David Lammy defends ‘young’ Labour government as poll shows most people think they are sleazy

Published

5 months ago

October 7, 2024

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David Lammy has said the government is “young” after Sir Keir Starmer’s chief of staff Sue Gray resigned and a new poll found most people think the government is “sleazy”.

The foreign secretary said Ms Gray was a “superb public servant” after she quit on Sunday following weeks of briefings against her, including her salary being leaked.

After she stepped down less than 100 days into Labour’s premiership, Mr Lammy said: “It’s a young government and we get on with the work ahead of us.”

He thanked Ms Gray for her service and congratulated her on her new job as the PM’s envoy for the UK’s nations and regions.

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Ms Gray stepped down after her perceived power and abilities were attacked by other Number 10 staff and civil servants who accused her of not having a handle on the damaging freebies row.

There were also reports of other special advisers having their pay kept down to the same levels as when they were in opposition, but now have much larger jobs, while Ms Gray was paid £170,000 – more than the PM.

She said she resigned because it was “clear to me that intense commentary around my position risked becoming a distraction”.

Following weeks of the row over freebies taken by Sir Keir and his top team, a new poll found six in 10 Britons (59%) now describe the Labour government as “sleazy”.

The YouGov poll, published on Monday, also found half (53%) of Britons expected Labour to behave well over standards.

Three in 10 Labour voters (30%) describe the government as sleazy, although six in 10 (59%) Conservative voters say the same of the 2019-2024 Conservative government.

Disappointment is fairly uniform across parties, with 45% of Conservatives saying they expected Labour to behave better, 42% of Labour voters and 45% of Lib Dem voters.

Just a third of Labour voters (34%) say the new government has behaved as well as they thought it would.

When comparing Sir Keir Starmer with his predecessor, Rishi Sunak, the Labour leader comes off worse, with 35% saying Sir Keir is sleazier than Mr Sunak.

A total of 28% think Mr Sunak was sleazier than Sir Keir, and 23% view them as equally as sleazy as each other.

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Two thirds of Britons (66%) think it is unacceptable for politicians to receive complimentary concert or sports tickets, as Sir Keir and several of his cabinet have done.

But more than eight in 10 Britons (84%) feel it is wrong for party donors to be awarded peerages, as Boris Johnson attempted to do to Tory donor Stuart Marks.

Last week, Sir Keir repaid £6,000 worth of tickets he had taken since becoming prime minister.

YouGov surveyed 2,084 adults across Great Britain from 3-4 October.

Politics

Coinbase stock may rally to $310 on Trump-led crypto policies

Published

2 hours ago

March 18, 2025

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Coinbase stock may rally to 0 on Trump-led crypto policies

Coinbase exchange’s stock price has received an optimistic price prediction from a Bernstein analyst, citing improving crypto regulatory clarity in the world’s largest economy.

Gautam Chhugani, an analyst at global asset management firm Bernstein, initiated coverage of Nasdaq-listed Coinbase (COIN) stock with an outperform rating and a price target of over $310.

The analyst expects improving mainstream cryptocurrency adoption, driven by US President Donald Trump’s administration, which intends to make crypto policy a national priority and make the US a global hub for blockchain innovation, according to a Bernstein research note seen by Tipranks.

If Coinbase shares manage to rise to $310, it would mean an over 64% rally from the current $188 mark, Google Finance data shows.

Coinbase stock may rally to $310 on Trump-led crypto policies — *COIN/USD, all-time chart. Source: Google* *Finance*

The bullish price prediction comes over a week after Trump hosted the first White House Crypto Summit on March 7, shortly before he signed an executive order that outlined a plan to create a Bitcoin reserve using cryptocurrency forfeited in government criminal cases, Cointelegraph reported.

Coinbase stock may surge on improving crypto regulatory clarity in the US

Coinbase is set to benefit from crypto’s “ascendancy to the US financial mainstream” amid improving regulations, mainly due to the firm offering a one-stop platform for numerous crypto activities, wrote the research note, adding:

“COIN is described as a crypto exchange, but it is actually what a universal Bank would look like in the world of blockchain-based financial services.”

“COIN offers an exchange, broker/dealer, institutional prime desk, stablecoin banking, crypto payments, custodian bank, software and blockchain ecosystem services, all combined into a full stack ‘Amazon’ of crypto financial services,” added the report.

Crypto regulation is heading in a positive direction, with some analysts seeing the US Bitcoin reserve plan as the first “real step” for Bitcoin’s integration into the global financial system.

“The US has taken its first real step toward integrating Bitcoin into the fabric of global finance, acknowledging its role as a foundational asset for a more stable and sound monetary system,” Joe Burnett, head of market research at Unchained, told Cointelegraph.

While Trump has previously highlighted his intentions to bolster crypto innovation in the US, issuing regulatory frameworks takes time and setting the “right regulatory tone” will be crucial for the administration, according to Anastasija Plotnikova, co-founder and CEO of Fideum — a regulatory and blockchain infrastructure firm focused on institutions.

Magazine: Bitcoin’s odds of June highs, SOL’s $485M outflows, and more: Hodler’s Digest, March 2 – 8

Politics

Xapo Bank launches Bitcoin-backed USD loans targeting hodlers

Published

3 hours ago

March 18, 2025

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Xapo Bank launches Bitcoin-backed USD loans targeting hodlers

Xapo Bank, a global cryptocurrency-friendly bank headquartered in Gibraltar, is betting on crypto lending revival by launching Bitcoin-backed US dollar loans.

