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From Doughty Street to Downing Street: from human rights barrister in a left-wing chambers to a prime minister tough on rioters and illegal migrants.

Five years after becoming Labour leader, Sir Keir Starmer has been on a remarkable journey. He turned left to win the party leadership and turned right to win a general election.

It has been five years of dramatic highs and lows: the elation of winning a landslide general election victory after the gloom of contemplating quitting following a by-election humiliation.

As opposition leader, Sir Keir purged the Labour left, including banishing his predecessor Jeremy Corbyn to the political wilderness, and flushed out the scourge of antisemitism.

As prime minister, within weeks of entering Number 10 he was confronted with riots on Britain’s streets. And throughout his premiership he has had to play a leading role internationally in a volatile and war-torn world.

Pic: Reuters
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Sir Keir has sought to distance himself from Jeremy Corbyn.
Pic: Reuters

At home, his government’s economic policies have been condemned by political opponents and some of his own MPs as a return to austerity. Labour’s opinion poll ratings have nose-dived.

Abroad, as well as the challenge of defending Ukraine against the brutality of Russia’s Vladimir Putin, the so-called “special relationship” with the United States has been tested to the limit by the erratic Donald Trump.

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Five-year Keir was elected Labour leader on 4 April 2020, just weeks after prime minister Boris Johnson ordered a COVID lockdown that was ultimately to bring about his demise.

Sir Keir won 56% of the vote, defeating the Corbyn-backed left-wing candidate Rebecca Long-Bailey and Lisa Nandy from Labour’s soft left.

To win the backing of left-wing Labour activists, he backed a wealth tax on the top 5% of earners, abolishing university tuition fees, nationalising water and energy and restoring freedom of movement between the UK and EU countries. Whatever happened to those promises?

There was also a showbiz connection. When he was running for the leadership, a rumour persisted that he was the inspiration for Mark Darcy, the dashing human rights lawyer played by Colin Firth in the Bridget Jones movies.

But, alas for Sir Keir and his spin doctors, who did nothing to dispel the myth, several months after he became leader the Bridget Jones author Helen Fielding laid the rumour to rest – though she conceded they were very similar.

Keir Starmer
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Bridget Jones author Helen Fielding said lawyer Mark Darcy is not based on Keir Starmer – but that the two have similarities. Pic: PA

Sir Keir had much bigger battles to fight, however. From day one as leader, he condemned antisemitism as “a stain on our party”. Within weeks he sacked his rival Ms Long-Bailey from his shadow cabinet in a dispute over antisemitism.

But in his ruthless determination to show the party had changed under his leadership, he had a bigger target: his predecessor Mr Corbyn, still the darling of left-wing Labour activists.

After the former leader claimed the scale of antisemitism in the Labour party had been “dramatically overstated for political reasons”, Sir Keir struck, suspending him for refusing to retract his comments and then finally expelling him a month before last year’s general election.

But while he was winning that battle, Sir Keir’s first year did not go well at the ballot box. In 2021, in the first by-election after Boris Johnson’s 80-seat victory in the 2019 general election, Labour lost the previously safe seat of Hartlepool to the Conservatives. The swing against Labour was a huge 16%.

It was his lowest low point of the last five years. Stunned by the Hartlepool defeat, Sir Keir panicked, sacking his chief whip Nick Brown and attempting to demote his deputy, Angela Rayner, stripping her of her posts as party chair and campaign coordinator.

But it backfired as she fought back and emerged stronger than ever. She gained the titles of shadow chancellor of the Duchy of Lancaster and shadow secretary of state for work. Four years later, her Employment Rights Bill is in the House of Lords and on course to become law.

