If Starmer is ruthless, he needs to resolve ‘purge’ accusations quickly
When I asked Sir Keir Starmer a couple of weeks back if he was ruthless, he said he was – but qualified it.
His ruthlessness was trained firmly on trying to get a Labour government that “could change this country for the better”.
He was “not ruthless for [his] own ambition”, nor was it ruthlessness for the Labour Party.
“I’m ruthless for the county,” said Sir Keir. “The only way we’ll bring about change in the country is if we are ruthless about wining the general election.”
But that ruthlessness is now blowing up and knocking the party’s election campaign off course.
Politics live: Another Conservative defects to Labour
After a slick first week, Labour is having its first crisis, as the row whether to de-select Diane Abbott has seized the headlines and muddied the message.
It has prompted, not just open splits at the top of the party, but wider questions about whether Starmer is purging the Labour Party as left wing candidates are blocked from standing and loyalists are being drafted into safe sets.
Ms Abbott herself has called it a purge, while Andrew Fisher, who worked in Jeremy Corbyn’s team asked: “Is it racism, sexism, factionalism or a combination of all? Either way it looks appalling.”
After iron tight discipline, the party is beginning to fray at the edges.
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Ms Rayner, the most senior women in the party, came to Ms Abbott’s defence today, telling me in the Sky News daily podcast that she should be allowed to stand if that is what she would like to do.
Yvette Cooper has also weighed in, describing Ms Abbott as a trailblazer and a “really important figure in the Labour party”.
Starmer, for his part, says the decision hasn’t been taken and will be made by the party’s national executive committee.
But there is clear a split – and it looks ill-disciplined at exactly the time when the party needs to show the public that is not another version of the warring Tories.
Ms Rayner was careful not to lay the blame of this at the feet of Starmer. She told me when I asked if the party leader was trying to purge the left that she “didn’t think Keir was acting in a factional way” – but that doesn’t mean others are not.
When I asked her about what Andrew Fisher had said about this being a very bad look for the party, Ms Rayner said: “It’s not a great look the way Diane was briefed against.”
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Rayner: ‘No reason why Abbott can’t stand as Labour MP’
The briefings the The Times newspaper on Thursday night that Ms Abbott was going to be barred from standing, promoting her defiant response and a rally outside Hackney Town Hall, has taken the issue from being relatively contained to out of control.
And this is the dilemma for Starmer. If he is ruthless about changing Britain, the less left wing firebrands on this benches, the better.
If he only wins a small majority, he needs the support of all his MPs and can ill-afford a left faction frustrating his government. So de-selecting unbiddable MPs and replacing them with loyalists makes perfect ruthless sense.
But when does being ruthless tip over into something more sinister, that seems unfair and actually turns voters off?
Perhaps the Labour high command think they can ride it out, purge these MPs and the news cycle moves on.
But the party already has a big problem in what are supposedly safe seats with the Muslim community that are angry over their stance over the Israel-Hamas war.
They are also facing an independent Jeremy Corbyn in Islington North.
Does the party really want to kick out the first ever black woman MP from the party too?
One senior Labour figure insists to me that his is not a purge and that it’s “important” to see all these cases differently.
But even if that is the intention, it is not how it’s being received amongst big chunks of Labour backers and voters.
If Sir Keir Starmer is really ruthless about winning this election, he might be advised to resolve this issue and quickly.
As Rayner acknowledged, it has become a distraction and that will be – in her words – a “frustration” to Starmer.
His top team have long said they will have wobbles along the way and what’s important is how its handled. This one needs sorting, and quick.
A group of investors with cryptocurrency custody and trading firm Bakkt Holdings filed a class-action lawsuit alleging false or misleading statements and a failure to disclose certain information.
Lead plaintiff Guy Serge A. Franklin called for a jury trial as part of a complaint against Bakkt, senior adviser and former CEO Gavin Michael, CEO and president Andrew Main, and interim chief financial officer Karen Alexander, according to an April 2 filing in the US District Court for the Southern District of New York.
The group of investors allege damages as the result of violations of US securites laws and a lack of transparency surrounding its agreement with clients: Webull and Bank of America (BoA).
April 2 complaint against Bakkt and its executives. Source: PACER
The loss of Bank of America and Webull will result “in a 73% loss in top line revenue” due to the two firms making up a significant percentage of its services revenue, the investor group alleges in the lawsuit. The filing stated Webull made up 74% of Bakkt’s crypto services revenue through most of 2023 and 2024, and Bank of America made up 17% of its loyalty services revenue from January to September 2024.
Related: Bakkt names new co-CEO amid re-focus on crypto offerings
Bakkt disclosed on March 17 that Bank of America and Webull did not intend to renew their agreements with the firm ending in 2025. The announcement likely contributed to the company’s share price falling more than 27% in the following 24 hours. The investors allege Bakkt “misrepresented the stability and/or diversity of its crypto services revenue” and failed to disclose that this revenue was “substantially dependent” on Webull’s contract.
