Adam Boulton: It’s 40 years since the most gripping news story I have ever worked on
Never mind elections, wars, revolutions, scandals and deaths, this week marks the 40th anniversary of probably the most gripping news story I have ever worked on as a journalist.
Gripping because there were vital economic, political and social issues at stake in this country.
Gripping because two powerful and exceptionally talented political leaders, Margaret Thatcher and Arthur Scargill, faced off.
Gripping because, in their own way, both sides were right.
Gripping that everyone in the country was caught up in the 1984-1985 miners’ strike and conflicted about it.
Gripping above all, for me as a journalist at the start of my career, because the strike reshaped this nation for the future.
On 5 March 1984, 6,000 miners walked out in South Yorkshire at collieries in Cortonwood and Bullcliffe Wood. That day the National Coal Board (NCB) announced there would be “accelerated closure” of 20 pits.
On 12 March 1984, Arthur Scargill, the president of the National Union of Mineworkers (NUM), called a nationwide strike.
It became the biggest industrial dispute since the general strike in 1926, with 26 million working days lost. It did not come to an official end until a year later, on 3 March 1985.
The NUM and the NCB came into existence after the Second World War. They were part of the consensus, shared by both Labour and the Conservatives, that took much of heavy industry into public ownership.
Arthur Scargill in 1984. Pic: PA
Scargill was a radical left winger who believed a perfect socialist society had never been achieved. Even so, he was right that defeat for the miners would lead to the end of a whole way of life in which the state supported workers and their families, regardless of market forces.
Before the strike he had likened the Thatcher government to “the Nazis” and called for “extra parliamentary action” against “this totally undemocratic government”.
Prime minister Thatcher was right that the deep mine coal industry was uneconomic and subsidised by taxpayers and had been declining in Britain, Europe and North America for decades.
Read more:
Previous strikes and what they achieved
Lessons to be learned from strikes past, present and what they mean for the future
After 200 years, one of England’s last coal mines is closing (2020)
In Britain there were around a quarter of a million coal miners in 1984 compared to a million in 1922. The number of working collieries was down from over 1,000 to 173. Britain was already switching away from coal as the primary source of energy to natural gas and nuclear. Thatcher was subsequently one of the first leaders to recognise the danger of global warming through hydrocarbon emissions but this was not a principle issue at the time of the strike.
Margaret Thatcher visiting Wistow colliery in 1980. Pic: PA
It was a febrile time in British politics. The previous summer, in the wake of military victory in the Falklands conflict, the Conservatives won a massive majority in the general election.
By the summer of 1984, Mrs Thatcher was calling the NUM “the enemy within”. She intended to elaborate on this theme in her party conference speech in Brighton in October, but it was disrupted by the IRA bombing of the Grand Hotel.
Thatcher was committed to confronting trade union power.
She was well aware that a miners’ strike in the early 1970s had effectively destroyed Ted Heath’s Conservative government. During the three-day week in the winter of 1974 there were daily power cuts around the country. Ministers appealed to the public to wash in two inches of shared bath water. Mr Heath lost the 1974 General Election on the question “Who governs Britain?”.
Sheffield in 1984. Pic: PA
In the popular memory the 1984-1985 strike has been sentimentalised almost exclusively in favour of the strikers and their families. (James Graham’s recent TV series Sherwood is an exception).
During the strike the musician Billy Bragg and the filmmaker Ken Loach challenged audiences with the documentary Which Side Are You On?
Popular films since then, such as Billy Elliott, Brassed Off and Pride have centred on the solidarity of the mining communities and the aid they got from other anti-Thatcher movements including Women Against Pit Closures and Lesbians And Gays Support The Miners. The depth of the lingering passions is encapsulated in the Billy Elliot The Musical song Merry Christmas, Maggie Thatcher: “We celebrate today/ ‘Cause it’s one day closer to your death”.
In reality the miners were not united and the country was not united behind them.
Police and strikers at Orgreave Coking Plant near Rotherham in June 1984. Pic: PA
Scargill made the mistake of not holding a national ballot to strike. This meant that the Labour Party, then led by Neil Kinnock, a South Wales miner’s son, did not support the strike.
