future, she “always found him to be a man of intellect and principle”, adding: “He made a significant contribution to politics and public life.”

Lord Darling became a peer in 2015 – named as Baron Darling of Roulanish, He retired from the Lords in 2020.

His former cabinet colleagues from both the Blair and Brown years were among those marking his passing, with Hilary Benn calling him “an able, calm and thoughtful colleague” and Jacqui Smith praising his “warm, humble approach”.

From the other side of the Commons, former Tory prime minister Sir John Major described Lord Darling as “a decent man, who brought civility, reason and intelligence to politics”, while David Cameron said he was “thoroughly kind”.

Politics

Bitcoin treasury firms driving $200T hyperbitcoinization — Adam Back

Published

3 hours ago

April 27, 2025

admin

Bitcoin treasury firms driving 0T hyperbitcoinization — Adam Back

Investment firms with Bitcoin-focused treasuries are front-running global Bitcoin adoption, which may see the world’s first cryptocurrency soar to a $200 trillion market capitalization in the coming decade.

Institutions and governments worldwide are starting to recognize the unique monetary properties of Bitcoin (BTC), according to Adam Back, co-founder and CEO of Blockstream and the inventor of Hashcash.

“$MSTR and other treasury companies are an arbitrage of the dislocation between the bitcoin future and todays fiat world,” Back wrote in an April 26 X post.

“A sustainable and scalable $100-$200 trillion trade front-running hyperbitcoinization. scalable enough for most big listed companies to move to btc treasury,” he added.

Hyperbitcoinization refers to the theoretical future where Bitcoin soars to become the largest global currency, replacing fiat money due to its inflationary economics and growing distrust in the legacy financial system.

Bitcoin treasury firms driving $200T hyperbitcoinization — Adam Back — *Source:* *Adam Back*

Bitcoin’s price outpacing fiat money inflation remains the main driver of global hyperbitcoinization, Back said, adding:

“Some people think treasury strategy is a temporary glitch. i’m saying no it’s a logical and sustainable arbitrage. but not for ever, the driver is bitcoin price going up over 4 year periods faster than interest and inflation.”

Back’s comments come nearly two months after US President Donald Trump signed an executive order to establish a national Bitcoin reserve from BTC forfeited in government criminal cases.

Global firms continue Bitcoin accumulation

Continued Bitcoin investments from the likes of Strategy, the largest corporate Bitcoin holder, may inspire more global firms to follow suit.

Strategy’s approach is proving to be lucrative, with the firm’s Bitcoin treasury generating over $5.1 billion worth of profit since the beginning of 2025, according to Strategy’s co-founder, Michael Saylor.

Japanese investment firm Metaplanet, also known as “Asia’s MicroStrategy,” adopted a similar strategy, since surpassing 5,000 BTC in total holdings on April 24, Cointelegraph reported.

As Asia’s largest corporate Bitcoin holder, Metaplanet plans to acquire 21,000 BTC by 2026.

US financial institutions may also have more confidence in adopting Bitcoin after the US Federal Reserve withdrew its 2022 guidance discouraging banks from engaging with cryptocurrency. “Banks are now free to begin supporting Bitcoin,” Saylor said in response to the guidance withdrawal.

“Banks will now be supervised through normal processes, signaling a more open regulatory environment for digital asset integration,” Nexo dispatch analyst Iliya Kalchev told Cointelegraph.

Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest, April 13 – 19

Politics

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

Published

9 hours ago

April 27, 2025

admin

<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.

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

Politics

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

Published

10 hours ago

April 27, 2025

admin

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.

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.

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.

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?

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 👈

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.

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.

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