Qualifying Xapo Bank clients can now access Bitcoin (BTC) loans of up to $1 million, the firm said in an announcement shared with Cointelegraph on March 18.

The new lending product is designed for long-term Bitcoin hodlers who want to access cash while keeping their BTC, Xapo Bank CEO Seamus Rocca told Cointelegraph.

“Unlike traditional assets, Bitcoin is an ideal form of collateral — it is borderless, highly liquid, available 24/7, and easily divisible, making it uniquely suited for lending,” Rocca said.

No collateral re-usage

A key distinction of Xapo’s Bitcoin loan product is that the bank does not rehypothecate the loan collateral by users, meaning that its lending mechanism does not involve the re-usage of BTC assets by clients.

Instead, the Bitcoin collateral is stored in Xapo’s BTC vault using institutional multiparty computation (MPC) custody.

Eligible Xapo clients can choose repayment schedules of 30, 90, 180 or 365 days, with no penalties for early repayment, the firm said.

Who is eligible?

Xapo’s new Bitcoin lending offering will be available to pre-approved members based on several criteria.

The key criteria for eligibility are the amount of Bitcoin holdings and the period of holdings, as Xapo specifically targets long-term BTC holders with a long-term investment strategy.

According to the bank, the offering will be available to global investors in regions like Europe and Asia, excluding residents of the United States.

Xapo Bank is regulated by the Gibraltar Financial Services Commission under the Financial Services Act 2019. In 2024, the bank successfully passported its banking license in the United Kingdom, granting its Xapo Bank App full access to the country.

While Xapo’s lending is offered across the European Union, crypto lending is not covered by local regulations like the Markets in Crypto-Assets framework.

A revival following numerous collapses

Xapo Bank’s new BTC loan launch comes a few years after the crypto lending industry suffered a major crisis in 2022.

The crisis came amid the historic Terra crash and a subsequent bear market that triggered the collapses of major lending providers like Celsius and BlockFi.

“The collapse of Celsius, BlockFi, and other centralized lenders significantly eroded trust in the crypto lending space,” Xapo Bank CEO told Cointelegraph.

“Borrowers today exercise greater caution, prioritizing platforms with a proven track record in Bitcoin custody and those that offer secure, transparent solutions — especially ones that do not engage in rehypothecation,” Rocca said, adding:

“At the same time, demand for Bitcoin-backed loans is on the rise, particularly among high-net-worth individuals and institutional investors who seek liquidity without selling their Bitcoin holdings.”

In addition to removing asset rehypothecation and MPC security, Xapo offers risk management tools and proactive protection to prevent automatic liquidations.

“In the event of a Bitcoin price drop, customers receive instant notifications, allowing them to either top up their collateral or make partial repayments to maintain their loan status,” Rocca noted.

Xapo is not the only firm that has been working to introduce lending products in 2025. In early March, Bitcoin developer Blockstream secured a multibillion-dollar investment to launch three new institutional funds, with two of them offering BTC lending.

Magazine: ETH may bottom at $1.6K, SEC delays multiple crypto ETFs, and more: Hodler’s Digest, March 9 – 15

Politics

Bitcoin beats global assets post-Trump election, despite BTC correction

Published

5 hours ago

March 18, 2025

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Bitcoin beats global assets post-Trump election, despite BTC correction

Bitcoin managed to outperform the other major global assets, such as the stock market, equities, treasuries and precious metals, despite the recent crypto market correction coinciding with the two-month debt suspension period in the United States.

Bitcoin’s (BTC) price is currently down 23% from its all-time high of over $109,000 recorded on Jan. 20, on the day of US President Donald Trump’s inauguration, Cointelegraph Markets Pro data shows.

Despite the recent decline, Bitcoin still outperformed all major global market segments, including the stock market, equities, US treasuries, real estate and precious metals, according to Bloomberg data shared by Thomas Fahrer, the co-founder of Apollo Sats.

“Even with the pullback, Bitcoin still outperforming every other asset post election,” wrote Fahrer in a March 18 X post.

Despite concerns over the premature arrival of the bear market cycle, Bitcoin’s retracement to $76,000 remains part of an organic “correction within a bull market,” according to Aurelie Barthere, principal research analyst at the Nansen crypto intelligence platform.

“We are still in a correction within a bull market: Stocks and crypto have realized and are pricing in a period of tariff uncertainty and fiscal cuts, no Fed put. Recession fears are popping up,” the analyst told Cointelegraph.

Bitcoin ETFs log biggest daily inflows since February

The US spot Bitcoin exchange-traded funds (ETFs) are starting to see positive net daily inflows, which may bring more upside momentum for the world’s first cryptocurrency.

The US Bitcoin ETFs recorded over $274 million worth of cumulative net inflows on March 17, marking the highest day of investments since Feb. 4, when Bitcoin was trading above $98,652, Sosovalue data shows.

ETF investments played a major role in Bitcoin’s 2024 rally, contributing approximately 75% of new investment as Bitcoin recaptured the $50,000 mark on Feb. 15.

While Bitcoin may see more downside volatility due to global trade war concerns, it is unlikely to see a significant decline below the current levels, according to Gracy Chen, CEO of Bitget.

Chen told Cointelegraph:

“I don’t see BTC falling below 70k, possibly $73k – $78k which is a solid time to enter for any buyers on the fence. In the next 1-2 years, BTC at $200k isn’t as far-fetched as most would think.”

Other industry leaders are also optimistic about Bitcoin’s price trajectory for the rest of 2025, with price predictions ranging from $160,000 to above $180,000.