There was widespread public sympathy for the miners, who faced losing their livelihoods. But opinion polls during the strike showed greater, and strengthening, support for the employers over the strikers. Asked in December 1984 what they thought about the methods being used by the NUM and Scargill, 88% disapproved and 5% didn’t know.
There was near-unanimous backing for the strike in South Wales, Scotland, the North East, Yorkshire and Kent, where many of the richest seams were worked out. Other mining areas, especially Nottinghamshire and Derbyshire in the Midlands, did not go out on strike officially.
Communities were divided. Many angry confrontations took place as local strikers, joined by flying pickets, confronted police protecting those who drove or were bussed into work.
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In Yorkshire, violence between thousands of police and pickets shocked the nation in the so-called “Battle of Orgreave” outside a coking plant. A miner died in a similar confrontation in nearby Maltby. Official statistics record that 51 miners and 72 police were injured at Orgreave.
It was impossible not to get caught in the existential drama.
A Sky News colleague recalls: “I remember my uncle being on strike when I was a kid and I stayed awake in the nights worrying that he wouldn’t be able to buy any dinner and that he’d starve.
“He’s since told me that he had a great time on the buses to London to protest and they had plenty of beer. He had a police officer pal who asked to stand opposite him during the riots so they wouldn’t kick each other too hard.”
Scargill had also miscalculated by calling the strike in the spring when demand for energy was going down. The government had learnt its lesson from previous strikes and ensured stockpiling for at least six months. Scargill liked to say that the visible mounds of coal were like the hair in his combover – piled high around the edges and bald in the middle. He was wrong.
Miners return to work at Betteshanger Colliery after the strike. Pic: PA
Later coal supplies resumed as more desperate miners went back to work, and their overseers in the separate NACODS union did not join the strike.
The government also tightened the law, including a squeeze on welfare payments to families, to make striking more difficult.
A breakaway Union of Democratic Mineworkers was formed. Working miners, encouraged by David Hart, a shadowy Thatcher advisor, went to court to successfully “sequester” the NUM’s assets, which prevented the union from funding the strike.
Meanwhile journalists exposed NUM officials were seeking financial support from the Soviet Union and Libya, although it is denied that any money was ever received.
The NUM was discredited. A return to work by defeated and desperate strikers became inevitable. Union power was decisively broken in de-industrialising Britain.
Scargill in Barnsley earlier this month. Pic: PA
Today all Britain’s coal pits are closed, although there is still some open cast mining in the reprivatised industry. Active NUM membership in 2022 was just 82.
To the shame of successive governments there is a legacy of social deprivation in many former mining areas. In a spirit of protest, those left behind there voted strongly for Brexit and then made up much of the “red wall” which switched from Labour to Boris Johnson’s Conservatives in 2019.
The Conservatives were elected twice more immediately after the strike, in 1987 and 1992.
At Westminster an early day motion has been tabled marking this anniversary, paying tribute to the men and women of the strike and demanding an inquiry into its policing. It has attracted the signatures of just 27 MPs, including Jeremy Corbyn and Ian Lavery, who succeeded Scargill as an NUM president.
Scargill is now president of the Socialist Labour Party and the International Miners’ Organisation. Aged 86 he is still making speeches, he supported Brexit and recently demanded solidarity with the Palestinians, according to The Socialist Worker.
For me there could have been no more useful education than reporting on, and seeing how others reported on, the personalities, the events and the issues of the great strike which divided the nation.
In one of his first appearances as the recently sworn-in chair of the US Securities and Exchange Commission, Paul Atkins delivered remarks to the agency’s third roundtable discussion of crypto regulation.
In the “Know Your Custodian” roundtable event on April 25, Atkins said 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.
Some critics of US President Donald Trump see Atkins’ nomination to lead the SEC as a nod to the crypto industry, acting on campaign promises to remove Gensler — the former chair resigned the day Trump took office — and cut back on regulation. Democratic lawmakers on the Senate Banking Committee questioned Atkins on his ties to the industry, potentially presenting conflicts of interest in his role regulating crypto.
Related: Atkins SEC era sparks massive industry optimism, crypto execs speak out
The direction of the SEC under new leadership
“We’ve noticed that we don’t have to be as concerned […] about being accused of things that we’re not doing, like being broker-dealers for securities,” Exodus chief legal officer Veronica McGregor, who participated in the roundtable, told Cointelegraph on April 24.”It’s just a less scary regulatory environment in general. It is, however, still unclear what the ultimate regs are going to look like for crypto.”
