Chancellor Rachel Reeves promises to bring investment to Britain to boost living standards

Published

7 months ago

September 23, 2024

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Rachel Reeves has said her ambition is for the UK to be “the best place to start and grow a business” as she promised Labour will bring investment to Britain.

The chancellor, speaking to Sky News ahead of her keynote speech at Labour’s conference today, said by bringing stability to the economy her administration will be “the most pro-growth government that this country has ever seen”.

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Ms Reeves said: “This is all part of our agenda, to be the most pro-growth government that this country has ever seen, because there is immense potential, huge potential in the creative industries and our professional services in tech industries, low carbon technologies.

“I want those jobs here in Britain.

“There’s a global race on for these jobs, but if we can make the changes, which I’m determined to bring about, I know we can get that investment to Britain, increased living standards and more money in people’s pockets.

“Vibrant communities, stronger high streets and Britain will be the best place to start and grow a business. That’s my ambition.”

Ms Reeves said she will set out how the government will achieve that during her speech in Liverpool at lunchtime today.

She repeated Labour’s manifesto pledge to not raise VAT, income tax or national insurance.

The chancellor is, however, expected to announce some changes at Labour conference. Any major announcements will be saved for the autumn budget on 30 October, though.

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Sir Keir Starmer’s government has been accused of being all doom and gloom since coming into power in July after a landslide victory but Ms Reeves appeared to be turning that around slightly.

She said: “If we can return that stability and reform our economy, I’ve never been so optimistic about our country’s future.

“If we can get this right, then there is no end to what we can achieve as a country.

“And that’s what I’m determined to do, to unlock the real potential that we have through stability, through reform, and then, crucially, through investment, which is a solution to the low growth that has bedevilled our economy this last decade or so.”

Conservative MP Gareth Davies, shadow exchequer secretary to the Treasury, accused the chancellor of using her “discredited narrative on her economy inheritance to avoid taking responsibility for the choices she has made”.

He accused her of spending “billions on inflation busting public sector pay rises for trade union backers paid for by snatching £300 from pensioners at the same time accepting thousands of pounds in free clothes and luxury holidays whilst telling families to tighten their belts”.

“She must take responsibility for the political choices she is making, now and at her first Budget. We will hold Labour to account on the promises they made,” he said.

Parties ‘rely on donations’

The row over Labour politicians accepting large donations has overshadowed the beginning of Labour’s first conference in government in 14 years, with Sir Keir taking more donations than any other MP.

Ms Reeves is on the lower end of the amount donated to her, and said the £7,500 she was given for clothes was from “an old friend” who wanted to donate to her campaign.

“I really appreciated that support, it made a big difference to me,” she told Sky News.

“It was never something that I planned to continue in government. As chancellor, that’s not something I’ll be doing.”

She added she understands people’s concerns but added politicians and parties rely on donations to campaign, which she thinks is right as taxpayers should not be funding them.

Ms Reeves said Labour MPs have been transparent about donations and said the party received more donations than ever before.

“We appreciated those donations, it helps us to do our job of getting elected and making the change that our country desperately needs,” she added.

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Nasdaq files to list 21Shares Dogecoin ETF

Published

3 hours ago

April 29, 2025

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Nasdaq files to list 21Shares Dogecoin ETF

The United States exchange Nasdaq has asked regulators for permission to list a 21Shares exchange-traded fund (ETF) holding the popular memcoin Dogecoin, regulatory filings show.

The move follows 21Shares’ April 10 filing of its initial proposal to launch its Dogecoin ETF, shortly after similar applications from rivals Bitwise and Grayscale. The asset manager has also sought regulators’ permission to list ETFs holding other cryptocurrencies, including Solana (SOL), XRP (XRP), and Polkadot (DOT).

Nasdaq must gain approval from the Securities and Exchange Commission (SEC) before it can list and trade the fund. The request amounts to a regulatory review process that could determine whether Dogecoin becomes accessible to a broader range of investors through an ETF structure.

Onslaught of altcoin ETFs

Fund issuers requested to list dozens of altcoin ETFs after US President Donald Trump instructed the SEC to take a friendlier stance toward cryptocurrencies after his second term began in January.

As of April 21, more than 70 crypto ETFs were awaiting the SEC’s review. The list includes alternative layer-1 (L1) native tokens, such as SOL and Sui (SUI), as well as memecoins such as Bonk (BONK) and Official Trump (TRUMP).

While exchanges such as Nasdaq seek to list more crypto ETFs, they are also pushing for firmer US regulatory oversight of digital assets. In an April 25 comment letter, Nasdaq urged the SEC to hold digital assets to the same regulatory standards as securities if they constitute “stocks by any other name.”

Dogecoin utility

Dogecoin (DOGE) is a popular memecoin with a market capitalization of nearly $26 billion as of April 29, according to CoinGecko.

It is distinct from most other memecoins because DOGE is the native token of the Dogecoin network.

