Target Towns: Will Labour’s U-turn on green spending cost the party in Grimsby?
Residents of Grimsby and Cleethorpes are no strangers to ministerial visits.
This is the place Michael Gove chose to launch the Conservatives‘ Levelling Up plan back in 2022.
Almost everyone, from Nigel Farage and Boris Johnson, to Jeremy Corbyn and Sir Kier Starmer have in recent years paid these towns a visit.
On Thursday, it was the turn of Ed Miliband. Like those who came before him, the shadow climate change secretary was acutely aware of their growing strategic importance.
The electoral battle in Grimsby and Cleethorpes, Sky News’ Target Towns, will be fierce. Labour will need an 11.7 point swing to win this newly-merged constituency back from the Conservatives.
In 2019, residents in Grimsby voted Tory for the first time since the end of the Second World War.
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Why is Grimsby a key constituency?
The old Cleethorpes constituency was always more of a bellwether, having voted Conservative since 2010. However, it has shed some of its rural, Conservative voting residents in the merger.
In both these towns, residents were won over by the Conservatives’ promises of levelling up. The prospect of public investment and prosperity were big vote winners.
No surprises then that on a visit to Orsted, the Danish firm investing heavily in offshore wind in Grimsby, Ed Miliband wanted to talk about Labour’s plan for green jobs.
Under the Jobs Bonus, Labour will allocate £500m a year to reward renewable energy businesses that create high quality jobs in the UK.
Mr Miliband said: “We know people in Grimsby want economic change. They want good jobs, good wages.
“We know that there’s a substantial base already here, but we want to give proper incentives to manufacturers in particular to actually build, for example, wind turbines here, to create the jobs here even more of them than we have at the moment.”
Ed Miliband wants to sway Grimsby voters based on green policies
It’s a message that should resonate here.
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From fishing to green energy
Grimsby once boasted the largest fishing fleet in the world – there are signs of that heritage all over the town. However, the industry has shrunk dramatically.
Instead, renewable energy is the promise of the future.
Situated here is a port to the world’s largest offshore wind farm and thousands of locals are already employed in the sector.
Demand for apprenticeships is rife.
People here are excited by these opportunities and green jobs are welcome but they are not convinced by Labour’s promises, especially after the party scaled back its £28bn green spending plan.
James Elliott, a local resident and environmentalist, said the U-turn was deeply disappointing. “I think politicians need to do a better job.
“When politicians make these pledges, we need to scrutinise them a lot more. So, when they come into power they can’t mould it into something else.”
James Elliott wants politicians to ‘do a better job’
Pushing through green policies has been a thorny experience for Labour.
Not only has the party been forced to U-turn on its green spending ambitions after relentless attacks from the Conservatives about the cost, but it is also coming under fire from unions representing workers in Scotland because of Labour’s refusal to issue new licences for drilling in the North Sea.
The head of the GMB union, Gary Smith, has called the stance “naive” and trade bodies have warned that thousands of jobs in Scotland are at stake.
However, on his visit to Grimsby, Mr Miliband was untroubled by this. “The truth is that new oil and gas licences will not provide long term sustainable jobs.
“Indeed, we’ve had new licences over the past 13 years and we’ve seen the North Sea workforce actually halve…Now, of course, we’re going to keep the existing oil and gas fields in the North Sea, so we have a just and orderly transition.”
Yet, Labour’s own green policymaking has been anything but orderly.
On the plan, a government spokesperson said: “Ed Miliband has one question to answer and that’s how is this plan funded. The answer it isn’t.
“Just like their 2030 decarbonisation promise, which Labour say costs £28 billion, they can’t say how they’d pay for their pledges because they don’t have a plan. The only certainty is taxes would go up.
“Only Rishi Sunak and the Conservatives will stick to our plan which is working and that means we can cut taxes so working people keep more of their own money. To keep cutting taxes, we must stick to the plan which will mean a stronger economy and a brighter future for you and your family.”
In Grimsby and Cleethorpes there is clear political capital to be gained through the promise of green jobs. However, the challenge is getting people to believe in the promise.
Sky News’ Target Towns series aims to follow the build-up to the general election from a key constituency prized by both Conservatives and Labour – Great Grimsby and Cleethorpes. Send in your stories to targettowns@sky.uk.
In one of his first appearances as the recently sworn-in chair of the US Securities and Exchange Commission, Paul Atkins delivered remarks to the agency’s third roundtable discussion of crypto regulation.
In the “Know Your Custodian” roundtable event on April 25, Atkins said he expected “huge benefits” from blockchain technology through efficiency, risk mitigation, transparency, and cutting costs. He reiterated that among his goals at the SEC would be to facilitate “clear regulatory rules of the road” for digital assets, hinting that the agency under former chair Gary Gensler had contributed to market and regulatory uncertainty.
