Starmer insists relationship with Trump has not been jeopardised by ‘blatant foreign interference’ complaint

Published

5 months ago

October 23, 2024

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Sir Keir Starmer has insisted his relationship with Donald Trump has not been jeopardised after the Republican candidate’s team accused Labour of “blatant foreign interference” in the US election.

The prime minister said on Tuesday he had “established a good relationship” with Mr Trump despite the Trump campaign filing a legal complaint against Labour officials travelling to the US to volunteer for Kamala Harris in the tightly fought presidential race.

The complaint, filed with the independent Federal Election Commission, alleged that the volunteering by Labour Party members, coupled with reports of contact between senior Labour operatives and the Harris campaign, amounted to “illegal foreign campaign contributions and interference” to help Mr Trump’s Democrat rival in the US presidential election.

Sir Keir sought to downplay the row and role Labour Party activists were playing in the US election as he travelled to Samoa for the annual Commonwealth heads of government summit.

Speaking to reporters on the 28-hour flight over, the PM stressed Labour Party members were going over as volunteers rather than on the Labour Party books.

“The Labour Party has volunteers, who have gone over pretty much every election,” he said.

“They’re doing it in their spare time, they’re doing it as volunteers, they’re staying, I think, with other volunteers over there. That’s what they’ve done in previous elections, that’s what they’re doing in this election and that’s really straightforward.”

The Labour Party has insisted it is not funding the travel or accommodation for activists. Federal election rules stipulate foreign volunteers can’t spend more than $1,000 (£770) helping candidates.

However, in filing the complaint, Mr Trump’s legal team cited media reports that Labour Party officials, including the prime minister’s chief of staff Morgan McSweeney and Matthew Doyle, Downing Street’s director of communications, had travelled to the US in recent months to advise the Harris campaign.

The Trump team also cited a now-deleted LinkedIn post by Sofia Patel, director of operations for Labour, that suggested the party could be paying accommodation costs for activists, with the post stating “we will sort out your housing”.

“Those searching for foreign interference in our elections need to look no further than [the] LinkedIn post,” said the letter from Trump campaign lawyer Gary Lawkowski. “The interference is occurring in plain sight.”

Mr Trump’s lawyers say such support breaches US campaign finance laws, as they count as contributions from foreign actors, and they demanded an “immediate investigation” into what they called “blatant foreign interference” in the election.

Starmer and Trump ‘established a good relationship’

The prime minister argued the row would not jeopardise his relationship with Mr Trump should the Republican candidate win the election, insisting the pair had “established a good relationship” when they dined at Trump Tower together last month.

Sir Keir said: “I spent time in New York with President Trump, had dinner with him, and my purpose in doing that was to make sure that between the two of us we established a good relationship, which we did, and we’re grateful for him for making the time for that dinner.

“We had a good, constructive discussion and of course, as prime minister of the United Kingdom I will work with whoever the American people return as their president in their elections, which are very close now.”

The tensions between the ruling Labour Party and possible next US president come as the prime minister travels to the Commonwealth Heads of Government Meeting (CHOGM) on the Pacific island of Samoa this week, where he hopes to discuss trade opportunities ahead of next week’s historic budget.

His team back in Downing Street and the Treasury are putting the finishing touches on, in the words of one insider, an “unprecedented” budget that looks to bridge a shortfall of £40bn.

To plug the gap, the prime minister and Chancellor Rachel Reeves, who insisted ahead of the election they had “no plans” to raise taxes beyond what was laid out in the manifesto, are now rolling the pitch for a mix of big tax increases and spending cuts.

With such big stakes back home, coupled with a difficult run for a prime minister beset by rows over freebies and dysfunction in Number 10, one former adviser wondered aloud to me this week whether Sir Keir was spending too much time overseas when he should be focused on the domestic agenda back home and resetting his missions more clearly with the public.

However, he and his team defended the prime minister’s decision to travel to CHOGM a week before the budget, arguing these summits help to reset Britain’s relations in the world and drive trade.

One of his staffers noted the 56 Commonwealth nations’ economies are set to be worth $19.5trn (£15trn) by 2027 and these are markets worth tapping into.

But it is true too the leaders of the biggest Commonwealth economies are not in attendance.

Fellow G7 leader Justin Trudeau of Canada is not making the long trip to Samoa, while India’s Prime Minister Narendra Modi and South African President Cyril Ramaphosa are in Kazan as Russian President Vladimir Putin plays host to 36 world leaders at a BRICS (Brazil, Russia, India, China and South Africa) summit.

Pressure over question of reparations

Meanwhile, the prime minister is also under pressure from some Labour MPs and Caribbean governments over reparations for countries affected by slavery and colonialism.

