Starmer travels to Brussels for talks to ‘put Brexit years behind us’
Sir Keir Starmer will travel to Brussels on Wednesday to hold talks with EU leaders about “putting the Brexit years behind us” and bolstering ties with the UK.
The prime minister has vowed to “reset” relations with Europe following tensions between the previous Tory government and the EU – though he has ruled out a return to the single market, customs union or freedom of movement.
Downing Street said Sir Keir will be focused on delivering a “broad-based security pact” with the bloc, as well as tackling barriers to trade.
In discussions with the likes of European Commission President Ursula von der Leyen, he will say that at a time of growing instability in the world, it is important that “like-minded countries cooperate more closely on areas of shared interest”.
Ahead of the meeting, the prime minister said: “The UK is undeniably stronger when it works in lockstep with its closest international partners. This has never been more important – with war, conflict and insecurity all knocking on Europe’s door.
“We will only be able to tackle these challenges by putting our collective weight behind them, which is why I am so determined to put the Brexit years behind us and establish a more pragmatic and mature relationship with the European Union.
“Better cooperation with the EU will deliver the benefits the British people deserve – securing our borders, keeping us safe and boosting economic growth.”
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Starmer ‘won’t reverse’ Brexit
No concrete announcements are expected from the talks, which will also include meetings with European Council President Charles Michel and the European Parliament’s President Roberta Metsola.
The European Commission said the discussions with Ms von der Leyen would be “the beginning of a conversation” about closer ties.
Sir Keir is under pressure to agree to Brussels’ calls for a deal on youth mobility to allow young EU citizens greater flexibility to come to the UK to study and work and vice versa.
This is something the prime minister has so far resisted, saying red lines for the reset rule out a return of freedom of movement, alongside rejoining the customs union and single market.
Read more:
UK ‘£311bn worse off by 2035’ due to leaving EU
Brexit border checks to ‘add billions’ to consumer bills
Before the talks, pro-EU campaigners pushed for a rethink, accusing the government of “letting young people down”.
Sir Nick Harvey, chief executive of European Movement UK, said: “Dismissing the idea of reciprocal youth mobility simply means letting down British young people, who face all sorts of economic difficulties and have seen their horizons curtailed by Brexit.
“Young people want and deserve the chance to study or work in Europe. The government owes it to them to make sure they get that chance.”
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Cal Roscow, from the Best for Britain campaign, said: “Brexit robbed young Brits of irreplaceable opportunities to experience new cultures, meet new people and learn new languages while working, travelling and studying in Europe.
“The new government has the chance to give these formative experiences back to young Brits, with this universally popular scheme that the European Commission is already open to agreeing.”
Australia’s financial regulator will seek the High Court’s permission to appeal a lower court’s ruling favoring fintech firm Block Earner, which found the company’s crypto-linked fixed-yield earning service is not a financial product.
The Australian Securities and Investment Commission said on May 21 that it wants to ask the High Court of Australia to clarify what the definition of a financial product is and clarify the circumstances when an interest-earning product and the conversion of assets from one form to another are regulated.
“The definition of financial product was drafted in a broad and technology-neutral way, and ASIC believes it is in the public interest to clarify this,” the watchdog said.
“This clarification is important as it applies to all financial products and services whether they involve crypto-assets or not.”
On April 22, Federal Court Justices David O’Callaghan, Wendy Abraham and Catherine Button found that Block Earner’s crypto-linked fixed-yield earning product is not a financial product, a managed investment scheme or a derivative under the Corporations Act.
ASIC said the court will consider its application. Special leave is required in an appeal to the High Court, and it’s only granted in cases where it would answer significant legal questions or matters of public interest.
A Block Earner spokesperson told Cointelegraph the matter has now escalated to a “broader legal question” around the definition of a financial product, which extends “well beyond Block Earner, and the crypto sector.”
“We believe the Full Federal Court’s April ruling was a strong and well-reasoned decision that upheld the integrity of our operations,” the spokesperson said. “We remain confident in the soundness of that judgment and will respond to ASIC’s application through the appropriate legal channels.”
Legal saga ongoing since 2022
ASIC first launched legal proceedings against Block Earner in November 2022, arguing the company needed a financial services license to offer its yield product, which was available from March 17, 2022, until the company shut it down on Nov. 16, 2022.
Related: Australia outlines crypto regulation plan, promises action on debanking
In February 2024, an Australian court initially ruled the fintech firm would need a financial services license to operate its crypto yield-bearing products.
