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

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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

SEC postpones ruling on Fidelity Ether ETF options

Published

6 hours ago

March 12, 2025

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SEC postpones ruling on Fidelity Ether ETF options

The US Securities and Exchange Commission has postponed ruling on whether or not to permit Cboe BZX Exchange to list options tied to asset manager Fidelity’s Ether (ETH) exchange-traded fund (ETFs).

The agency has given itself until May 14 to approve or disapprove of Cboe BZX’s request to list options tied to Fidelity Ethereum Fund (FETH), according to a March 12 SEC filing.

Cboe BZX initially requested to list options on Fidelity’s Ether ETFs in January, the filing said.

Listing options on Ether funds is an important step in attracting institutional capital to the cryptocurrency.

Flurry of filings

In February, the SEC acknowledged more than a dozen exchange filings related to cryptocurrency ETFs, according to records.

The SEC’s acknowledgments highlight how the agency has softened its stance on crypto since US President Donald Trump started his second term on Jan. 20.

On March 11, Cboe BZX asked regulators for permission to incorporate staking into Fidelity’s Ether ETF. Staking is not yet permitted by any publicly traded US Ether fund.

Staking Ether enhances returns and involves posting ETH as collateral with a validator in exchange for rewards.

Fidelity’s FETH is among the more popular Ether ETFs, with around $780 million in net assets as of March 12, according to data from VettaFi.

In February, the SEC delayed deciding on similar rule changes proposed by Nasdaq ISE and Cboe’s affiliate, Cboe Exchange — both US-based securities exchanges.

The agency intends to decide by April if Nasdaq can list options tied to BlackRock’s iShares Ethereum Trust (ETHA).

BlackRock’s fund is the largest ETH ETF, with more than $3.7 billion in net assets, VettaFi’s data shows.

It will rule on Cboe Exchange’s bid to list options on Fidelity’s Ether fund in May.

Spot Ether ETFs were listed in July 2024 and have proceeded to attract nearly $7 billion in net assets, according to VettaFi’s data.

Options are contracts granting the right to buy or sell — “call” or “put,” in trader parlance — an underlying asset at a certain price.

Magazine: MegaETH launch could save Ethereum… but at what cost?

Politics

SEC’s enforcement case against Ripple may be wrapping up

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7 hours ago

March 12, 2025

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SEC’s enforcement case against Ripple may be wrapping up

The US Securities and Exchange Commission may be preparing to end its enforcement action against Ripple Labs after more than four years.

According to a March 12 X post from Fox Business reporter Eleanor Terrett, the SEC’s case against Ripple was “in the process of wrapping up” after the parties filed an appeal and cross-appeal, respectively, over a $125-million court judgment in August 2024. The civil case against the blockchain firm filed in December 2020 alleged Ripple and certain executives used XRP (XRP) as an unregistered security to raise funds.

Ripple chief legal officer Stuart Alderoty told Cointelegraph on March 11 that the SEC civil case was “far more advanced” than many of the others the regulator had dropped following the inauguration of US President Donald Trump and the departure of Chair Gary Gensler. Since January, the SEC has announced it will not pursue enforcement cases against Coinbase, Consensys, Kraken and others.

“We do have a judgment, we are on appeal — that presents some additional complexity,” said Alderoty in regard to the case potentially being dropped. “But we remain optimistic that we’ll get to a resolution with the SEC, and if we don’t, we’ll proceed with the appeal.”

According to the Ripple CLO, there were several possible outcomes to ending the SEC case if both parties were in agreement that it should wind down. If Ripple and the SEC agreed independently to drop their appeal and cross-appeal in the Second Circuit, then the $125-million judgment in the lower court would stand. If there were a dispute over the monetary judgment, then the blockchain firm and the commission would have to go “hand-in-hand” to request any modification from a judge.

The SEC v. Ripple case involved one of the first significant court rulings favoring the crypto industry when Judge Analisa Torres said the XRP token was not a security under the regulator’s purview — but only in regard to programmatic sales on exchanges. At the time of publication, no filing suggesting the SEC intended to drop the case appeared on the docket for the US District Court for the Southern District of New York or the US Court of Appeals for the Second Circuit.

Change of tone at SEC under Trump

Though the SEC filed the Ripple case under Trump’s former chair, Jay Clayton, the commission stepped up the number of enforcement actions following Gensler’s confirmation in 2021.

Ripple CEO Brad Garlinghouse said in an interview aired in December 2024 that the firm may not have gotten as involved in US politics if the commission had been led by someone other than Gensler. Under Garlinghouse, Ripple contributed $45 million to the political action committee Fairshake for the previous election cycle and donated another $25 million in November 2024.

Ripple pledged $5 million in XRP to Trump’s inauguration fund following his election victory, and both Garlinghouse and Alderoty attended Washington, DC events on Jan. 20 as official guests. The chief legal officer personally donated more than $300,000 to fundraising and political action committees supporting the US president.

The correlation between political contributions to Trump and Republicans and the SEC dropping enforcement actions has many critics pointing to potential conflicts of interest in the administration. Coinbase, another major Fairshake backer that donated $1 million to Trump’s inauguration, had its SEC civil case halted in February. Its CEO, Brian Armstrong, also attended a March 7 crypto summit at the White House, along with Garlinghouse and others.

