Labour would cause ‘irreversible damage within first 100 days’ in power, Rishi Sunak claims

Published

9 months ago

June 30, 2024

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Leaders and politicians of all parties are coming out swinging today as the general election campaign enters the final days.

Rishi Sunak is today saying that Labour would cause “irreversible damage within just 100 days of coming to power”, while his top lieutenants warn of the “danger” of a government led by Sir Keir Starmer.

With polls throughout the campaign showing the Conservative Party failing to make a dent in Labour’s 21-point lead, according to the Sky News Poll Tracker, the prime minister only has days to change minds across the country in his bid to retain power.

Meanwhile, the Labour leader is arguing that if the Conservatives are re-elected, “they will feel entitled to continue serving themselves, rather than putting the needs of our country first”.

Liberal Democrat leader Sir Ed Davey is continuing to promote his party’s proposals for the NHS, while SNP leader John Swinney is arguing that the Scottish public should “vote SNP to put Scotland’s interests first”.

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Sunak says Labour ‘cannot be trusted’

The Conservative Party is continuing its warning that a Labour government would see taxes rise, and the prime minister is arguing electing Sir Keir would do “irreversible damage within just 100 days of coming to power”.

Mr Sunak said that Labour’s plans to impose VAT on private school fees would risk “throwing thousands of families’ plans for the autumn term into chaos, with children wondering if they will have a desk at school to go back to”.

And he also claimed that Labour would make Britain the “soft touch migrant capital of the world” with “open borders” and an “illegal migrant amnesty”.

The prime minister added: “They cannot be trusted. We must not surrender our taxes, our borders and our security to them. Only the Conservatives will deliver tax cuts, a growing economy and a brighter, more secure future for everyone.”

Foreign Secretary Lord Cameron went further in an interview with The Sunday Times, suggesting that a Labour government would be a threat to national security.

He told the newspaper that Sir Keir “is in danger of weakening Britain’s position and weakening Britain’s defences, all in a way that’s completely unnecessary”.

The ex-prime minister described Labour as “hopelessly naive about the dangerous world in which we’re living”, adding: “The last thing we need in Britain now is another liberal leftie lawyer running the country.”

But Sir Keir hit back, noting that the government has already given him “high level sensitive briefings, so much do they trust us on national security”.

“To now turn around and make this ridiculous claim just shows how desperate they have become going into this election,” he added.

Starmer appeals for ‘clear mandate’ to govern

The Labour leader and the potential next chancellor, Rachel Reeves, also spoke to The Sunday Times, and they talked about their goal of getting housebuilding ramping up “on day one” if they win the election.

The newspaper reports that at least three housing announcements are expected to be made within the first fortnight of a Labour government, saying that opportunities for young people from working-class backgrounds to own their own home “don’t exist”.

And in an article for The Observer, Sir Keir wrote that if voters elect Labour on Thursday, “the work of change begins” and they will “get to work on repairing our public services with an immediate cash injection, alongside urgent reforms”.

He also attacked the Tories’ record in power, saying if they are re-elected, “Britain will remain stuck in their low-growth, high-tax, declining public services doom-loop”.

“The unfunded splurge contained in their manifesto will unleash chaos into our economy once again. And they will feel entitled to continue serving themselves, rather than putting the needs of our country first,” he added.

“Frankly, should they win another five years after everything they’ve put us through in this parliament, they would surely think they could get away with anything.”

He appealed for a “clear mandate” to implement his plans, pointing to “chaos” under Mr Sunak and Liz Truss before him as examples of what happens when prime ministers seek to “govern without that mandate”.

SNP ‘offers hope of better future’

Meanwhile in Scotland, the leader of the SNP is appealing to Scots to back his party as polls show that Labour could become the largest Scottish parliamentary contingent in over a decade.

John Swinney argued that while “the result in England is now inevitable”, in “most seats in Scotland it’s too close to call between the SNP and Labour”.