Another June 2024 ruling in Australia’s Federal Court released Block Earner from any financial penalties because it had “acted honestly” and pursued its legal opinions before launching the products, which ASIC appealed.
Block Earner appealed the Federal Court’s decision that it needed a financial services license on July 9, 2024.
Magazine: SEC’s U-turn on crypto leaves key questions unanswered
VanEck plans to launch a private digital assets fund in June targeting tokenized Web3 projects built on the Avalanche blockchain network, the asset manager said in a statement shared with Cointelegraph.
The VanEck PurposeBuilt Fund, available only to accredited investors, aims to invest in liquid tokens and venture-backed projects across Web3 sectors, including gaming, financial services, payments, and artificial intelligence.
Idle capital will be deployed into Avalanche (AVAX) real-world asset (RWA) products, including tokenized money market funds, VanEck said.
The fund will be managed by the team behind VanEck’s Digital Assets Alpha Fund (DAAF), which oversees more than $100 million in net assets as of May 21.
“The next wave of value in crypto will come from real businesses, not more infrastructure,” Pranav Kanade, portfolio manager for DAAF, said in a statement.
Related: Tokenized stocks could top $1T in market cap — Execs
Thematic crypto funds
VanEck’s PurposeBuilt Fund is the latest in a series of funds from the asset manager and rivals designed to offer exposure to projects and companies in fast-growing segments of Web3.
On May 14, VanEck launched a new actively managed exchange-traded fund (ETF) to invest in stocks and financial instruments providing exposure to the digital economy.
In April, VanEck launched another ETF investing in a passive index of companies operating in the crypto space.
Asset managers such as VanEck are requesting the US Securities and Exchange Commission’s (SEC) permission to list upward of 70 crypto ETFs.
The wave of ETF filings is in response to US President Donald Trump softening the agency’s regulatory stance toward crypto after Trump took office in January.
Avalanche RWA ecosystem
Avalanche has emerged as a hub for real-world assets (RWAs) and other institutional-oriented crypto projects.
Its interrelated networks, called subnets, allow institutions to run Ethereum-style smart contracts in a controlled environment. On May 16, Solv Protocol launched a yield-bearing Bitcoin token on the Avalanche blockchain, targeting institutional investors
Avalanche has around $1.5 billion in total value locked (TVL) as of May 21, according to data from DefiLlama.
“We’re seeing a shift away from speculative hype toward real utility and sustainable token economies,” John Nahas, chief business officer at Ava Labs, said in a statement.
Magazine: Danger signs for Bitcoin as retail abandons it to institutions — Sky Wee
A Democratic representative in the US Congress will support a blockchain bill at a time when many left-leaning lawmakers are blocking crypto-related pieces of legislation due to concerns with President Donald Trump’s potential conflicts of interest.
In a May 21 notice, Minnesota Representative Tom Emmer said he had reintroduced the Blockchain Regulatory Certainty Act, a bill that “solidifies that digital asset developers and service providers that do not custody consumer funds are not money transmitters.”Emmer, a Republican, said Democratic Representative Ritchie Torres would co-lead the bill, making it a bipartisan effort in Congress.
“The Blockchain Regulatory Certainty Act reflects a thoughtful, bipartisan effort to get digital asset policy right,” said Torres. “While similar language was voted down in markup last Congress, we took that feedback seriously and returned with a smarter, sharper framework that protects innovation without compromising oversight.”
Representatives of advocacy organizations, including the Crypto Council for Innovation, Solana Policy Institute, Digital Chamber, Coin Center, DeFi Education Fund and Blockchain Association, said they would support the proposed blockchain regulatory bill. It was unclear whether Emmer and Torres had a majority of votes in the House of Representatives for the legislation to pass.
Torres has supported many bills and policies favorable to the crypto industry since assuming office in 2021. Together with Emmer, he has led the Congressional Crypto Caucus to advance crypto-friendly policies in the House since March.
A bipartisan blockchain bill amid memecoin concerns?
Other Democratic House members, including Representative Maxine Waters, have suggested they intend to block any legislation related to crypto and blockchain until Republicans address Trump’s connections to the industry, such as his family’s stake in World Liberty Financial and his TRUMP memecoin. The president is planning to host a dinner with up to 220 people holding the most significant amounts of his memecoin on May 22.
Related: Interest groups, lawmakers to protest Trump’s memecoin dinner
Cointelegraph reached out to Torres’ office for comment but had not received a response at the time of publication.
Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
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