“As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages,” said the suit.
Other law offices said they were investigating Bakkt for securities law violations, suggesting additional class-action lawsuits may be in the works. Cointelegraph contacted Bakkt for a comment on the lawsuit but did not receive a response at the time of publication.
Prices affected by Trump Media reports
Bakkt’s share price surged roughly 162% in November 2024 after reports suggested that then-US President-elect Donald Trump’s media company was considering acquiring the firm. As of April 2025, neither company has officially announced a deal.
Shares in Bakkt (BKKT) were $8.15 at the time of publication, having fallen more than 36% in the previous 30 days.
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The new trade tariffs announced by US President Donald Trump may place added pressure on the Bitcoin mining ecosystem both domestically and globally, according to one industry executive.
While the US is home to Bitcoin (BTC) mining manufacturing firms such as Auradine, it’s still “not possible to make the whole supply chain, including materials, US-based,” Kristian Csepcsar, chief marketing officer at BTC mining tech provider Braiins, told Cointelegraph.
On April 2, Trump announced sweeping tariffs, imposing a 10% tariff on all countries that export to the US and introducing “reciprocal” levies targeting America’s key trading partners.
Community members have debated the potential effects of the tariffs on Bitcoin, with some saying their impact has been overstated, while others see them as a significant threat.
Tariffs compound existing mining challenges
Csepcsar said the mining industry is already experiencing tough times, pointing to key indicators like the BTC hashprice.
Hashprice — a measure of a miner’s daily revenue per unit of hash power spent to mine BTC blocks — has been on the decline since 2022 and dropped to all-time lows of $50 for the first time in 2024.
According to data from Bitbo, the BTC hashprice was still hovering around all-time low levels of $53 on March 30.
Bitcoin hashprice since late 2013. Source: Bitbo
“Hashprice is the key metric miners follow to understand their bottom line. It is how many dollars one terahash makes a day. A key profitability metric, and it is at all-time lows, ever,” Csepcsar said.
He added that mining equipment tariffs were already increasing under the Biden administration in 2024, and cited comments from Summer Meng, general manager at Chinese crypto mining supplier Bitmars.
Source: Summer Meng
“But they keep getting stricter under Trump,” Csepcsar added, referring to companies such as the China-based Bitmain — the world’s largest ASIC manufacturer — which is subject to the new tariffs.
Trump’s latest measures include a 34% additional tariff on top of an existing 20% levy for Chinese mining imports. In response, China reportedly imposed its own retaliatory tariffs on April 4.
BTC mining firms to “lose in the short term”
Csepcsar also noted that cutting-edge chips for crypto mining are currently massively produced in countries like Taiwan and South Korea, which were hit by new 32% and 25% tariffs, respectively.
“It will take a decade for the US to catch up with cutting-edge chip manufacturing. So again, companies, including American ones, lose in the short term,” he said.
Source: jmhorp
Csepcsar also observed that some countries in the Commonwealth of Independent States region, including Russia and Kazakhstan, have been beefing up mining efforts and could potentially overtake the US in hashrate dominance.
Related: Bitcoin mining using coal energy down 43% since 2011 — Report
“If we continue to see trade war, these regions with low tariffs and more favorable mining conditions can see a major boom,” Csepcsar warned.
As the newly announced tariffs potentially hurt Bitcoin mining both globally and in the US, it may become more difficult for Trump to keep his promise of making the US the global mining leader.
Trump’s stance on crypto has shifted multiple times over the years. As his administration embraces a more pro-crypto agenda, it remains to be seen how the latest economic policies will impact his long-term strategy for digital assets.
Magazine: Bitcoin ATH sooner than expected? XRP may drop 40%, and more: Hodler’s Digest, March 23 – 29
Cryptocurrency exchange OKX is under renewed regulatory scrutiny in Europe after Maltese authorities issued a major fine for violations of Anti-Money Laundering (AML) laws.
Malta’s Financial Intelligence Analysis Unit (FIAU) fined Okcoin Europe — OKX’s Europe-based subsidiary — 1.1 million euros ($1.2 million) after detecting multiple AML failures on the platform in the past, the authority announced on April 3.
While admitting that OKX has significantly improved its AML policies in the past 18 months, the authority “could not ignore” its past compliance failures from 2023, “some of which were deemed to be serious and systematic,” the FIAU notice said.
OKX was among the first crypto exchanges to receive a license under Europe’s new Markets in Crypto-Assets (MiCA) regulation via its Malta hub in January 2025.
The news of the $1.2 million penalty in Malta came after Bloomberg in March reported that European Union regulators were probing OKX for laundering $100 million in funds from the Bybit hack.
Bybit CEO Ben Zhou previously claimed that OKX’s Web3 proxy allowed hackers to launder about $100 million, or 40,233 Ether (ETH), from the $1.5 billion hack that occurred in February.
This is a developing story, and further information will be added as it becomes available.
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