He hit out at the Labour Party, saying a Starmer government “plans to impose £18bn of cuts to public spending – after years of austerity, Brexit and the ongoing cost of living crisis”.

To avoid that, he said, and to “ensure that decisions about Scotland are made in Scotland, then you’ve got to vote SNP”.

“The SNP offers Scotland the hope of a better future – but you have to vote for it. This Thursday, vote SNP to put Scotland’s interests first,” he added.

Tories have ‘failed’ to support families in grief

The Liberal Democrats are continuing to unveil policies, focused on the NHS and reversing “heartless Tory cuts” to bereavement payments.

On the latter as it stands, a bereaved family where a spouse or partner has died receives a lump sum of up to £3,500, followed by a monthly payment of up to £350 for 18 months.

The party is calling for this period to be extended, and is pledging to inject an additional £440m a year into the system by 2028-29 to fund it.

Sir Ed Davey said in a statement: “Rishi Sunak’s government has failed to ensure families are not left struggling to pay the bills at such a difficult period of time.

“The Liberal Democrats would treat families and children who lose a loved one with dignity and provide the support they deserve.”

He also reiterated his party’s pledge to give people a legal right to see a GP within a week and start cancer treatment within two months, with Sir Ed saying that his party has “put health and care at the heart of our fair deal for the country”.

Farage goes on the attack

Meanwhile, Reform UK is on the offensive after facing a slew of racism allegations over recent days.

The party yesterday withdrew support for three candidates, and it came on the heels of Channel 4 news airing footage filmed undercover that showed Andrew Parker, an activist canvassing for Mr Farage, using the racial slur “P***” to describe the prime minister, describing Islam as a “disgusting cult”, and saying the army should “just shoot” migrants crossing the Channel.

Nigel Farage has gone on the attack, with the party saying it has reported Channel 4 to the elections watchdog for alleged “scandalous… interference” over what the party claims was a fake rant planted by the broadcaster.

Mr Farage also hit out at the BBC, saying he would refuse to appear on their flagship Sunday morning show until they apologise for their “dishonest” audience during a BBC Question Time special on Friday, accusing the broadcaster of having “behaved like a political actor throughout this election”.

He will hold a vast rally in Birmingham later today, after speaking to Sky News from Sunday Morning With Trevor Phillips at 8.30am.

Reform UK leader Nigel Farage will be joining Sky News’ Trevor Philips from 8.30am this morning on his last programme before the election – along with Deputy Prime Minister Oliver Dowden, Labour’s national campaign coordinator Pat McFadden, and SNP leader and Scottish First Minister John Swinney.

Politics

DeFi security and compliance must be improved to attract institutions

Published

3 hours ago

April 9, 2025

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DeFi security and compliance must be improved to attract institutions

Opinion by: Sergej Kunz, co-founder of 1inch

Institutional players have been closely watching decentralized finance’s growth. Creating secure and compliant DeFi platforms is the only solution to build trust and attract more institutions.

Clear waters attract big ships

Over the past four years, institutional DeFi adoption has gone from 10% of hedge funds to 47%, and is projected to rise to 65% in 2025. Goldman Sachs is reaching their arms to DeFi for bond issuance and yield farming.

Early adopters are already positioning themselves in onchain finance, including Visa, which has processed over $1 billion in crypto transactions since 2021 and is now testing cross-border payments. In the next two years, institutional adoption will speed up. A compliant regulatory framework that maintains DeFi’s core benefits is necessary for institutional adoption to engage confidently.

DeFi’s institutional trilemma

It is no secret that many DeFi security exploits happen every year. The recent Bybit hack reported a $1.4 billion loss. The breach occurred through a transfer process that was vulnerable to attack. Attacks like these raise concerns about multisignature wallets and blind signing. This happens when users approve transactions without full details, rendering blind signing a significant risk. This case calls for stronger security measures and improvements in user experience.

The threats of theft due to vulnerabilities in smart contracts or mistakes by validators make institutional investors hesitate when depositing large amounts of money into institutional staking pools. Institutions are also at risk of noncompliance due to a lack of clear regulatory frameworks, creating hesitation to enter the space.