The SEC crypto task force is scheduled to hold two more roundtables in May and June to discuss tokenization and decentralized finance, respectively. Commissioner Hester Peirce, who leads the task force, told Cointelegraph in March that she welcomed the opportunity to work with Atkins to “reorient the agency,” hinting at an SEC with regulations more favorable to the crypto industry.
In addition to the roundtables, the crypto task force has reported several meetings with digital asset firms to discuss various policies and considerations in developing a regulatory framework.
Magazine: SEC’s U-turn on crypto leaves key questions unanswered
Nasdaq has urged the US Securities and Exchange Commission (SEC) to hold digital assets to the same regulatory standards as securities if they constitute “stocks by any other name,” according to an April 25 comment letter.
The exchange said the US financial regulator needs to establish a clearer taxonomy for cryptocurrencies, including categorizing a portion of digital assets as “financial securities.” Those tokens, Nasdaq argued, should continue to be regulated “as they are regulated today regardless of tokenized form.”
“Whether it takes the form of a paper share, a digital share, or a token, an instrument’s underlying nature remains the same and it should be traded and regulated in the same ways,” the letter said.
It also proposed categorizing a portion of cryptocurrencies as “digital asset investment contracts,” to be subject to “light touch regulation” but still overseen by the SEC.
Related: Certain stablecoins aren’t securities, SEC says in new guidance
Regulatory U-turn
The SEC has dramatically pivoted its stance on cryptocurrency oversight since US President Donald Trump took office in January.
Under the leadership of former Chair Gary Gensler, the SEC took the position that practically all cryptocurrencies, with the exception of Bitcoin (BTC), represent investment contracts and therefore qualify as securities.
This stance led the agency to bring upwards of 100 lawsuits against crypto firms for alleged securities law violations.
However, under Trump nominee Paul Atkins, who was sworn in as chair on April 21 after a lengthy Senate confirmation, the SEC has claimed jurisdiction over a narrower segment of cryptocurrencies.
In February, the agency issued guidance stating that memecoins — if clearly identified as purely speculative assets with no intrinsic value — do not qualify as investment contracts pursuant to US law.
In April, the SEC said that stablecoins — digital tokens pegged to the US dollar — similarly do not qualify as securities if they are marketed solely as a means of making payments.
Integrating crypto into TradFi
In its April 21 letter, Nasdaq said existing financial infrastructure “can readily absorb digital assets by establishing the proper taxonomy and calibrating certain rules to reflect what is truly new and novel about digital assets.”
The Depository Trust & Clearing Corporation (DTCC) — a private US securities clearinghouse closely overseen by the SEC — has been laying the foundation for integrating blockchain technology into regulated financial markets.
In March, the DTCC committed to promoting Ethereum’s ERC-3643 standard for permissioned securities tokens.
Magazine: Ethereum is destroying the competition in the $16.1T TradFi tokenization race
Cryptocurrency firms and centralized exchanges are launching more traditional investment offerings, bridging the divide between traditional financial and digital assets.
With investors seeking more flexible product offerings under one platform, the “line is blurring” between traditional finance (TradFi) and the cryptocurrency space, as the two financial paradigms signal a “growing synergy,” according to Gracy Chen, CEO of Bitget, the world’s sixth-largest crypto exchange.
In the wider crypto space, Securitize partnered with Mantle protocol to launch an institutional fund that will generate yield on a basket of diverse cryptocurrencies, similar to how traditional index funds track a mix of stocks.
The developments come after crypto investor sentiment staged a significant recovery, moving from “fear” to “neutral” for the first time since January 2025.
Investor sentiment was bolstered after US President Donald Trump said that import tariffs on Chinese goods will “come down substantially,” adopting a softer tone in negotiations for the first time since the reciprocal tariff announcement.
Crypto firms moving into Wall Street territory
Cryptocurrency firms and exchanges are increasingly moving into Wall Street territory, launching more traditional investment offerings and showcasing the increasing connection between crypto and traditional finance (TradFi).
“There’s a growing synergy between traditional financial investments and the emerging crypto space,” according to Gracy Chen, the CEO of Bitget, the world’s sixth-largest crypto exchange.