Labour Party leader Sir Keir Starmer and deputy party leader Angela Rayner, laugh during a visit to Birmingham, whilst on the election campaign trail. Picture date: Wednesday May 5, 2021.
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Sir Keir tried to demote Labour’s deputy leader Angela Rayner after the party lost the Hartlepool by-election. Pic: PA

Last year, in a Sky News interview with political editor Beth Rigby, Sir Keir admitted he had considered quitting. “I did, because I didn’t feel that I should be bigger than the party and that if I couldn’t bring about the change, perhaps there should be a change,” he said.

But it wasn’t just the result in Hartlepool that was damaging. In 2022, in a scandal the Conservatives called “beergate”, he and Ms Rayner were accused of breaching lockdown rules by eating curry and drinking beer in Durham while campaigning in the by-election.

He was cleared, but at the height of the Tory onslaught he said he would resign if he was issued with a fixed penalty notice. It was another low point. But in 2022 it was Mr Johnson who was forced to quit over breaking COVID rules, not Sir Keir.

A top civil servant, Sue Gray, produced a damning and ultimately fatal “partygate” report, accusing Mr Johnson of lying to parliament, Liz Truss came and went – her brief 49-day tenure likened to the life of a lettuce – and Rishi Sunak became the Tories’ fifth prime minister in six years.

Sir Keir was on his way. But it was his turn to stun his opponents in 2023 when he announced that Sue Gray was to become his chief of staff, in a move the Tories claimed was treachery and proof that she had been biased against Mr Johnson.

Sir Keir Starmer and Sue Gray. Pic: Rex/Tayfun Salci/ZUMA Press Wire/Shutterstock
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After producing her partygate report into COVID lockdown parties, Sue Gray went on to become Sir Keir’s chief of staff.
Pic: Rex/Tayfun Salci/ZUMA Press Wire/Shutterstock

But though she lasted longer than “lettuce” Liz Truss, Sue Gray didn’t survive for long. Within months of Labour’s 2024 election victory she was out, the victim of a vicious power struggle with a Number 10 “boys’ club” led by Starmer’s campaign chief Morgan McSweeney, who helped himself to her job as chief of staff.

On the back of several by-election successes and sweeping local government gains, when Mr Sunak shocked his own party on 22 May by announcing a 4 July general election, Labour entered the campaign as overwhelming favourites to win a big majority.

A turning point in the campaign came on 2 June when Nigel Farage announced a comeback as Reform UK leader and declared that he would, after months of keeping his opponents guessing, be a candidate after all.

As a result, Reform UK won 4.1m votes, piling up votes in the tens of thousands in hundreds of seats, mostly at the expense of the Conservatives, and handing a landslide to Sir Keir: 411 Labour MPs and a majority of 172.

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His triumph came close to rivalling Tony Blair’s landslides of 1997 and 2001 with one crucial difference: Labour polled just 34% of the vote, the lowest share for a party winning a majority.

During the campaign, Sir Keir faced tough scrutiny not just about his pledges not to increase income tax, VAT or national insurance, but also about his character and personality.

In “The Battle for Number 10” on Sky News, a 90-minute event in Grimsby featuring Sir Keir and Mr Sunak, the Labour leader froze when a member of the audience told him he seemed like a “political robot”.

Sir Keir Starmer faced audience questions during a Sky News election event with Sky's political editor Beth Rigby, in Grimsby. 
Pic: PA
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Sir Keir Starmer faced audience questions during a Sky News election event with Sky’s political editor Beth Rigby, in Grimsby.
Pic: PA

He also squirmed when another audience member challenged him on why he now condemned Mr Corbyn when five years earlier he told voters he would make a great prime minister.

Yet despite those difficult moments, the event was more bruising for Mr Sunak than Sir Keir and a YouGov poll declared a decisive victory for the Labour leader, by 64% to 36%

But there was to be no honeymoon period for Sir Keir after Labour’s landslide. Within days of his election victory, riots following the killing of three young girls at a dance class in Southport presented the new prime minister with a law and order crisis.

His background as Director of Public Prosecutions served him well, however, and he showed a steely determination in ensuring rioters were dealt with swiftly and severely by the courts, though critics hit out at inconsistencies in sentencing and branded him “Two-tier Keir”.