The user interface in DeFi is often designed for users with technical expertise. Institutional investors require user-friendly experiences that make DeFi staking possible without relying on third-party intermediaries.

Build it right, and they will come

Institutional interest in bringing traditional assets onchain is enormous, with the tokenized asset market estimated to reach $16 trillion by 2030. To confidently participate in DeFi, institutions need verifiable counterparties that are compliant with regulatory requirements. The entry of traditional institutional players into DeFi has led some privacy advocates to point out that it can counter the essence of decentralization, which forms the bedrock of the ecosystem.

Recent: Securitize to bring BUIDL tokenized fund to DeFi with RedStone price feeds

Institutions must be able to trust DeFi platforms to maintain compliance standards while providing a safe and seamless user interface. A balanced approach is key. DeFi’s permissionless nature can be achieved while maintaining compliance through identity profiles, allowing secure transactions. Similarly, transaction screening tools facilitate real-time monitoring and risk assessment.

Blockchain analytics tools help institutions to maintain compliance with Anti-Money Laundering regulations and prevent interaction with blacklisted wallets. Integrating these tools can help detect and prevent illicit activity, making DeFi safer for institutional engagement.

Intent-based architecture can improve security

The relationship between intent-based architecture and security is evident; the very design is built to reduce risks, creating a more reliable user experience. This protects the user against MEV exploits, a common issue of automated bots scanning for large profitable trades that can be exploited. Intent-based architecture also helps implement compliance frameworks. For instance, restricting order submissions to clean wallets and allowing resolvers to settle only the acceptable orders.

It’s well understood that in traditional DeFi transactions, users rely often on intermediaries like liquidity providers to execute trades or manage funds. This leads to counterparty risk, unauthorized execution and settlement failure. The intent-based architecture supports a trustless settlement that ensures users commit only when all conditions are met, reducing risk and removing blind trust from the picture.

DeFi platforms must simplify interactions and UX for institutional investors. This system bridges the gap between. Through executing offchain while ensuring security, the intent-based architecture makes DeFi safer and more efficient. However, one of the challenges to this includes integrating offchain order matching while maintaining onchain transparency.

Late adopters of DeFi will struggle to keep up

For the early adopters of DeFi, there is a competitive advantage in liquidity access and yield advantages, whereas late adopters will face more regulatory scrutiny and entry barriers. By 2026, the institutional players that have failed to adopt DeFi may struggle to keep up. This is seen in the examples of early adopters like JPMorgan and Citi’s early tokenization projects. TradFi leaders like them are already gearing up for onchain finance.

The way forward

Regulatory bodies, supervisory agencies and policy leaders must provide clear, standardized guidelines to facilitate broader institutional participation. Uniform protocols underpinning wider institutional involvement are underway. DeFi platforms must be prepared beforehand to provide all the necessary pillars of compliance and security to institutional players who want to embrace mainstream adoption. Executing this shall require combined efforts from regulators, developers and institutions.

Opinion by: Sergej Kunz, co-founder of 1inch.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Politics

Kalshi accepts Bitcoin deposits in bid to woo crypto-native users

Published

3 hours ago

April 9, 2025

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Kalshi accepts Bitcoin deposits in bid to woo crypto-native users

Prediction marketplace Kalshi has started taking Bitcoin (BTC) deposits in a bid to onboard more crypto-native users.

The company that lets users bet on events ranging from election outcomes to Rotten Tomatoes film ratings has seen a strong uptake among crypto traders, Kalshi told Cointelegraph on April 9. For instance, event contracts for betting on Bitcoin’s hour-by-hour price changes have seen $143 million in trading volume to date, a spokesperson said.

Kalshi is a derivatives exchange regulated by the US Commodity Futures Trading Commission (CFTC). As of April 9, it listed some 50 crypto-related event contracts, including markets for betting on coins’ 2025 highs and lows, as well as on headlines such as US President Donald Trump’s proposed National Bitcoin Reserve.

