Starmer to meet with new team of mayors to discuss devolution after local elections boost
Sir Keir Starmer will bring together Labour’s newly expanded team of mayors on Monday to develop a “gold standard” for growing regional economies.
It comes after a string of victories in the local elections, with Labour seizing the West Midlands mayoralty after a knife-edge battle and Sadiq Khan seeing off Tory challenger Susan Hall to win a historic third term in London.
At a meeting in the West Midlands, Sir Keir will tell the mayors that boosting regional growth will be “top of the agenda” in Labour’s devolution plans if it wins the next general election, and that he wants local leaders to be a “core part” of growing their economies.
However, with shadow chancellor Rachel Reeves committing to tough “fiscal rules”, it is not clear if there will be any extra funding for local areas.
Speaking ahead of the first meeting, the Labour leader said: “These local elections showed that the British public is ready to put their trust in this changed Labour Party.
“We will repay that trust by delivering economic growth for everyone, everywhere in partnership with our Labour mayors.
“Our growing team of Labour mayors is already setting the agenda and delivering for local people despite a failing Tory government that is choking off our economy and hoarding power in Westminster.”
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Labour takes Tory ‘crown jewel’ in local elections
Sir Keir has previously pledged to oversee a “fundamental shift” in politics through devolution and its “Take Back Control Act”, which he said would give new powers to regional mayors over transport, skills, energy, and planning – something he branded “full-fat devolution”.
Sky News has previously reported on how Sue Gray, the civil service partygate investigator turned chief of staff, has been key in improving the relationship between the Leader of the Opposition’s Office (LOTO) and the metro mayors, which has sometimes been seen as strained due to disagreements over policy, including the war in Gaza.
In a display of strengthened ties, Sir Keir will tomorrow point to work already being done by Labour’s mayors – such as Andy Burnham’s bus rollout in Greater Manchester – and say this can help set a “gold standard” for future Local Growth Plans.
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But the Conservatives said Labour’s mayors “have spent more time wading in on international issues they have no control over rather than delivering on people’s priorities”.
Tory party chairman Richard Holden added: “We are boosting regional growth and creating thriving communities, investing over £15bn in projects across the UK and backing 75 towns through our Long-Term Plan for Towns. Labour would take us back to square one.”
Read More:
How Sue Gray’s friends and foes could shape Starmer’s No 10
Rishi Sunak denies favouring the south with levelling up funding
What seats did Labour win?
Labour’s wins included Richard Parker’s shock victory over Conservative Andy Street in the West Midlands, Claire Ward becoming the East Midlands’s first elected mayor, Kim McGuinness winning the new North East mayoral election, and David Skaith winning the new York & North Yorkshire mayoralty – which includes Mr Sunak’s Richmond constituency.
As well as London, the party retained mayoralties including Greater Manchester, West Yorkshire and the Liverpool City Region.
The Tories held on to the Tees Valley mayoralty but otherwise suffered a mauling from the electorate, also losing nearly 500 council seats and the Blackpool South by-election.
Labour said the Tories had “failed to level up” the country, pointing to its analysis of Office for National Statistics data showing the average gap in gross domestic product per person between London and other combined authorities in England averaged £29,000 in 2022.
Levelling up was at the heart of former prime minister Boris Johnson’s 2019 Conservative manifesto.
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Speaking last month, Sir Keir told Sky News it was the “right policy” but lambasted Mr Johnson’s “failure” to deliver it, while accusing his successor Mr Sunak of “strangling it at birth”.
However, despite criticising the Conservatives for not putting money behind the policy, Sir Keir refused to commit any new funding to local councils, which are straddling an estimated funding gap of £4bn over the next two years.
Politics
Starmer to host virtual meeting of ‘coalition of the willing’ – and demand ‘concrete commitments’ on Ukraine
Sir Keir Starmer will host a virtual meeting of world leaders to discuss peacekeeping in Ukraine, and he will use the call to say that now is the time for “concrete commitments”, Downing Street has said.
Around 25 leaders are expected to join the call on Saturday morning, in which they will discuss in more detail the peacekeeping mission the prime minister has called the ‘coalition of the willing’.
Sir Keir will ask allies to continue to ramp up military support to Ukraine.
He will also say countries need to increase economic pressure on Russia in the short term, and be prepared to support an eventual peace deal over the long term, should an agreement be reached.
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Attendees will also receive an update on the discussions of defence ministers and military chiefs in Paris this week, and they will all set out details of their own efforts to unlock further military support for Ukraine.
Downing Street has confirmed that some European countries, the EU Commission, NATO, Canada, Ukraine, Australia and New Zealand are expected to join the virtual meeting.
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Is a ceasefire in Ukraine still viable?
Starmer: The world needs to see action
In a statement ahead of the call, the prime minister said: “We can’t allow President Putin to play games with President Trump’s deal.