Another crisis was self-inflicted. Many in his own party were shocked by the staggering amount of freebies, gifts and hospitality he and his wife accepted since he became Labour leader, many paid for by a millionaire Labour donor Lord Alli. According to a Sky News investigation, their total worth was more than £100,000.

Lord Alli
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Lord Waheed Alli, 59, was appointed Sir Keir Starmer’s chief campaign fundraiser in 2022. Pic: PA

They included expensive clothes for the PM and his wife, luxury designer spectacles for Sir Keir, hospitality at his beloved Arsenal FC, free accommodation in a flat owned by Lord Alli and – perhaps the most contentious – freebie tickets to a Taylor Swift concert at Wembley Stadium, all worth eye-watering amounts.

To make matters worse, the “freebie-gate” scandal engulfed the PM at a time when his chancellor, Rachel Reeves, was cutting winter fuel payments for pensioners, the first of a series of controversial moves by the woman derided as “Rachel from Accounts” by political opponents that have badly damaged Sir Keir’s government in its first nine months.

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Sir Keir Starmer continues to stand by his Chancellor Rachel Reeves

The two-child benefit cap, national insurance rises in her October budget, benefit cuts last month and no compensation for the so-called Waspi women have all infuriated many Labour MPs and put Sir Keir’s loyalty to his chancellor under strain.

He’s standing by her for now. “I have full confidence in the chancellor,” he declared, tetchily, when challenged by a Tory MP at PMQs just minutes before her spring statement last week.

But for how long? Most prime ministers eventually fall out with their chancellor: Margaret Thatcher with Sir Geoffrey Howe and then Nigel Lawson in the 1980s and later Tony Blair and Gordon Brown. Be warned, Rachel!

On foreign policy, the PM’s record is better. His baptism on the world stage, at a NATO summit in Washington in his first week as PM, helped him swiftly establish a reputation as a safe pair of hands and reliable ally on foreign policy.

Keir Starmer and Joe Biden
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Keir Starmer met with Joe Biden at his first NATO summit

Though the UK is no longer in the EU, Sir Keir has forged strong alliances with European leaders – particularly France’s President Macron – as he attempts to build a “coalition of the willing” to defend Ukraine. And he has won the trust of Ukraine’s President Zelenskyy.

And on his biggest foreign policy challenge, establishing good relations with the maverick President Trump, the verdict – even after the president’s tariffs bombshell – is so far, so good.

Ukraine's President Volodymyr Zelenskiy, right, walks with British Prime Minister Keir Starmer as he leaves the UK Ambassador's Residence on the day of a meeting with European leaders on strengthening support for Ukraine, in Paris, Thursday, March 27, 2025, on the sidelines of a summit for "coalition of the willing". (Stephanie Lecocq/Pool Photo via AP)
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Starmer has pledged to work with Ukraine and its President Volodymyr Zelenskyy to end the war and defend the country from Russia. Pic: AP

His Trump Tower dinner last September went well, his White House stunt with an envelope containing King Charles’ state visit invitation was a diplomatic masterstroke and the 10% tariffs slapped on the UK could have been a lot worse.

Now comes the really hard part for Five-Year Keir: securing a trade deal with the US, bringing peace to Ukraine without a sell-out or concessions to Vladimir Putin, smashing the gangs smuggling illegal migrants, tackling welfare reform and – the biggest challenge – finding that elusive economic growth at home while the Trump tariffs make autumn tax rises look almost inevitable.

Sir Keir Starmer the Trump charmer.
Pic: PA
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Sir Keir Starmer met Donald Trump at the White House in February. Pic: PA

No pressure, then prime minister. If the lows of Sir Keir’s first five years as Labour leader took the shine off the highs, the next five years – to the next election and perhaps beyond – look even more challenging.

And the journey from Doughty Street to Downing Street is now just a distant memory.