The platform started accepting crypto payments in October when it enabled stablecoin USD Coin (USDC) deposits.

Kalshi relies on ZeroHash — a crypto payments infrastructure provider — for off-ramping BTC and USDC and converting the deposits to US dollars. The exchange accepts BTC deposits only from the Bitcoin network.

More accurate than polls

Launched in 2021, Kalshi rose to prominence ahead of the US’s November elections.

It became a top venue for trading on 2024 political events after winning a lawsuit against the CFTC, which tried to block Kalshi from listing contracts tied to elections.

The regulator argued that political prediction markets threaten the integrity of elections, but industry analysts say they often capture public sentiment more accurately than polls.

For instance, prediction markets, including Kalshi, accurately predicted Trump’s presidential election win even as polls indicated a tossup.

“Event contract markets are a valuable public good for which there is no evidence of significant manipulation or widespread use for any nefarious purposes that the Commission alleges,” Harry Crane, a statistics professor at Rutgers University, said in an August comment letter filed with the CFTC.

As of April 9, Kalshi traders peg the odds of the US entering a recession at 68%, according to its website.

In March, Kalshi partnered with Robinhood to bring prediction markets to the popular online brokerage platform. Robinhood’s stock rose some 8% on the news.

Kalshi competes with Polymarket, a Web3-based prediction platform. Polymarket processed more than $3 billion in trading volumes tied to the US presidential election despite being off-limits for US traders.

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Politics

No crypto project has registered with the SEC and ‘lived to tell the tale’ — House committee hearing

Published

4 hours ago

April 9, 2025

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No crypto project has registered with the SEC and ‘lived to tell the tale’ — House committee hearing

United States securities laws are not flexible enough to account for digital assets, as evidenced by the parade of crypto-native companies that have tried and failed to get into the Securities and Exchange Commission’s (SEC) good graces, Rodrigo Seira, special counsel to Cooley LLP, told a House Committee hearing on April 9.

The hearing, titled American Innovation and the Future of Digital Assets Aligning the U.S. Securities Laws for the Digital Age, featured Seira, WilmerHale partner Tiffany J. Smith, Polygon chief legal officer Jake Werrett and Alexandra Thorn, a senior director at the Center for American Progress.

“It is clear that the current securities regulatory framework is not a viable option to regulate crypto. It fails to achieve its stated policy goals,” Seira said in his opening remarks. “[T]he idea that crypto projects can come in and register with the SEC is demonstrably false.”

Seira acknowledged that crypto promoters who raise capital for a new enterprise should be subject to federal securities laws.

“In practice, however, virtually no crypto projects have successfully registered their tokens under federal securities laws and lived to tell the tale,” he said, adding:

Projects that tried to comply with [the] SEC’s current regulatory requirements expended significant resources and effort only to fail or survive in a state of regulatory uncertainty. Moreover, registration is not a simple one-time process. Registering a token in the same manner as a stock triggers an obligation to operate as a publicly reporting company […].”

Righting the ship

In introducing the witnesses, Representative Bryan Steil, who heads the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence, acknowledged regulatory roadblocks, which he said were put in place by the previous administration.

Under President Donald Trump, lawmakers are attempting to right the ship by passing sensible legislation, said Steil.

One of the first steps occurred last week when the House Financial Services Committee advanced the STABLE Act, which is designed to regulate payment stablecoins tied to the US dollar and other fiat currencies.

A month earlier, the Senate Banking Committee advanced the GENIUS Act, which aims to regulate stablecoin issuers by establishing reserve requirements and requiring full compliance with Anti-Money Laundering laws.

The next step is “advancing the second half of this agenda: comprehensive digital asset market structure legislation,” said Steil.

Representative Ro Khanna told a digital asset conference last month that a market structure bill will cross the finish line this year.

The purpose of such legislation is to establish a clear regulatory framework for digital assets, including their legal categories and the enforcement jurisdiction of agencies such as the SEC and Commodity Futures Trading Commission.

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