“I look forward to engaging with market participants and working with colleagues in President Trump’s administration and Congress to establish a rational fit-for-purpose framework for crypto assets,” said Atkins.
Some critics of US President Donald Trump see Atkins’ nomination to lead the SEC as a nod to the crypto industry, acting on campaign promises to remove Gensler — the former chair resigned the day Trump took office — and cut back on regulation. Democratic lawmakers on the Senate Banking Committee questioned Atkins on his ties to the industry, potentially presenting conflicts of interest in his role regulating crypto.
Related: Atkins SEC era sparks massive industry optimism, crypto execs speak out
The direction of the SEC under new leadership
“We’ve noticed that we don’t have to be as concerned […] about being accused of things that we’re not doing, like being broker-dealers for securities,” Exodus chief legal officer Veronica McGregor, who participated in the roundtable, told Cointelegraph on April 24.”It’s just a less scary regulatory environment in general. It is, however, still unclear what the ultimate regs are going to look like for crypto.”
The SEC crypto task force is scheduled to hold two more roundtables in May and June to discuss tokenization and decentralized finance, respectively. Commissioner Hester Peirce, who leads the task force, told Cointelegraph in March that she welcomed the opportunity to work with Atkins to “reorient the agency,” hinting at an SEC with regulations more favorable to the crypto industry.
In addition to the roundtables, the crypto task force has reported several meetings with digital asset firms to discuss various policies and considerations in developing a regulatory framework.
Magazine: SEC’s U-turn on crypto leaves key questions unanswered
Nasdaq has urged the US Securities and Exchange Commission (SEC) to hold digital assets to the same regulatory standards as securities if they constitute “stocks by any other name,” according to an April 25 comment letter.
The exchange said the US financial regulator needs to establish a clearer taxonomy for cryptocurrencies, including categorizing a portion of digital assets as “financial securities.” Those tokens, Nasdaq argued, should continue to be regulated “as they are regulated today regardless of tokenized form.”
“Whether it takes the form of a paper share, a digital share, or a token, an instrument’s underlying nature remains the same and it should be traded and regulated in the same ways,” the letter said.
It also proposed categorizing a portion of cryptocurrencies as “digital asset investment contracts,” to be subject to “light touch regulation” but still overseen by the SEC.
Related: Certain stablecoins aren’t securities, SEC says in new guidance
Regulatory U-turn
The SEC has dramatically pivoted its stance on cryptocurrency oversight since US President Donald Trump took office in January.
Under the leadership of former Chair Gary Gensler, the SEC took the position that practically all cryptocurrencies, with the exception of Bitcoin (BTC), represent investment contracts and therefore qualify as securities.
This stance led the agency to bring upwards of 100 lawsuits against crypto firms for alleged securities law violations.
However, under Trump nominee Paul Atkins, who was sworn in as chair on April 21 after a lengthy Senate confirmation, the SEC has claimed jurisdiction over a narrower segment of cryptocurrencies.
In February, the agency issued guidance stating that memecoins — if clearly identified as purely speculative assets with no intrinsic value — do not qualify as investment contracts pursuant to US law.
In April, the SEC said that stablecoins — digital tokens pegged to the US dollar — similarly do not qualify as securities if they are marketed solely as a means of making payments.
Integrating crypto into TradFi
In its April 21 letter, Nasdaq said existing financial infrastructure “can readily absorb digital assets by establishing the proper taxonomy and calibrating certain rules to reflect what is truly new and novel about digital assets.”
The Depository Trust & Clearing Corporation (DTCC) — a private US securities clearinghouse closely overseen by the SEC — has been laying the foundation for integrating blockchain technology into regulated financial markets.
In March, the DTCC committed to promoting Ethereum’s ERC-3643 standard for permissioned securities tokens.
Magazine: Ethereum is destroying the competition in the $16.1T TradFi tokenization race
Cryptocurrency firms and centralized exchanges are launching more traditional investment offerings, bridging the divide between traditional financial and digital assets.
With investors seeking more flexible product offerings under one platform, the “line is blurring” between traditional finance (TradFi) and the cryptocurrency space, as the two financial paradigms signal a “growing synergy,” according to Gracy Chen, CEO of Bitget, the world’s sixth-largest crypto exchange.
In the wider crypto space, Securitize partnered with Mantle protocol to launch an institutional fund that will generate yield on a basket of diverse cryptocurrencies, similar to how traditional index funds track a mix of stocks.
The developments come after crypto investor sentiment staged a significant recovery, moving from “fear” to “neutral” for the first time since January 2025.
Investor sentiment was bolstered after US President Donald Trump said that import tariffs on Chinese goods will “come down substantially,” adopting a softer tone in negotiations for the first time since the reciprocal tariff announcement.
