The Football Association has defended the new England shirt despite a backlash after Nike changed the colour of the St George’s Cross.
Sky Sports News has been told the governing body has no intention of withdrawing the controversial kit.
A row erupted after the US sportswear giant revealed it had altered the traditional red cross of the England flag and introduced purple and blue stripes.
The company dubbed it “a playful update” to the shirt ahead of Euro 2024, inspired by the training kit worn by England’s 1966 World Cup winners.
Fans are demanding the original flag be reinstated and an online petition has collected thousands of signatures.
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‘You wouldn’t change the Welsh dragon to a pussycat’
But a FA spokesperson said: “The new England 2024 Home kit has a number of design elements which were meant as a tribute to the 1966 World Cup winning team.
“The coloured trim on the cuffs is inspired by the training gear worn by England’s 1966 heroes, and the same colours also feature on the design on the back of the collar. It is not the first time that different coloured St George’s cross-inspired designs have been used on England shirts.
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“We are very proud of the red and white St George’s cross – the England flag. We understand what it means to our fans, and how it unites and inspires, and it will be displayed prominently at Wembley tomorrow – as it always is – when England play Brazil.”
What are the origins of the St George’s Cross?
The St George’s Cross, featuring a white background with a red cross, is the national flag of England.
The standard hails back to the time of the crusades, with the two colours used to distinguish between English and French troops.
The red cross on a white background subsequently became representative of the religious military campaigns and was used by many nations to show their support for them.
The first record of the standard being associated with St George was in Genoa, which adopted him as patron saint during the 12th century as the personification of the ideals of Christian chivalry.
St George was a soldier in the Roman army, who allegedly slayed a dragon in order to save the Princess of Libya.
When he was rewarded by the King, he gave all the money to the poor and then converted to Christianity.
He died a martyr in 303 because he refused to recant his faith.
England adopted him as its patron saint in 1348.
In 1552, all saints’ flags were abolished in England apart from St George’s in the English Reformation under King Edward VI who also used it as his royal standard.
In 1606, the flag was incorporated into the official design of the Union Jack, which united the four nations as they then existed.
Still widely used today, Church of England churches often fly the St George’s flag.
More recently the English national emblem is flown at sporting events to represent the country.
The flag flies with the Union Flag every St George’s Day, which is celebrated on 23 April.
Mr Sunak said: “Obviously, I prefer the original and my general view is when it comes to our national flags we shouldn’t mess with them because they are a source of pride, identity, who we are and they are perfect as we are.”
Labour’s shadow attorney general Emily Thornberrytold Sky News: “It’s all very peculiar. The England flag is a symbol of unity.
“People, particularly in the last few years when we’ve been having such a difficult time, the England flag at the time has been a symbol of unity… the Lionesses and so on.
“So you wouldn’t expect Nike to go off and have a look at the Welsh flag and decide to change the dragon to a pussycat.
“I mean, you wouldn’t expect the England flag to be changed like this.
“You wouldn’t expect bits of purple in the French tricolour. I mean, why are they doing it? I don’t understand.”
Back in 2014, Ms Thornberry was forced to resign from the shadow cabinet by the then party leader Ed Miliband after being accused of mocking “White Van Man” in a social media post during a visit to Rochester, which pictured a housing block with St George’s flags flying from the window.
Responding to the Nike design, England’s most capped men’s player, Peter Shilton, wrote on X: “Sorry but this is wrong on every level I’m totally against it.”
Former England goalkeeper David Seaman said: “It doesn’t need fixing. What’s next, are they going to change the Three Lions to three cats? Leave it alone. It’s the St George’s Flag. Leave it alone.”
The price of the shirt has also faced criticism since it was launched earlier this week.
An “authentic” version costs £124.99 for adults and £119.99 for children while a “stadium” version is £84.99 and £64.99 for children.
A Nike spokesperson previously said: “The England 2024 home kit disrupts history with a modern take on a classic.
“The trim on the cuffs takes its cues from the training gear worn by England’s 1966 heroes, with a gradient of blues and reds topped with purple.
“The same colours also feature an interpretation of the flag of St George on the back of the collar.”
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.
SEC chair Paul Atkins addressing the April 25 crypto roundtable. Source: SEC
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.
“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.
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.
Nasdaq’s April 25 letter to the SEC. Source: Nasdaq
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.
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.
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.
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 modularlayer-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.”
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.
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.
Total value locked in DeFi. Source: DefiLlama
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.