Starmer says he meant no offence to Bangladeshi community over deportation comments

Published

9 months ago

June 27, 2024

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Sir Keir Starmer has said he did not intend to cause offence to the Bangladeshi community after he singled out the country during a debate about immigration.

The Labour leader said Bangladeshis have made a “massive contribution” to the UK economy – after his comments sparked such a backlash that one Labour councillor in London resigned.

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Speaking specifically about people who come to the UK illegally, Sir Keir said during a debate hosted by The Sun newspaper: “So on the first few days in government, I’ll tell you what I’ll do, I’ll put the staff back in the returns unit, I’ll make sure we’ve got planes going off, not to Rwanda, because that’s an expensive gimmick.”

He then singled out the example of Bangladesh when asked where migrants could be returned to under Labour’s plan.

“The number of people being returned to where they came from, has dropped off by 44% under this government,” Sir Keir said.

“At the moment people coming from countries like Bangladesh are not being removed because they are not being processed.”

The comments were criticised by members of the Bangladeshi community, as well as Labour Party members.

Stepney Green Councillor Sabina Akhtar, deputy leader of Tower Hamlets Labour group, resigned from the party saying Sir Keir had insulted “my Bangladeshi identity”.

Labour election candidate Apsama Begum, who is the daughter of Bangladeshi migrants, said she “will never stand by and let migrant communities be scapegoated”.

Defending the comments on Thursday, Sir Keir said he was trying to give an example of a safe country where a returns agreement is in place – but people aren’t being sent back because their asylum claims are not being processed.

He told broadcasters: “The reference in the debate the other day was an example of a country that is considered safe as far as asylum is concerned, and one of the countries that’s actually got a returns agreement with us, and that is actually a good thing where both we and Bangladesh can be proud of.

“I certainly wasn’t intending to cause any concern or offence to any Bangladeshi community here.”

He said he values the relationship and the contribution of the Bangladeshi community in Britain, adding: “They’ve made a massive contribution to our economy, to our culture and to our country. That’s why there’s always been a longstanding and strong relationship between Labour and the Bangladeshi community here.

“It’s why my first trip as a Labour MP was to Bangladesh, where I saw for myself the strength of the country, the hospitality and warmth of the country. I’ve got many Bangladeshi constituents in my own constituency who I’ve been working with for many years, and I want to build on that in government.”

Immigration has been a wedge issue on the election campaign, with Rishi Sunak insisting his stalled Rwanda plan will get off the ground eventually but Labour saying it is an “unworkable gimmick” and they will scrap it.

The party wants to divert £75m to a new “border command” force that will focus on “smashing criminal gangs”, and hire 1,000 more caseworkers to create a “Returns and Enforcement Unit” to address the fall in asylum removals since 2010.

Asked by reporters today if that plan would also mean accepting people who come via illegal routes, Sir Keir said: “When people have no right to be here, they will be removed. Where a claim succeeds obviously that is an asylum claim that has succeeded.

“But at the moment there is a 100% success (rate) in the sense that anyone who is here under this government is staying here for life, being paid for by the taxpayer.

“That is not a sustainable or sensible asylum policy. It is an asylum policy that is utterly broken under this government.”

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Stablecoins are the best way to ensure US dollar dominance — Web3 CEO

Published

5 hours ago

April 6, 2025

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Stablecoins are the best way to ensure US dollar dominance — Web3 CEO

Stablecoins are the single best tool for the United States government to maintain the US dollar’s hegemony in global financial markets, according to LayerZero Labs CEO and founder Bryan Pellegrino.

In an interview with Cointelegraph, the CEO of LayerZero Labs, which created the LayerZero interoperability protocol recently chosen by Wyoming to be the distribution partner for the Wyoming stablecoin, said that the cross-border accessibility of dollar-pegged tokens makes them an obvious choice to drive US dollar demand. Pellegrino added:

“Stablecoins for the US dollar are the single best tool — the last Trojan Horse or vampire attack on every single other currency in the world — whether it is Argentina, whether it is Venezuela, whether it is all of the countries that have massive inflation.”

The CEO said he expects support for stablecoins on both the federal and state levels to grow because of the obvious boost stablecoins give to the US dollar in foreign exchange markets and the financial moat stablecoin-driven demand will create around the US dollar’s global reserve currency status.

Dollar, US Government, Stablecoin — *Stablecoin market overview. Source:* *RWA.XYZ*

US government looks to stablecoins to protect US dollar

Pellegrino cited Tether’s emerging role as one of the largest buyers of US Treasury bills in the world as evidence of the demand for US debt instruments from stablecoin issuers.

Tether recently became the seventh-largest holder of US Treasuries, beating out Canada, Germany, Norway, Hong Kong, and Saudi Arabia.

Speaking at the White House Crypto Summit on March 7, US Treasury Secretary Scott Bessent said the Trump administration would leverage stablecoins to extend US dollar hegemony and indicated this would be a top priority for officials in 2025.

According to a 2023 report from Chainalysis, over 50% of all the digital asset value transferred to countries in the Latin American region, including Argentina, Brazil, Columbia, Mexico, and Venezuela was denominated in stablecoins.

