Lee Anderson: Former Conservative deputy chair defects to Reform UK
Former Conservative deputy chair Lee Anderson has defected to Reform UK, becoming the party’s first MP in the Commons.
Mr Anderson, who took the seat of Ashfield in 2019, was kicked out of the parliamentary Conservative Party for refusing to apologise after alleging that London mayor Sadiq Khan was controlled by “Islamists”.
And while some of his colleagues had called for his reinstatement, others accused him of Islamophobia.
Making the announcement of his defection at an event in central London, Mr Anderson told journalists he had done “a lot of soul searching” on his “political journey”, but concluded: “Somebody has to make a stand.”
Politics live: ‘I want my country back,’ declares Anderson
“It is no secret that I’ve been talking to my friends in Reform for a while,” added the MP. “And Reform UK has offered me the chance to speak out in parliament on behalf of millions of people up and down the country who feel that they’re not being listened to.
“People will say that I’ve took a gamble. And I’m prepared to gamble on myself, as I know from my mailbag how many people in this country support Reform UK and what they have to say.
“And like millions of people up and down the country, all I want is my country back.”
Asked by Sky News’ political editor, Beth Rigby, what his message would be to his former Tory colleagues who feared the defection could damage their chances at the next election, he said: “Country, constituency, then party.”
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Mr Anderson was welcomed to Reform UK by its leader, Richard Tice, who said his first MP would be a “champion of the red wall”, who would “tell it as it is, with no nonsense, no waffle”.
Refuting claims his own views were controversial, Mr Anderson added: “They are opinions which are shared by millions of people up and down the country.
“It’s not controversial to be concerned about illegal immigration. It’s not controversial to be concerned about legal migration.
“It’s not controversial to be, you know, worried, concerned about the Metropolitan Police and the failing London mayor and the hate marchers, the street crime and the shoplifters literally getting away with ruining businesses on a daily basis.
“It’s not controversial to fight back in a culture war, a culture war that is sweeping our nation.”
Defecting to another party does not trigger a by-election automatically, but an MP can choose to hold one – as both Douglas Carswell and Mark Reckless did when they left the Tories to join UKIP.
However, Mr Anderson said he would not call a vote, claiming it would be “pretty reckless” so close to a general election and would “cost a fortune”.
A Conservative Party spokesperson said they “regret” the decision taken by Mr Anderson, adding: “Voting for Reform can’t deliver anything apart from a Keir Starmer-led Labour government that would take us back to square one – which means higher taxes, higher energy costs, no action on channel crossings, and uncontrolled immigration.”
But while one of the right wing factions within the Tories, the New Conservatives, released their own statement agreeing with that sentiment, they placed the blame of the MP’s exit at the door of their own party.
“We have failed to hold together the coalition of voters who gave us an 80 seat majority in 2019,” it said. “Those voters – in our traditional heartlands and in the Red Wall seats like Ashfield – backed us because we offered an optimistic, patriotic, no-nonsense Conservatism.
“They voted for lower immigration, for a better NHS, for a rebalanced economy, and for pride in our country.
“Our poll numbers show what the public think of our record since 2019. We cannot pretend any longer that ‘the plan is working’. We need to change course urgently.”
Listen to Beth Rigby, Jess Phillips and Ruth Davidson as they unravel the spin in a new weekly podcast from Sky News
Labour MP and national campaign co-ordinator Pat McFadden accused the Conservatives of “falling apart”, adding: “What does it say about Rishi Sunak’s judgement that he promoted Lee Anderson in the first place?
“The truth is that the prime minister is too weak to lead a party too extreme to be led, and if the Tories got another five years it would all just get worse.”
The Liberal Democrats also said Mr Anderson’s defection left Mr Sunak’s authority in “tatters”, with deputy leader Daisy Cooper adding: “This is a prime minister that cannot govern his own party let alone the country.
“Even now Sunak is too weak to rule out Nigel Farage joining the Conservative Party. It just shows that there is now hardly a cigarette paper between the Conservative Party and Reform.”
Mr Anderson began his political career in the Labour Party as a councillor and member of staff for Ashfield’s then MP Gloria De Piero.
But after being suspended by the local organisation, he chose to join the Conservatives and became their candidate for the 2019 election, winning the seat with a majority more than 5,000.
The MP became a controversial voice on the backbenches with his views on immigration and the so-called culture wars, but gained a lot of support from the right of his party and was made deputy chair by Rishi Sunak.
However, he stood down from the role in January to vote against the government’s Rwanda deportation plan, which he believed needed toughening up.
Mr Anderson’s latest defection will come as a blow to Mr Sunak, and a boost to Reform UK – which is currently polling above the Liberal Democrats.
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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