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In the Blair and Brown years, the irrepressible Derek Draper was one of Westminster’s best known and most colourful characters.

Affectionately known as “Dolly”, he was a cheerful extrovert who loved being at the centre of intrigue and gossip and was prone to boasting about his own importance.

To be fair, he was indeed very much an insider in the New Labour project that catapulted Tony Blair into power in the landslide election victory in 1997.

He was sociable, gregarious and because he worked for and was an ally of Peter Mandelson he was almost a Blairite before Blair.

He was fun, had a cheeky grin and an easy manner, and enjoyed the company and camaraderie of MPs and journalists in Westminster.

He was also very good at his job, colleagues acknowledged, and passionate about Labour winning the 1997 election after 18 years in opposition.

But it was his occasional boasting – and his misfortune in being unwittingly dragged into plotting – that landed him in two embarrassing New Labour scandals.

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The first was when he was caught out bragging about how important and well connected he was. The second was over a link to a plot to smear Tory politicians.

Part of Dolly’s colourful reputation came from the fact that he worked for Mandelson, the “Prince of Darkness”, during Mandy’s ascent from spin doctor to government minister.

Derek Draper arrives back to his home in north London. Damian McBride, a close adviser to the Prime Minister for almost a decade, resigned in disgrace after admitting that he sent "juvenile and inappropriate" emails from his Downing Street account to former spin doctor Draper. 2009
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Draper faced criticism over his infamous quote

That wasn’t Draper’s first job in politics, however.

In fact, he worked for Nick Brown, when “Newcastle Brown” – the Tyneside MP who later became chief whip under four Labour leaders – was a shadow minister.

He went to work for Mandelson when he became the MP for Hartlepool in 1992 and – along with the equally irrepressible Charlie Whelan, Gordon Brown‘s legendary spin doctor – was one of Westminster’s most high-profile insiders.

‘I am intimate with every one of them’

But Draper left Westminster a year before the Blair landslide and became a political lobbyist. And that was when his boasting landed him in trouble.

In 1998, in a scandal that became known as “Lobbygate”, he told an undercover reporter from The Observer how important and influential he was.

“There are 17 people who count in this government… to say I am intimate with every one of them is the understatement of the century,” he said in a memorable quote.

He drew criticism. Even Mandelson said at the time: “He gets above himself. But now he has been cut down to size and I think probably he will learn a very hard lesson from what has happened.”

But he landed in more trouble in 2009 when The Daily Telegraph revealed that Brown’s then spin doctor, Damian McBride, had sent him emails about a plot to smear Tory politicians including David Cameron, George Osborne and Nadine Dorries.

It was reported that Draper, who by now had set up the LabourList website, described the plan as “brilliant” in an email to McBride.

Now spin doctor for the shadow attorney general Emily Thornberry, McBride immediately quit and prime minister Brown was forced to issue a grovelling apology.

A few weeks later, a contrite Draper quit LabourList and said: “I regret ever receiving the infamous email and I regret my stupid, hasty reply. I should have said straight away that the idea was wrong.”

After his career change, training as a psychotherapist, Dolly moved on, although he would still turn up to social events with Labour Party pals, such as the Tribune magazine Christmas party.

His illness has been a terrible shock to all who knew this larger-than-life character who was such amusing and engaging company. Gone, but certainly not forgotten.

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Aave to offer zero-fee stablecoin ramps in Europe after MiCA approval

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Aave to offer zero-fee stablecoin ramps in Europe after MiCA approval

Aave Labs became one of the first major decentralized finance (DeFi) projects to secure authorization under Europe’s new Markets in Crypto-Assets (MiCA) regulation, allowing the company to offer regulated stablecoin ramps across the European Economic Area (EEA).

The approval enables “Push,” Aave Labs’ fiat-to-crypto service, to let users convert between euros and crypto assets, including the Aave protocol’s native stablecoin, GHO. The Central Bank of Ireland granted the authorization to Push Virtual Assets Ireland Limited, a wholly-owned subsidiary of Aave Labs. 

The company selected Ireland for its European operations, signaling that the country is becoming a preferred hub for compliant onchain finance under MiCA. On June 25, the crypto exchange Kraken secured its MiCA authorization in Ireland, allowing it to expand its offerings across Europe. 

The move came as global stablecoin supply surpassed $300 billion in 2025, signaling strong demand for fiat-pegged crypto assets. At the time of writing, CoinGecko data showed that the total stablecoin market cap across the crypto sector was at $312 billion.  

Top stablecoins by market capitalization. Source: CoinGecko

Related: DeFi players launch alliance to champion Ethereum to policymakers

Aave’s Push opens regulated access to GHO and other stablecoins

With its MiCA approval secured, Push will offer regulated on and off-ramps to GHO and other stablecoins integrated in Aave’s product suite. 

According to Aave’s announcement, the conversion fees are set to zero, which is a competitive rate compared to the typical fee structure across legacy fintech providers and centralized exchanges (CEXs). 

While the protocol introduced the product as a “zero-fee” solution, it did not specify whether this fee structure was permanent or tied to an introductory period.

Aave Labs said a compliant payment infrastructure is foundational to developers hoping to onboard mainstream users into DeFi. 

By providing a predictable, audited pathway between euros and crypto assets, Push could reduce one of the biggest frictions in DeFi adoption: the dependence on CEXs for fiat-to-crypto conversions. 

The ability for a DeFi-native organization to run a compliant fiat bridge represents a meaningful shift as the protocol supports tens of billions in stablecoin liquidity. 

According to DefiLlama, Aave processed a volume of $542 million in the last 24 hours alone. The data aggregator also showed that the total value of assets borrowed by users from Aave’s lending pools exceeds $22.8 billion.