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Stablecoins are the best way to ensure US dollar dominance — Web3 CEO

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Stablecoins are the best way to ensure US dollar dominance — Web3 CEO

Stablecoins are the best way to ensure US dollar dominance — Web3 CEO

Stablecoins are the single best tool for the United States government to maintain the US dollar’s hegemony in global financial markets, according to LayerZero Labs CEO and founder Bryan Pellegrino.

In an interview with Cointelegraph, the CEO of LayerZero Labs, which created the LayerZero interoperability protocol recently chosen by Wyoming to be the distribution partner for the Wyoming stablecoin, said that the cross-border accessibility of dollar-pegged tokens makes them an obvious choice to drive US dollar demand. Pellegrino added:

“Stablecoins for the US dollar are the single best tool — the last Trojan Horse or vampire attack on every single other currency in the world — whether it is Argentina, whether it is Venezuela, whether it is all of the countries that have massive inflation.”

The CEO said he expects support for stablecoins on both the federal and state levels to grow because of the obvious boost stablecoins give to the US dollar in foreign exchange markets and the financial moat stablecoin-driven demand will create around the US dollar’s global reserve currency status.

Dollar, US Government, Stablecoin

Stablecoin market overview. Source: RWA.XYZ

Related: Certain stablecoins aren’t securities, SEC says in new guidance

US government looks to stablecoins to protect US dollar

Pellegrino cited Tether’s emerging role as one of the largest buyers of US Treasury bills in the world as evidence of the demand for US debt instruments from stablecoin issuers.

Tether recently became the seventh-largest holder of US Treasuries, beating out Canada, Germany, Norway, Hong Kong, and Saudi Arabia.

Speaking at the White House Crypto Summit on March 7, US Treasury Secretary Scott Bessent said the Trump administration would leverage stablecoins to extend US dollar hegemony and indicated this would be a top priority for officials in 2025.

According to a 2023 report from Chainalysis, over 50% of all the digital asset value transferred to countries in the Latin American region, including Argentina, Brazil, Columbia, Mexico, and Venezuela was denominated in stablecoins.

The low transaction fees, relative stability, and near-instant settlement times for dollar-pegged stablecoins make these real-world tokenized assets ideal for remittances and stores of value for residents in developing countries suffering from high inflation and capital controls.

Magazine: Bitcoin payments are being undermined by centralized stablecoins

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CFPB likely to step back from crypto regulation — Attorney

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CFPB likely to step back from crypto regulation — Attorney

CFPB likely to step back from crypto regulation — Attorney

The Consumer Financial Protection Bureau (CFPB) will likely see a reduced role in crypto regulations as other federal agencies like the Securities and Exchange Commission (SEC) and state-level regulators assume a bigger role in crypto policy, according to Ethan Ostroff, partner at the Troutman Pepper Locke law firm.

“I think with the current administration, my sense is, we are highly likely to see a significant pullback by the CFPB in the context of the activity by other regulators,” Ostroff told Cointelegraph in an interview.

State regulators also have the authority under the Consumer Financial Protection Act (CFPA) to assume some of the regulatory roles of the CFPB, the attorney said but also added that some regulatory functions will continue to fall within the purview of the CFPB as a matter of established law.

Ostroff cited the New York Department of Financial Services (NYDFS) and the California Department of Financial Protection and Innovation (DFPI) as regulators to keep an eye on as potential leaders of crypto regulations at the state level.

However, the attorney clarified that while the CFPB may see a diminished role during the Trump administration, the agency would not be outright dismantled during the current regime due to “statutorily mandated obligations and requirements” that require acts of Congress to change.

Related: Elon Musk’s ‘government efficiency’ team turns its sights to SEC — Report

Trump administration targets CFPB in efficiency push

The Trump administration targeted the CFPB as part of a broader push by the Department of Government Efficiency (DOGE) to slash government spending and reduce the federal debt.