Crypto firms moving into Wall Street territory
Cryptocurrency firms and exchanges are increasingly moving into Wall Street territory, launching more traditional investment offerings and showcasing the increasing connection between crypto and traditional finance (TradFi).
“There’s a growing synergy between traditional financial investments and the emerging crypto space,” according to Gracy Chen, the CEO of Bitget, the world’s sixth-largest crypto exchange.
“Crypto players are now checking out traditional finance as they see the opportunity to bridge it,” Chen told Cointelegraph.
“The lines are blurring. Investors want flexibility, and products that can straddle both worlds are naturally attractive,” Chen said. “Some players see TradFi as a safety net; others, like Bitget, see it as a launchpad for broader adoption.” She added:
“In a volatile market, integration is smarter than isolation.”
Securitize, Mantle launch institutional crypto fund
Tokenization platform Securitize partnered with decentralized finance (DeFi) protocol Mantle to launch an institutional fund designed to earn yield on a diverse basket of cryptocurrencies, the companies said.
Similar to how a traditional index fund tracks a mix of stocks, the Mantle Index Four (MI4) Fund aims to offer investors exposure to cryptocurrencies, including Bitcoin (BTC), Ether (ETH), and Solana (SOL), as well as stablecoins tracking the US dollar, Securitize said in an April 24 announcement.
The fund also integrates liquid staking tokens — including Mantle’s mETH, Bybit’s bbSOL, and Ethena’s USDe — in a bid to enhance returns with onchain yield, according to the announcement.
The launch comes as retail and institutions alike increase exposure to cryptocurrencies, particularly Bitcoin, as a hedge amid escalating macroeconomic uncertainty.
Mantra says CEO has begun the process of burning his 150 million OM tokens
Mantra founder and CEO John Patrick Mullin has started unstaking 150 million of his Mantra (OM) tokens in preparation for sending them to a burn address in an attempt to restore the token’s value by tightening supply.
Mantra announced on April 21 that the unstaking process had begun, and would be completed by April 29, at which point Mullin’s Mantra (OM) tokens will be sent to the burn address and permanently removed from circulating supply.
Mullin said it was a “first step in rebuilding trust with the community, but far from the last.”
Mantra said it was also in talks with “key ecosystem partners” about burning a further 150 million OM to bring the total burn amount to 300 million.
With 150 million fewer OM, Mantra’s total supply will decline to 1.67 billion, and its number of staked tokens will drop by over 26% to 421.8 million OM from 571.8 million OM.
Symbiotic raises $29 million for staking-based universal coordination layer
Cryptocurrency staking protocol Symbiotic closed a $29 million Series A funding round led by Web3-focused investment firms, including Pantera Capital and Coinbase Ventures, to support the launch of a new economic coordination layer for blockchain security.
The round included more than 100 angel investors, with participation by major industry players Aave, Polygon and StarkWare, the company said in an April 23 announcement shared with Cointelegraph.
The closing of the funding round also marks the launch of Symbiotic’s Universal Staking Framework, which aims to be an economic coordination layer that bolsters blockchain security via staking.
The new staking layer enables the use of any combination of cryptocurrencies to secure networks, including monolithic and modular layer-1 and layer-2 blockchains, the announcement said.
“We’ve created a modular framework that lets protocols evolve security models over time while efficiently coordinating risk,” Misha Putiatin, co-founder of Symbiotic, told Cointelegraph. “This empowers protocols at every stage of their lifecycle to evolve their security models seamlessly without rebuilding infrastructure.”
SEC delays decision on Polkadot ETF
The US Securities and Exchange Commission (SEC) delayed a decision on whether to approve a proposed exchange-traded fund (ETF) holding Polkadot’s native token, regulatory filings show.
According to an April 24 filing, the regulator has extended its deadline for a final ruling until June 11, nearly four months after the Nasdaq sought permission to list Grayscale Polkadot Trust on Feb. 24.
Grayscale’s ETF filing adds to a roster of about 70 proposed ETFs awaiting SEC approval, including funds holding altcoins, memecoins and crypto-related financial derivatives, according to Bloomberg Intelligence.
Asset managers are pitching ETFs for “[e]verything from XRP, Litecoin and Solana to Penguins, Doge and 2x Melania and everything in between,” Bloomberg analyst Eric Balchunas said in an April 21 post on the X platform. Asset manager 21Shares is also awaiting permission to list its own Polkadot ETF.
DeFi market overview
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.
The Official Trump (TRUMP) token rose over 73% as the week’s biggest gainer, after the president announced an exclusive in-person dinner for the top tokenholders. The Sui (SUI) token rose over 69% as the week’s second-best performing token.
Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.
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