Sir Keir Starmer is straining his diplomatic sinews to simultaneously praise Donald Trump’s efforts to end the war in Ukraine, while repeating calls for a completely different approach – one which ends the cosy bonhomie with Vladimir Putin, threatens the Russians with sanctions, and puts the Ukrainians back centre stage.
If that’s a message which feels like quite a stretch in writing, in person, during this morning’s call of international leaders, it must have been even more awkward.
Donald Trump‘s public dismissal of the Europeans’ previous calls for a ceasefire – after his tete-a-tete with Putin – has only highlighted divisions.
Of course, the prime minister and his European allies have no choice but to keep their criticism of the Alaskan summit implicit, not explicit.
Image: Donald Trump and Vladimir Putin after their private meeting in Alaska. Pic: Reuters/ Kevin Lamarque
Even as they attempt to ramp up their own military preparedness to help reinforce any future peace deal, they need President Trump to lead the way in trying to force President Putin to the negotiating table – and to back up any agreement with the threat of American firepower.
For Downing Street, President Trump’s new willingness to contribute to any future security guarantee is a significant step, which Starmer claims “will be crucial in deterring Putin from coming back for more”.
It’s a commitment the prime minister has been campaigning for for months, a caveat to all the grand plans drawn up by the so-called Coalition of the Willing.
While the details are still clearly very much to be confirmed, whatever comments made by Donald Trump about his openness to help police any peace in Ukraine have been loudly welcomed by all those present, a glimmer of progress from the diplomatic mess in Anchorage.
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Of course, the promise of security guarantees only means anything if a peace deal is actually reached.
At the moment, as the European leaders’ bluntly put it in repeating Donald Trump’s words back to him: “There’s no deal until there’s a deal.”
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Wallace: Putin ‘laughing all the way home’
Fears of Zelenskyy being painted as warmonger
There is clearly real concern in European capitals following the US president’s comments that the onus is now on Volodymyr Zelenskyy to ‘do a deal’, that the Ukrainians will come under growing pressure to make concessions to the Russians.
As former defence secretary Ben Wallace said: “Given that Donald Trump has failed to deliver a deal, his track record would show that Donald Trump then usually tries to seek to blame someone else. I’m worried that next week it could be President Zelenskyy who he will seek to blame.
“He’ll paint him as the warmonger, when in fact everybody knows it’s President Putin.”
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The European leaders’ robust statements describing the “killing in Ukraine” and Russia’s “barbaric assault” are an attempt to try to counter that narrative, resetting the international response to Putin following the warmth of his welcome by President Trump – friendlier by far than that afforded to many of them, and infinitely more than the barracking President Zelenskyy received.
They’ll all be hoping to avoid a repeat of that on Monday.
Excitement in the crypto community is growing over the potential launch of XRP funds, as the US Senate advances a deal aimed at ending the longest-ever government shutdown.
The Senate reportedly reached a deal on a budget bill to end the government shutdown on Sunday, sending a bullish signal to numerous markets, including crypto.
The XRP (XRP) community is anticipating multiple XRP exchange-traded funds (ETFs) to launch shortly, with several already appearing on the Depository Trust and Clearing Corporation (DTCC) website ahead of a possible launch this month.
The price of XRP has rallied more than 12% on the bullish news over the past 24 hours, with the token trading at $2.56 at the time of publication, according to CoinGecko.
11 XRP products listed on DTCC
As of Monday, the DTCC website featured 11 XRP ETF products on its “active and pre-launch” listing, including those by 21Shares, ProShares, Bitwise, Canary Capital, Volatility Shares, REX-Osprey, CoinShares, Amplify and Franklin Templeton.
Although a DTCC listing does not equal actual launch and does not guarantee regulatory approval, it signals that the ETF infrastructure is ready to be traded on US markets.
The list of XRP products listed on the DTCC as of Monday. Source: DTCC
It’s worth noting that Grayscale’s XRP Trust (GXRP) has not yet appeared on the DTCC website, and the list also does not currently include an XRP fund from WisdomTree.
