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

Memecoins—from internet jokes to crypto’s cultural engine

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3 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.

Politics

Indian authorities arrest alleged Garantex founder for US extradition

Published

4 hours ago

March 12, 2025

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Indian authorities arrest alleged Garantex founder for US extradition

Officials with India’s Central Bureau of Investigation (CBI) announced the arrest of Lithuanian national Aleksej Bešciokov, who was alleged to have operated the cryptocurrency exchange Garantex.

In a March 12 notice, the CBI said police in the Indian state of Kerala had coordinated with national authorities to arrest Bešciokov. The Lithuanian national was reportedly vacationing in India with his family and planning to leave the country. The arrest of the alleged Garantex founder was based on US charges of conspiracy to commit money laundering, conspiracy to operate an unlicensed money-transmitting business and conspiracy to violate the International Emergency Economic Powers Act.

Law, India, United States, Cryptocurrency Exchange, Crimes — *Aleksej Bešciokov’s “most wanted” page. Source:* *US Secret Service*

According to an indictment filed on Feb. 27 in the US District Court for the Eastern District of Virginia, Bešciokov, Aleksandr Mira Serda and others operated Garantex to “launder the proceeds of criminal activity, including ransomware, computer hacking, narcotics transactions, and sanctions violations, and profited from the laundering” between 2019 to the present. Bešciokov is expected to be transferred to US custody in accordance with India’s Extradition Act of 1962.

The alleged Garantex founder’s arrest followed Tether’s freezing of $27 million worth of USDt (USDT) on the platform. The crypto exchange announced on March 6 that it had temporarily suspended all services, including withdrawals. US authorities also seized three website domain names “used to support Garantex’s operations” as part of a judge’s order in the criminal case.

The US Department of the Treasury’s Office of Foreign Assets Control added Garantex to its list of sanctioned entities in April 2022 for “willfully disregard[ing] Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) obligations and allow[ing] their systems to be abused by illicit actors.” The European Union also imposed sanctions against the platform in February as part of sanctions on “Russia’s war of aggression against Ukraine.”

Serda, a Russian national and Garantex’s co-founder and chief commercial officer, was seemingly still at large at the time of Bešciokov’s arrest.

A Garantex spokesperson declined to comment.

Delays returning to the United States?

It’s unclear what legal recourse Bešciokov could have in fighting US extradition from India should he choose to do so. Lawyers for Terraform Labs co-founder Do Kwon, who was arrested in Montenegro in March 2023 on unrelated charges, repeatedly appealed court decisions regarding US extradition before he was finally handed over to officials in December 2024.

Former CEO Sam Bankman-Fried, who was in the Bahamas when crypto exchange FTX collapsed in November 2022, was extradited from the island nation to the US to face charges. He was later convicted of seven felony counts and sentenced to 25 years in prison but filed an appeal.

Magazine: Meet lawyer Max Burwick — ‘The ambulance chaser of crypto’

Politics

The GENIUS stablecoin bill is a CBDC trojan horse — DeFi exec

Published

5 hours ago

March 12, 2025

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The GENIUS stablecoin bill is a CBDC trojan horse — DeFi exec

The recent GENIUS stablecoin bill is merely a thinly veiled attempt to usher in central bank digital currency (CBDC) controls through privatized means, according to Jean Rausis, co-founder of the Smardex decentralized trading platform.

In a statement shared with Cointelegraph, Rausis said that the US government will punish stablecoin issuers that do not comply with the new regulatory framework, similar to the European Union Markets in Crypto-Assets (MiCA) regulations. The executive added:

“The government realizes that if they control stablecoins, they control financial transactions. Working with centralized stablecoin issuers means they can freeze funds anytime they want — essentially what a CBDC would allow. So, why bother creating a CBDC?”

“With stablecoins under the government’s control, the result is the same, with the false veneer of decentralization added as a bonus,” the executive continued.

Decentralized alternatives to centralized stablecoins, such as algorithmic stablecoins and synthetic dollars, will prove to be a valuable bulwark against this creeping government control over crypto, Rausis concluded.

US Government, United States, Stablecoin — *First page of the GENIUS Act. Source:* *United States Senate*

Revamped GENIUS bill to include stricter provisions

The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, introduced by Tennessee Senator Bill Hagerty on Feb. 4, proposed a comprehensive framework for overcollateralized stablecoins such as Tether’s USDt (USDT) and Circle’s USDC (USDC).

The bill was revamped to include stricter Anti-Money Laundering, reserve requirements, liquidity provisions and sanctions checks on March 13.

These additional provisions will presumably give US-based stablecoin issuers an edge over their offshore counterparts.

During the recent White House Crypto Summit, US Treasury Secretary Scott Bessent said the US would use stablecoins to ensure US dollar hegemony in payments and protect its role as the global reserve currency.

Centralized stablecoin issuers rely on US bank deposits and short-term cash equivalents such as US Treasury bills to back their digital fiat tokens, which drives up demand for the US dollar and US debt instruments.

Stablecoin issuers collectively hold over $120 billion in US debt — making them the 18th-largest buyer of US government debt in the world.

Magazine: Bitcoin payments are being undermined by centralized stablecoins