While Sir Keir is clear he doesn’t plan to engage in this discussion at the summit, it is nevertheless rising up the agenda.

This week, the Commonwealth will select a new secretary general and all three candidates vying to replace Patricia Scotland, the former Labour cabinet minister who’s been in post since 2016, have called for reparations for countries affected by slavery and colonialism.

But as the first sitting British prime minister to visit a Pacific island in a formal capacity, the prime minister will want to make the case his is, to quote one staffer, a “once in a generation opportunity” to harness the Commonwealth.

With tensions back home over the budget and the man who could be the next president of the United States, unity this week with old allies is what he needs.

Politics

Crypto whale liquidated for $308M in leveraged Ether trade

Published

2 hours ago

March 12, 2025

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Crypto whale liquidated for 8M in leveraged Ether trade

A large cryptocurrency trader, known as a whale, lost more than $308 million on a leveraged Ether position, underscoring the risks of leveraged trading during volatile market conditions.

The unknown crypto trader was liquidated on their 50x leveraged long position for over 160,234 Ether (ETH), worth more than $308 million at the time of writing, Hypurrscan data shows.

Leveraged positions use borrowed money to increase the size of an investment, which can boost the size of both gains and losses, making leveraged trading riskier compared to regular investment positions.

Crypto whale liquidated for $308M in leveraged Ether trade — *The crypto trader’s address showing transactions. Source: Hypurrscan*

The crypto whale opened the initial 50x leveraged position when ETH traded at $1,900, with a liquidation price of $1,877.

According to onchain intelligence firm Lookonchain, the whale had rotated all of his Bitcoin (BTC) holdings into the leveraged Ether trade before suffering the liquidation.

The liquidation came during a period of heightened volatility, as both crypto and traditional markets are limited by global trade war concerns due to the latest retaliatory tariffs from the European Union.

Ether risks correction to $1,800 amid tariff fears, ETF outflows

Ether’s price has fallen by more than 53% since it began its downtrend on Dec. 16, 2024, after it had peaked above $4,100.

Cryptocurrencies, Law, Investments, Markets, Ethereum 2.0, Ether Price, Ethereum Price, Ethereum ETF — *ETH/USD, 1-day chart, downtrend. Source: Cointelegraph/ TradingView*

The main reasons behind Ether’s downtrend are the ongoing macroeconomic concerns and lack of builder activity on the Ethereum network, according to Bitfinex analysts.

“A lack of new projects or builders moving to ETH, primarily due to high operating fees, is likely the principal reason behind the lackluster performance of ETH. […] We believe that for ETH, $1,800 will be a strong level to watch,” the analysts told Cointelegraph.

“However, the current sell-off is not being seen solely in ETH, we have seen a marketwide correction as fears over the impact of tariffs hit all risk assets,” they added.

The US spot Ether exchange-traded funds (ETFs) are also limiting Ether’s upside.

US spot Ether ETFs have entered a fourth consecutive week of net negative outflows, after seeing over $119 million worth of cumulative outflows during the previous week, Sosovalue data shows.

Magazine: Ethereum L2s will be interoperable ‘within months’: Complete guide

Politics

America must back pro-stablecoin laws, reject CBDCs — US Rep. Emmer

Published

4 hours ago

March 12, 2025

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America must back pro-stablecoin laws, reject CBDCs — US Rep. Emmer

US Representative Tom Emmer argued for prioritizing pro-stablecoin legislation in a March 11 House Financial Services Committee hearing, while calling central bank digital currencies (CBDC) a threat to American values.

On March 6, Emmer reintroduced the CBDC Anti-Surveillance State Act in the House of Representatives. Emmer renewed his call for Congress to pass the legislation at the March 11 hearing. The legislation aims to block future administrations from launching a US CBDC without explicit approval from Congress.

“CBDC technology is inherently un-American,” Emmer said at the hearing, warning that allowing unelected bureaucrats to issue a CBDC “could upend the American way of life.”

On Jan. 23, President Donald Trump signed an executive order prohibiting “the establishment, issuance, circulation, and use” of a CBDC in the US. Emmer said that the legislation he reintroduced could “prevent a future administration from creating such an obvious tool for financial surveillance against its own citizens” if signed into law, citing concerns about privacy and financial independence.

At the same hearing, Paxos CEO Charles Cascarilla urged lawmakers to create consistent stablecoin regulations across jurisdictions to avoid regulatory arbitrage. Paxos, a significant issuer of stablecoins, recommended clear guidelines and reciprocal rules with global regulators:

“We want to make sure we have the same set of rules in the US as we have around the world so that there isn’t some arbitrage that is possible to issue from another jurisdiction. And by having that same set of rules that everyone has to meet in order to access the US market, it will actually create a race to the top, not a race to the bottom.”