“Government shutdown ending = spot crypto ETF floodgates opening,” ETF expert Nate Geraci wrote in an X post on Sunday, adding: “In the meantime, could see first ‘33 Act spot xrp ETF launch this week.”
Bloomberg ETF analyst Eric Balchunas also posted on X on Sunday, noting that the “shutdown is over” and highlighting a subsequent uptick in US equity futures.
“The SEC had open litigation against Ripple for the past five years, up until three months ago. IMO, the launch of spot XRP ETFs represents the final nail in the coffin for the previous wave of anti-crypto regulators,” he wrote in an X post on Nov. 2.
He also highlighted a post from Canary Capital, which claimed last Friday that its XRP ETF is “coming soon,” speculating that the product could go live by the end of this week.
Acting Chair of the US Commodity Futures Trading Commission (CFTC) Caroline Pham is in talks with regulated US crypto exchanges to launch leveraged spot crypto products as early as next month.
In a Sunday X post, Pham confirmed that she is pushing to allow leveraged spot crypto trading in the US and that she is in talks with regulated US crypto exchanges to launch leveraged crypto spot products next month.
Pham also confirmed that she continued meeting with industry representatives despite the government shutdown. The regulator is also currently considering issuing guidance for leveraged spot crypto products.
The news comes after the CFTC launched an initiative in early August to enable the trading of “spot crypto asset contracts” on exchanges registered with the regulator. In an announcement at the time, Pham invited comment on the rules that governed “retail trading of commodities with leverage, margin, or financing.”
According to the Federal Register, the Commodity Exchange Act “provides that a retail commodity transaction entered into with a retail person which is executed on a leveraged or margined basis” is “subject to the Commission’s jurisdiction, unless the transaction results in actual delivery of the commodity within 28 days of the transaction.” Consequently, leveraged crypto spot positions would only be allowed if their duration were limited to 28 days or they would be illegal.
A US government shutdown occurs when Congress fails to pass an annual spending bill or a short-term continuing resolution, blocking much of the federal government’s spending. In such situations, non-essential services are paused, some workers are furloughed, and others work without pay.
The current shutdown started on Oct. 1. However, Sunday reports suggest that the shutdown is likely nearing its end as the Senate moves to consider a continuing resolution to fund the government.
The US Capitol, housing the US Congress. Source: Wikimedia
The report follows speculation about the impact of the government shutdown on progress in US crypto regulation. Early October reports noted that the SEC began its shutdown by announcing that it would “not engage in ongoing litigation,” except for emergency cases.
The United Kingdom’s central bank is moving toward stablecoin regulation by publishing a consultation paper proposing a regulatory framework for the asset class.
The Bank of England (BoE) on Monday released a proposed regulatory regime for sterling-denominated “systemic stablecoins,” or tokens it said are widely used in payments and therefore potentially pose risks to the UK financial stability.
Under the proposal, the central bank would require stablecoin issuers to back at least 40% of their liabilities with unremunerated deposits at the BoE, while allowing up to 60% in short-term UK government debt.
The consultation paper seeks feedback on the proposed regime until Feb. 10, 2026, with the BoE planning to finalize the regulations in the second half of the year.
Holding limits, backing and oversight
As part of the proposal, the central bank suggested capping individual stablecoin holdings at 20,000 British pounds ($26,300) per token, while allowing exemptions from the proposed 10,000 pound ($13,200) for retail businesses.
“We propose that issuers implement per-coin holding limits of 20,000 GBP for individuals and 10 million pounds for businesses,” the BoE stated, adding that businesses could qualify for exemptions if higher balances are needed in the course of normal operations.
Timeline for regulation on sterling-denominated stablecoins by the Bank of England. Source: BoE
Regarding stablecoin backing, the BoE suggested that issuers that are considered systemically important could be allowed to hold up to 95% of their backing assets in UK government debt securities as they scale.
“The percentage would be reduced to 60% once the stablecoin reaches a scale where this is appropriate to mitigate the risks posed by the stablecoin’s systemic importance without impeding the firm’s viability,” it added.
The BoE noted that His Majesty’s Treasury determines which stablecoin payment systems and service providers are deemed systemically important. Once designated, these systems would fall under the proposed regime and the BoE’s supervision.