“The Kremlin’s complete disregard for President Trump’s ceasefire proposal only serves to demonstrate that Putin is not serious about peace.
“If Russia finally comes to the table, then we must be ready to monitor a ceasefire to ensure it is a serious and enduring peace, if they don’t, then we need to strain every sinew to ramp up economic pressure on Russia to secure an end to this war.”
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Peace ‘must be secure’, PM tells Sky News
He went on to accuse the Russian president of “trying to delay” by “saying there must be a painstaking study before a ceasefire can take place”.
“The world needs to see action, not a study or empty words and pointless conditions,” he continued.
“My message to the Kremlin could not be clearer: stop the barbaric attacks on Ukraine, once and for all, and agree to a ceasefire now. Until then, we will keep working around the clock to deliver peace.”
Sir Keir has said Britain could send peacekeepers to Ukraine in the event of a ceasefire deal, but has called on Washington to offer a security ‘backstop’ to those forces.
Russia casts doubt on potential ceasefire
The meeting comes after Ukraine backed the US’s proposal for a 30-day ceasefire.
But the Russian president has said “lots of questions” remain over that proposal, and that a ceasefire must lead to “long-term peace” which “would remove the initial reasons for the crisis”.
Read more:
The ‘coalition of the willing’ that could secure peace in Ukraine
Russia sticks to red lines on 30-day Ukraine ceasefire plan
Trump’s fixer was made to wait eight hours to meet Putin
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Putin lists ceasefire conditions
Moscow has reportedly also presented a “list of demands” to the US to end the war, which would include international recognition of Russia’s claim to Crimea and four Ukrainian provinces and an agreement that foreign troops not be deployed in Ukraine.
Ukraine’s president Volodymyr Zelenskyy said Mr Putin’s remarks were “very predictable” and “very manipulative”, adding that the Russian president was preparing to reject the ceasefire proposal he agreed with the US.
The agency responsible for conducting criminal prosecutions in England and Wales announced that a National Crime Agency (NCA) officer was due to be charged with the alleged theft of Bitcoin worth roughly $75,000 in 2017.
In a March 14 notice, the Crown Prosecution Service said it had authorized the Merseyside Police to charge NCA officer Paul Chowles with 15 offenses related to the alleged Bitcoin (BTC) theft “during an investigation into online organized crime.” Authorities said Chowles could face one count of theft, 11 charges for concealing, disguising, or converting criminal property and three counts for acquiring, using or possessing criminal property.
The 50 Bitcoin, worth roughly $75,000 before the December 2017 bull run, was valued at more than $4.2 million at the time of publication at a BTC price of $84,541. The NCA officer is expected to appear at the Liverpool Magistrates’ Court on April 25.
Related: British man sues council for $647M over lost Bitcoin in landfill
In April 2024, amendments to the UK’s Economic Crime and Corporate Transparency Act authorized NCA officers and local police to seize crypto from suspected criminals without arresting them. The Crown Prosecution Service did not mention how Chowles allegedly stole the Bitcoin or whether the funds were connected to illicit activities.
Crypto policies across the pond
The NCA said in December 2024 that it had seized roughly $26 million in cash and crypto and arrested 84 people as part of a global campaign to fight money laundering and organized crime. Some of the crypto addresses targeted by UK authorities at the time “showed regular exposure to Garantex.” The founder of the Russian crypto exchange was arrested in India in March and is expected to be extradited to the US to face criminal charges.
The UK government is expected to move forward on creating a comprehensive regulatory framework for digital assets in 2025 following the Labour government’s election victory. The country remains a significant market for crypto users, with Coinbase securing approval to operate from the financial regulatory body in February.
Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why
Politics
US House kills IRS DeFi broker rule, Solana won’t cut 80% inflation rate: Finance Redefined
In a significant regulatory development for the crypto industry, the United States House of Representatives voted to nullify a bill that threatened the privacy-preserving properties of decentralized finance (DeFi) protocols.
In the wider crypto space, one of the Solana network’s most significant governance proposals was rejected; it sought to implement a mechanism to reduce Solana’s inflation rate by about 80%.
US House follows Senate in passing resolution to kill IRS DeFi broker rule
The US House of Representatives voted to nullify a rule requiring decentralized finance (DeFi) protocols to report to the Internal Revenue Service.
On March 11, the House of Representatives voted 292 for and 132 against a motion to repeal the so-called IRS DeFi broker rule that aimed to expand existing IRS reporting requirements to crypto.
All 132 votes to keep the rule were Democrats. However, 76 Democrats joined with the Republicans to repeal it.
This followed the Senate’s March 4 vote on the motion, which saw it pass 70 to 27.