“Crypto players are now checking out traditional finance as they see the opportunity to bridge it,” Chen told Cointelegraph.
“The lines are blurring. Investors want flexibility, and products that can straddle both worlds are naturally attractive,” Chen said. “Some players see TradFi as a safety net; others, like Bitget, see it as a launchpad for broader adoption.” She added:
“In a volatile market, integration is smarter than isolation.”
Securitize, Mantle launch institutional crypto fund
Tokenization platform Securitize partnered with decentralized finance (DeFi) protocol Mantle to launch an institutional fund designed to earn yield on a diverse basket of cryptocurrencies, the companies said.
Similar to how a traditional index fund tracks a mix of stocks, the Mantle Index Four (MI4) Fund aims to offer investors exposure to cryptocurrencies, including Bitcoin (BTC), Ether (ETH), and Solana (SOL), as well as stablecoins tracking the US dollar, Securitize said in an April 24 announcement.
The fund also integrates liquid staking tokens — including Mantle’s mETH, Bybit’s bbSOL, and Ethena’s USDe — in a bid to enhance returns with onchain yield, according to the announcement.
The launch comes as retail and institutions alike increase exposure to cryptocurrencies, particularly Bitcoin, as a hedge amid escalating macroeconomic uncertainty.
Mantra says CEO has begun the process of burning his 150 million OM tokens
Mantra founder and CEO John Patrick Mullin has started unstaking 150 million of his Mantra (OM) tokens in preparation for sending them to a burn address in an attempt to restore the token’s value by tightening supply.
Mantra announced on April 21 that the unstaking process had begun, and would be completed by April 29, at which point Mullin’s Mantra (OM) tokens will be sent to the burn address and permanently removed from circulating supply.
Mullin said it was a “first step in rebuilding trust with the community, but far from the last.”
Mantra said it was also in talks with “key ecosystem partners” about burning a further 150 million OM to bring the total burn amount to 300 million.
With 150 million fewer OM, Mantra’s total supply will decline to 1.67 billion, and its number of staked tokens will drop by over 26% to 421.8 million OM from 571.8 million OM.
Symbiotic raises $29 million for staking-based universal coordination layer
Cryptocurrency staking protocol Symbiotic closed a $29 million Series A funding round led by Web3-focused investment firms, including Pantera Capital and Coinbase Ventures, to support the launch of a new economic coordination layer for blockchain security.
The round included more than 100 angel investors, with participation by major industry players Aave, Polygon and StarkWare, the company said in an April 23 announcement shared with Cointelegraph.
The closing of the funding round also marks the launch of Symbiotic’s Universal Staking Framework, which aims to be an economic coordination layer that bolsters blockchain security via staking.
The new staking layer enables the use of any combination of cryptocurrencies to secure networks, including monolithic and modular layer-1 and layer-2 blockchains, the announcement said.
“We’ve created a modular framework that lets protocols evolve security models over time while efficiently coordinating risk,” Misha Putiatin, co-founder of Symbiotic, told Cointelegraph. “This empowers protocols at every stage of their lifecycle to evolve their security models seamlessly without rebuilding infrastructure.”
SEC delays decision on Polkadot ETF
The US Securities and Exchange Commission (SEC) delayed a decision on whether to approve a proposed exchange-traded fund (ETF) holding Polkadot’s native token, regulatory filings show.
According to an April 24 filing, the regulator has extended its deadline for a final ruling until June 11, nearly four months after the Nasdaq sought permission to list Grayscale Polkadot Trust on Feb. 24.
Grayscale’s ETF filing adds to a roster of about 70 proposed ETFs awaiting SEC approval, including funds holding altcoins, memecoins and crypto-related financial derivatives, according to Bloomberg Intelligence.
Asset managers are pitching ETFs for “[e]verything from XRP, Litecoin and Solana to Penguins, Doge and 2x Melania and everything in between,” Bloomberg analyst Eric Balchunas said in an April 21 post on the X platform. Asset manager 21Shares is also awaiting permission to list its own Polkadot ETF.
DeFi market overview
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.
The Official Trump (TRUMP) token rose over 73% as the week’s biggest gainer, after the president announced an exclusive in-person dinner for the top tokenholders. The Sui (SUI) token rose over 69% as the week’s second-best performing token.
Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.
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