Alderoty suggested that the SEC dropping cases was “independent” of any political donations and more reflective of Acting Chair Mark Uyeda’s perspective on the industry and related regulations.

At the time of publication, the US Senate has not scheduled a hearing to consider the nomination of the potential next head of the commission, Paul Atkins. Commissioner Hester Peirce said in February that the SEC would be more likely to wait on setting a crypto regulatory agenda after a new chair took office.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered

Politics

Memecoins—from internet jokes to crypto’s cultural engine

Published

8 hours ago

March 12, 2025

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Memecoins—from internet jokes to crypto’s cultural engine

Opinion by: Sasha Ivanov, founder of Waves and Units.Network

Not long ago, the idea that an internet joke could become a multibillion-dollar asset class seemed laughable. Today, memecoins are not just mainstream. They are reshaping entire market cycles. The US now has an official memecoin associated with the president. What started as a niche community experiment has become a financial force too big to ignore.

This isn’t simply speculation. In November 2024, memecoins accounted for 65% of the total trading volume on the decentralized exchange Raydium, an all-time high. Once dismissed as internet gimmicks, these assets have become crypto’s cultural engine. This phenomenon has been causing a slight identity crisis for believers and skeptics, who need to rethink their positions.

Whether viewed as the next retail-driven market movement or an unsustainable mania, one thing is clear: Memecoins are no longer a joke.

Memecoins are more than speculation

At their core, memecoins thrive on community belief. Traditional financial assets derive value from utility, institutional adoption or revenue models. Memecoins, by contrast, are driven by social engagement, virality and the power of collective momentum.

That makes them one of the most effective onboarding tools for retail investors in crypto. Memecoins strip away the complexity of blockchain technology, making digital assets approachable, familiar and culturally relevant. For many, they are the first step into Web3, opening the door to decentralized trading, governance and finance.

What makes them accessible, however, also makes them volatile. The same market mechanics that send memecoins soaring to billion-dollar valuations overnight can just as easily cause them to collapse within days. While one trader might turn $66 into a $3 million profit, thousands of others end up holding worthless tokens when the hype fades.

The volatility problem no one can ignore

The numbers tell the story. When Elon Musk changed his X username and profile picture, a memecoin linked to him skyrocketed to a $380 million market cap. Once Musk reversed the changes, the coin plunged to $100 million before plummeting even further.

Recent: ‘Memecoins are archetypes of the collective unconscious’

This is not an exception. This is the memecoin market in action. It is unpredictable, profit-driven and fueled by speculation. While some traders thrive in this environment, most do not. The skeptics argue that memecoins are little more than a casino with a blockchain — a game where few win and most lose.

Dismissing memecoins outright ignores a larger reality. Memecoins aren’t going away, regardless of the skepticism. They are shaping market trends. The real question is: Can memecoins transition from hype-driven speculation to a structured financial asset with governance and longevity?

Governance is the key to long-term survival

If memecoins are to evolve beyond short-term trading cycles, governance must take center stage. Decentralized autonomous organizations (DAOs) offer a model that allows holders to shape token supply, enforce transparency and influence project direction to give memecoins a real shot at sustainability.

This structure prevents centralized control by developers and whales, reducing the risk of insider manipulation, exit scams and pump-and-dump schemes. It also ensures that memecoins can integrate treasury management, staking incentives and token supply models that promote long-term viability rather than short-lived speculation.

A prime example is Floki Inu (FLOKI), a memecoin that successfully built a functional ecosystem beyond meme-driven trading. Rather than relying on short-term speculation, Floki Inu integrated non-fungible token (NFT) gaming, payments and educational initiatives, proving that memecoins can evolve into structured, community-driven assets.

Memecoins don’t need to abandon their cultural origins, but to survive beyond the current hype cycle, they must adopt governance mechanisms that promote economic sustainability.

Memecoins are at a crossroads

Memecoins have divided the crypto space into two extreme camps. On one side, memecoin maximalists insist that this bull market will be dominated by memecoins, arguing that belief and virality alone are enough to sustain them. On the other, skeptics dismiss them entirely, viewing them as pump-and-dump schemes that will eventually implode.

Both perspectives miss the bigger picture. Memecoins have proven their ability to drive market activity, but ignoring their risks is just as reckless as dismissing them outright. The real challenge is not whether memecoins should exist. They already do. The question is how to structure them to ensure security for investors, stability for the market and long-term credibility for the industry.

Builders, regulators and communities must collaborate to balance decentralization and responsible governance. Ignoring memecoins as a passing trend would be shortsighted. Failing to address their risks could be even worse — potentially leading to a catastrophic collapse that damages public trust in crypto as a whole.

Memecoins are here to stay. The real test is whether they will remain a speculative rollercoaster or mature into a legitimate digital economy sector. The answer lies not just with traders but with the builders, developers and policymakers shaping blockchain’s future.

Opinion by: Sasha Ivanov, founder of Waves and Units.Network.

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.