The proof-of-work blockchain network is designed as a faster, cheaper alternative to Bitcoin (BTC) for peer-to-peer payments.

It processed more than 40,000 transactions in the past 24 hours, according to data from Bitinfocharts.com.

In September 2024, blockchain developers QED Protocol and Nexus tipped plans to launch a layer-2 (L2) scaling solution designed to bring smart contracts to Dogecoin.

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UK gov’t proposes crypto rules in response to scams

Published

5 hours ago

April 29, 2025

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<div>UK gov't proposes crypto rules in response to scams</div>

The United Kingdom’s Treasury and Chancellor of the Exchequer, Rachel Reeves, have proposed new crypto rules aimed at “support[ing] innovation while cracking down on fraudsters.”

In an April 29 notice, the UK government announced draft rules for cryptocurrencies, including Bitcoin (BTC) and Ether (ETH), that would bring “crypto exchanges, dealers and agents” in line with regulations, as many residents were “exposed to risky firms and scams.” It cited discussions with US government officials, including a proposed US-UK cross-border sandbox from the Securities and Exchange Commission’s Hester Peirce.

“Today’s announcement sends a clear signal: Britain is open for business — but closed to fraud, abuse, and instability,” said the notice. “The government will bring forward final cryptoasset legislation at the earliest opportunity, following engagement on the draft provisions with industry.”

Treasury and Reeves said the UK was committed to making the country a “global hub for digital asset technologies,” referencing the goals of the previous government under the Conservative Party. A 2023 consultation paper from Treasury proposed “bringing a wide range of cryptoasset activities” — including trading and issuing stablecoins — in line with UK regulations.

Praise from industry

In a statement shared with Cointelegraph, Ian Silvera, the associate director for the self-regulatory trade association CryptoUK, called the government announcement a “very much welcomed and a big victory” for crypto firms. However, he added that the industry could also benefit from regulatory clarity on liquid staking and DeFi.

“Though there has been good regulatory progress from the [Financial Conduct Authority], which published its crypto roadmap late last year, the UK government first committed to becoming a global crypto hub in 2022,” said Silvera. “Progress has been slow since then, but as the Chancellor has recognised herself the mainstreaming of the industry has continued, with now 12% of all UK adults owning some sort of crypto, up from 4% in 2021.”

The FCA plans to publish final rules on crypto sometime in 2026, setting the groundwork for the UK regulatory regime to go live. The roadmap to greater regulatory clarity in the UK could follow the European Union, which started to implement its Markets in Crypto-Assets (MiCA) framework in December.

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$649B stablecoin transfers linked to illicit activity in 2024: Report

Published

6 hours ago

April 29, 2025

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9B stablecoin transfers linked to illicit activity in 2024: Report

Cryptocurrency compliance firm Bitrace found that $649 billion worth of stablecoins flowed through addresses classified as high-risk in 2024, according to an April 29 report.

Bitrace defines high-risk blockchain addresses as those used by illegal entities to receive, transfer or store stablecoins.

Crypto compliance firms typically score crypto wallet addresses based on their likelihood of involvement in illicit activities. The higher the risk, the higher the likelihood of foul play, and the less likely compliant crypto businesses are to accept the assets.

Per the report, the amount accounted for roughly 5.14% of all stablecoin transaction volume in 2024. This is down 0.8% from 5.94% the previous year, but significantly higher than the 2.8% reported in 2022 and 1.63% in 2021.

$649B stablecoin transfers linked to illicit activity in 2024: Report — *Proportion of high-risk stablecoin transactions. Source:* *Bitrace*

Tron USDT tops high-risk transactions

Tron-based USDt (USDT) dominates high-risk stablecoin transactions, with Bitrace data indicating that well over 70% of the volume moved on the network. The remaining high-risk stablecoin transactions are mostly Ethereum-based USDt and a small amount of USDC (USDC).

A likely explanation for the prevalence of USDT is likely due to its larger market capitalization and adoption compared with other stablecoins. At the time of writing, CoinMarketCap shows that USDt has a market cap of over $148 billion, while USDC stands at over $62 billion.

Tron’s prevalence is not as easy to explain. Ethereum remains the more popular choice for most stablecoin users, with DefiLlama showing nearly $124.3 billion worth of stablecoins circulating on the network. Tron ranks second, with about $71 billion — almost 43% less than Ethereum.

When comparing USDT balances alone, Tron holds slightly more than Ethereum: 47.4% of USDT supply, versus Ethereum’s 45.44%.

Crypto gambling continues its rise

Bitrace also reported that in 2024, online gambling platforms processed $217.8 billion worth of stablecoins — a 17.5% increase over the previous year.

Once again, USDT also dominated this type of activity. Still, USDC’s market share is rapidly rising, clocking in at 13.36% in 2024.

The data follows recent reports that crypto casinos generated more than $81 billion in revenue in 2024, even as regulators in key jurisdictions continued to block access to the platforms, according to a new report.

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