The low transaction fees, relative stability, and near-instant settlement times for dollar-pegged stablecoins make these real-world tokenized assets ideal for remittances and stores of value for residents in developing countries suffering from high inflation and capital controls.

Magazine: Bitcoin payments are being undermined by centralized stablecoins

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CFPB likely to step back from crypto regulation — Attorney

Published

7 hours ago

April 6, 2025

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CFPB likely to step back from crypto regulation — Attorney

The Consumer Financial Protection Bureau (CFPB) will likely see a reduced role in crypto regulations as other federal agencies like the Securities and Exchange Commission (SEC) and state-level regulators assume a bigger role in crypto policy, according to Ethan Ostroff, partner at the Troutman Pepper Locke law firm.

“I think with the current administration, my sense is, we are highly likely to see a significant pullback by the CFPB in the context of the activity by other regulators,” Ostroff told Cointelegraph in an interview.

State regulators also have the authority under the Consumer Financial Protection Act (CFPA) to assume some of the regulatory roles of the CFPB, the attorney said but also added that some regulatory functions will continue to fall within the purview of the CFPB as a matter of established law.

Ostroff cited the New York Department of Financial Services (NYDFS) and the California Department of Financial Protection and Innovation (DFPI) as regulators to keep an eye on as potential leaders of crypto regulations at the state level.

However, the attorney clarified that while the CFPB may see a diminished role during the Trump administration, the agency would not be outright dismantled during the current regime due to “statutorily mandated obligations and requirements” that require acts of Congress to change.

Trump administration targets CFPB in efficiency push

The Trump administration targeted the CFPB as part of a broader push by the Department of Government Efficiency (DOGE) to slash government spending and reduce the federal debt.

Russell Vought, the recently appointed head of the CFPB, announced major funding cuts to the agency and scaled back operations within days of assuming the helm at the CFPB in February 2025.

Bitcoin Regulation, US Government, United States, Donald Trump — *Source:* *Russell Vought*

Massachusetts Senator Elizabeth Warren criticized Elon Musk for dismantling the CFPB, which the US senator co-founded back in 2007.

Warren characterized Musk as a “bank robber” and claimed that the Trump administration dismantled the CFPB to undo consumer protection rules and have greater control over the financial system.

In a February 12 interview with Mother Jones, the senator stressed that the Executive Branch of government does not have the statutory authority to fully dismantle the CFPB, which can only be done through Congressional approval.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered

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Nearly 400,000 FTX users risk losing $2.5 billion in repayments

Published

14 hours ago

April 6, 2025

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Nearly 400,000 FTX users risk losing .5 billion in repayments

Nearly 400,000 creditors of the bankrupt cryptocurrency exchange FTX risk missing out on $2.5 billion in repayments after failing to begin the mandatory Know Your Customer (KYC) verification process.

Roughly 392,000 FTX creditors have failed to complete or at least take the first steps of the mandatory Know Your Customer verification, according to an April 2 court filing in the US Bankruptcy Court for the District of Delaware.

FTX users originally had until March 3 to begin the verification process to collect their claims.

“If a holder of a claim listed on Schedule 1 attached thereto did not commence the KYC submission process with respect to such claim on or prior to March 3, 2025, at 4:00 pm (ET) (the “KYC Commencing Deadline”), 2 such claim shall be disallowed and expunged in its entirety,” the filing states.

Nearly 400,000 FTX users risk losing $2.5 billion in repayments — *FTX court filing. Source:* *Bloomberglaw.com*

The KYC deadline has been extended to June 1, 2025, giving users another chance to verify their identity and claim eligibility. Those who fail to meet the new deadline may have their claims permanently disqualified.

According to the court documents, claims under $50,000 could account for roughly $655 million in disallowed repayments, while claims over $50,000 could amount to $1.9 billion — bringing the total at-risk funds to more than $2.5 billion.

The next round of FTX creditor repayments is set for May 30, 2025, with over $11 billion expected to be repaid to creditors with claims of over $50,000.

Under FTX’s recovery plan, 98% of creditors are expected to receive at least 118% of their original claim value in cash.

How FTX users can complete KYC

Many FTX users have reported problems with the KYC process.

However, users who were unable to submit their KYC documentation can resubmit their application and restart the verification process, according to an April 5 X post from Sunil, FTX creditor and Customer Ad-Hoc Committee member.

Impacted users should email FTX support (support@ftx.com) to receive a ticket number, then log in to the support portal, create an account, and re-upload the necessary KYC documents.

FTX’s Bahamian subsidiary, FTX Digital Markets, processed the first round of repayments in February, distributing $1.2 billion to creditors.

The crypto industry is still recovering from the collapse of FTX and more than 130 subsidiaries launched a series of insolvencies that led to the industry’s longest-ever crypto winter, which saw Bitcoin’s (BTC) price bottom out at around $16,000.

While not a “market-moving catalyst” in itself, the beginning of the FTX repayments is a positive sign for the maturation of the crypto industry, which may see a “significant portion” reinvested into cryptocurrencies, Alvin Kan, chief operating officer at Bitget Wallet, told Cointelegraph.