‘For public to judge’ if PM’s first 100 days a success – Downing Street

Published

7 months ago

October 11, 2024

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It is “for the public to judge” whether Labour’s first 100 days of government has gone well, Downing Street said amid Sir Keir Starmer’s sinking poll ratings.

The prime minister’s official spokesperson declined to say if his first three months in office have been a success, ahead of the milestone being hit tomorrow.

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PM’s approval rating drops

Governments traditionally seek to set a positive, dynamic tone in their first 100 days, targeting quick, visible actions that can establish a narrative about what they are doing and where they are going.

But Sir Keir has struggled to do this amid a row over donations and freebies and backlash within his own ranks about policies like the cut to the winter fuel payment, which have damaged his approval ratings.

Asked about whether the first 100 days could be viewed as a success, a Number 10 spokeswoman said: “That is for the public to judge. The government is focused on delivery and the action that it takes.”

A drinks reception to celebrate the milestone was also ruled out.

Multiple polls suggest Labour’s popularity with the public has plunged since its general election landslide in July.

A survey published today by YouGov found 59% of people disapproved of its record so far, while just 18% approved.

Two policies in particular drew anger – scrapping the universal winter fuel allowance and releasing prisoners early to ease overcrowding.

Ministers blamed the measures on their inheritance from the Tories, including a £22bn “blackhole” in the public finances and a prison system on the brink of collapse.

The YouGov poll showed there was majority support for other policies, such as making a pay deal with junior doctors, lifting the ban on onshore wind farms, keeping the two-child benefit cap and suspending some arms sales to Israel.

But overall, four in ten said the country is in a worse state since the election, and nearly half of those who voted Labour said they had positive expectations but feel let down so far.

In a double whammy of bad polling, research by Ipsos found over half (52%) of Britons are unfavourable towards Sir Keir – the highest level since he became Labour leader.

Labour are also leading the Conservatives by just one point, down 11% from the summer, according to a survey by More In Common published earlier this week.

The prime minister’s spokeswoman cited reform of workplace rights and “action to deliver growth” when asked to list some of the new government’s achievements.

Speaking later to reporters, Sir Keir pointed to the first meeting of the Council of Nations and Regions, featuring devolved leaders from across the UK, as well as promises of up to £24bn investment in green projects.

He refused to be drawn on a separate paused £1bn investment into a port in London following comments made by ministers about P&O Ferries, saying a summit on Monday, when the funding was due to be announced, will still attract global financiers which will be “very good for the country”.

Sir Keir also dodged a question on the whereabouts of Sue Gray, who was not at the meeting of devolved leaders today despite being appointed as an envoy to the “nations and regions” following her resignation as his chief of staff.

The government will look to the budget on 30 October as an opportunity to set a more positive narrative about its direction, amid speculation Capital Gains Tax could be increased to fund crumbling public services.

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Nasdaq files to list 21Shares Dogecoin ETF

Published

2 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.

Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest, April 13 – 19

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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.

Magazine: Financial nihilism in crypto is over — It’s time to dream big again

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

Published

5 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.

Magazine: Ridiculous ‘Chinese Mint’ crypto scam, Japan dives into stablecoins: Asia Express