The rule would have forced DeFi platforms, such as decentralized exchanges, to disclose gross proceeds from crypto sales, including information regarding taxpayers involved in the transactions.
After the vote, Republican Representative Mike Carey, who submitted the repeal motion, said, “The DeFi broker rule invades the privacy of tens of millions of Americans, hinders the development of an important new industry in the United States and would overwhelm the IRS.”
Congressman Mike Carey speaking after the vote. Source: Mike Carey
Solana proposal to cut inflation rate by up to 80% fails
A proposal to dramatically change Solana’s inflation system was rejected by stakeholders but is being hailed as a victory for the network’s governance process.
“Even though our proposal was technically defeated by the vote, this was a major victory for the Solana ecosystem and its governance process,” commented Multicoin Capital co-founder Tushar Jain on March 14.
Around 74% of the staked supply voted on proposal SIMD-228 across 910 validators, but just 43.6% voted in favor of it, with 27.4% voting against it and 3.3% abstaining, according to Dune Analytics. It needed 66.67% approval from participating votes to pass and only received 61.4%.
Jain added that this was the biggest crypto governance vote ever, by the number of participants and the participating market cap, of any ecosystem, chain or network.
“This was a meaningful scaling stress test — a social, rather than technical, stress test — and the network passed despite a wide stratification of diverging opinions and interests.”
Bitcoin $70,000 retracement part of “macro correction” in bull market — Analysts
Bitcoin’s potential retracement to $70,000 may be an organic part of the current bull market, despite crypto investor fears of an early arrival of a bear market cycle.
Bitcoin (BTC) fell more than 14% during the past week to close at around $80,708 after investors were disappointed with the lack of direct federal Bitcoin investments in President Donald Trump’s March 7 executive order. It outlined a plan to create a Bitcoin reserve using cryptocurrency forfeited in government criminal cases.
Despite the drop in investor sentiment, cryptocurrencies and global markets remain in a “macro correction” as part of the bull market, according to Aurelie Barthere, principal research analyst at the Nansen crypto intelligence platform.
BTC/USD, 1-month chart. Source: Cointelegraph
Most cryptocurrencies have broken key support levels, making it hard to estimate the next key price levels, the analyst told Cointelegraph, adding:
“This is a macro correction (US tech will be down by 3% in the future, as discussed), so we have to monitor BTC. Next level will be $71,000 – $72,000, top of the pre-election trading range.”
The analyst added: “We are still in a correction within a bull market: Stocks and crypto have realized and are pricing; a period of tariff uncertainty and fiscal cuts, no Fed put. Recession fears are popping up.”
Calls for stricter rules on political memecoins after $4 billion Libra collapse
Industry voices warned that politically endorsed cryptocurrencies must adopt stronger investor protections and liquidity safeguards to prevent another significant market collapse.
Investor sentiment remains shaken after the Libra (LIBRA) token, which was endorsed by Argentine President Javier Milei, suffered a $4 billion market cap wipeout due to insider cash-outs.
According to blockchain analytics firm DWF Labs, at least eight insider wallets withdrew $107 million in liquidity, triggering the massive collapse.
Source: Kobeissi Letter
To avoid a similar meltdown, tokens with presidential endorsements will need more robust safety and economic mechanisms, such as liquidity locking or making the tokens in the liquidity pool non-sellable for a predetermined period, DWF Labs wrote in a report shared with Cointelegraph.
The report stated that tokens from high-profile leaders also need launch restrictions to limit participation from crypto-sniping bots and large holders or whales.
“Limiting bot and whale activity is essential in limiting the impact of individuals acting on insider information to corner a large percentage of the token supply,” according to Andrei Grachev, managing partner at DWF Labs.
Hyperliquid ups margin requirements after $4 million liquidation loss
Hyperliquid, a blockchain network specializing in trading, increased margin requirements for traders after its liquidity pool lost millions of dollars during a massive Ether (ETH) liquidation, the network said.
On March 12, a trader intentionally liquidated a roughly $200 million Ether long position, causing Hyperliquid’s liquidity pool, HLP, to lose $4 million, unwinding the trade.
Starting March 15, Hyperliquid will require traders to maintain a collateral margin of at least 20% on certain open positions to “reduce the systemic impact of large positions with hypothetical market impact upon closing,” Hyperliquid said in a March 13 X post.
The incident highlights the growing pains confronting Hyperliquid, which has emerged as Web3’s most popular platform for leveraged perpetual trading.
Hyperliquid has adjusted margin requirements for traders. Source: Hyperliquid
Hyperliquid said the $4 million loss was not from an exploit but rather a predictable consequence of the mechanics of its trading platform under extreme conditions.
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 red.
Of the top 100, the Hedera (HBAR) token fell over 24%, marking the biggest weekly decrease, followed by JasmyCoin (JASMY) down over 21% over the past week.
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.
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