Russell Vought, the recently appointed head of the CFPB, announced major funding cuts to the agency and scaled back operations within days of assuming the helm at the CFPB in February 2025.

Bitcoin Regulation, US Government, United States, Donald Trump

Source: Russell Vought

Massachusetts Senator Elizabeth Warren criticized Elon Musk for dismantling the CFPB, which the US senator co-founded back in 2007.

Warren characterized Musk as a “bank robber” and claimed that the Trump administration dismantled the CFPB to undo consumer protection rules and have greater control over the financial system.

In a February 12 interview with Mother Jones, the senator stressed that the Executive Branch of government does not have the statutory authority to fully dismantle the CFPB, which can only be done through Congressional approval.

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

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Nearly 400,000 FTX users risk losing $2.5 billion in repayments

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Nearly 400,000 FTX users risk losing .5 billion in repayments

Nearly 400,000 FTX users risk losing .5 billion in repayments

Nearly 400,000 creditors of the bankrupt cryptocurrency exchange FTX risk missing out on $2.5 billion in repayments after failing to begin the mandatory Know Your Customer (KYC) verification process.

Roughly 392,000 FTX creditors have failed to complete or at least take the first steps of the mandatory Know Your Customer verification, according to an April 2 court filing in the US Bankruptcy Court for the District of Delaware.

FTX users originally had until March 3 to begin the verification process to collect their claims.

“If a holder of a claim listed on Schedule 1 attached thereto did not commence the KYC submission process with respect to such claim on or prior to March 3, 2025, at 4:00 pm (ET) (the “KYC Commencing Deadline”), 2 such claim shall be disallowed and expunged in its entirety,” the filing states.

Nearly 400,000 FTX users risk losing $2.5 billion in repayments

FTX court filing. Source: Bloomberglaw.com

The KYC deadline has been extended to June 1, 2025, giving users another chance to verify their identity and claim eligibility. Those who fail to meet the new deadline may have their claims permanently disqualified.

According to the court documents, claims under $50,000 could account for roughly $655 million in disallowed repayments, while claims over $50,000 could amount to $1.9 billion — bringing the total at-risk funds to more than $2.5 billion.

Nearly 400,000 FTX users risk losing $2.5 billion in repayments

FTX court filing, estimated claims. Source: Sunil

The next round of FTX creditor repayments is set for May 30, 2025, with over $11 billion expected to be repaid to creditors with claims of over $50,000.

Under FTX’s recovery plan, 98% of creditors are expected to receive at least 118% of their original claim value in cash.

Related: FTX liquidated $1.5B in 3AC assets 2 weeks before hedge fund’s collapse

How FTX users can complete KYC

Many FTX users have reported problems with the KYC process.

However, users who were unable to submit their KYC documentation can resubmit their application and restart the verification process, according to an April 5 X post from Sunil, FTX creditor and Customer Ad-Hoc Committee member.

Nearly 400,000 FTX users risk losing $2.5 billion in repayments

FTX KYC portal. Source: Sunil

Impacted users should email FTX support (support@ftx.com) to receive a ticket number, then log in to the support portal, create an account, and re-upload the necessary KYC documents.

Related: Crypto trader turns $2K PEPE into $43M, sells for $10M profit

FTX’s Bahamian subsidiary, FTX Digital Markets, processed the first round of repayments in February, distributing $1.2 billion to creditors.

The crypto industry is still recovering from the collapse of FTX and more than 130 subsidiaries launched a series of insolvencies that led to the industry’s longest-ever crypto winter, which saw Bitcoin’s (BTC) price bottom out at around $16,000.

While not a “market-moving catalyst” in itself, the beginning of the FTX repayments is a positive sign for the maturation of the crypto industry, which may see a “significant portion” reinvested into cryptocurrencies, Alvin Kan, chief operating officer at Bitget Wallet, told Cointelegraph.

Magazine: XRP win leaves Ripple a ‘bad actor’ with no crypto legal precedent set

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