Emmer, a Minnesota Republican, also criticized inherent privacy risks associated with CBDCs, saying that stablecoins could bring traditional finance onchain at a global scale while reserving privacy:

“This underscores why we must prioritize pro-stablecoin legislation alongside anti-CBDC legislation.”

Against the backdrop of rapid pro-crypto developments, a report by the Center for Political Accountability (CPA) raised concerns about the growing political influence of crypto companies in the US and potential risks to regulatory stability.

Cryptocurrency firms shelled out a cumulative $134 million on the 2024 US elections in “unchecked political spending,” which presents some critical challenges, the March 7 report said.

Magazine: Mystery celeb memecoin scam factory, HK firm dumps Bitcoin: Asia Express

Politics

Nigeria’s crypto future: Striking a balance between innovation and regulation

Published

4 hours ago

March 12, 2025

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Nigeria’s crypto future: Striking a balance between innovation and regulation

Opinion by: Mohammed Idris, Minister of Information of Nigeria

Nigeria has emerged as one of the most active and dynamic crypto markets in recent years. From bustling tech hubs in Lagos to grassroots communities in smaller cities, young Nigerians have turned to cryptocurrencies to address fundamental economic challenges, from hedging against inflation to accessing global markets in a way traditional finance often does not allow.

As minister of information, I have seen firsthand how digital innovation has become crucial to the Nigerian story. Cryptocurrencies, blockchain technology and other digital assets are no longer on the fringes of our economy; they are fast becoming central to how our people transact, create and build.

This rise in crypto adoption has not, however, come without challenges. Questions around regulation, consumer protection, security and misuse of digital assets have fueled debates in Nigeria and globally. I write to clarify Nigeria’s position: We are committed to fostering an inclusive digital asset ecosystem that is both innovative and responsible.

Nigeria is a crypto hub

According to several international reports, Nigeria consistently ranks among the top countries in terms of crypto adoption. Our population — over 200 million strong, with a median age under 20 — is naturally inclined toward new technologies. Crypto has become more than a speculative tool; it’s a lifeline for freelancers, small businesses and families receiving remittances.

Yet despite the widespread use of cryptocurrencies, Nigeria has wrestled with how to regulate this sector effectively. Earlier approaches included restrictions on financial institutions from facilitating crypto transactions, which inadvertently pushed much of the activity underground, away from proper oversight.

Nigeria moves toward robust regulation

Under the administration of President Bola Ahmed Tinubu, Nigeria is reassessing its approach. We are moving away from blanket restrictions toward thoughtful, balanced regulation that acknowledges both the risks and the transformative potential of crypto and blockchain technologies.

Our objective is to create a regulatory framework that fosters innovation, ensures market integrity and protects Nigerian consumers. This involves active engagement with stakeholders from crypto startups and blockchain developers to international partners and regulatory bodies.

Recent: Nigeria to tax cryptocurrency transactions for revenue boost

Nigeria’s stance is simple. We support innovation that benefits our people, but we will not allow misuse that harms them.

We recognize the legitimate use cases for cryptocurrencies, including:

Financial inclusion for the unbanked and underbanked.
Cross-border payments and remittances that avoid high fees.
Access to global markets for Nigerian entrepreneurs and freelancers.
New digital economies, such as decentralized finance (DeFi) and non-fungible tokens (NFTs), offer opportunities for wealth creation.

At the same time, we are determined to address concerns around fraud, money laundering, terrorism financing and other illicit activities. Effective regulation, rather than prohibition, is the path forward.

Nigeria and blockchain

Nigeria sees blockchain technology as more than just crypto trading. Blockchain can be a powerful governance, transparency and service delivery tool.

Already, conversations are underway on how blockchain can improve public systems, such as:

Land registries to reduce fraud and strengthen property rights.
Identity management systems to enhance financial inclusion.
Supply chain monitoring to improve food security and public procurement.

A collaborative approach

Nigeria is not navigating this journey alone. As we develop new policies and frameworks, we look to global best practices and seek collaboration with international platforms and regulators.

We invite crypto companies, investors, innovators and advocates to engage with us. We aim to create a transparent and predictable environment where businesses can thrive while ensuring Nigerian citizens are protected from undue risks.

Nigeria’s approach to crypto is evolving, and with good reason. The potential for digital assets and blockchain to contribute to economic growth, job creation and financial empowerment is too significant to ignore.

To realize these benefits, we must build trust in the system through effective regulation, education and international cooperation.

To the global crypto community, I say this: Nigeria is open to innovation, but we are equally committed to ensuring that such innovation operates within a secure, transparent and inclusive framework.

We look forward to working together — for the benefit of Nigerians and the global advancement of responsible crypto adoption.

Opinion by: Mohammed Idris, Minister of Information of Nigeria.

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.