Commonwealth leaders to defy Sir Keir Starmer as they agree to look at slave trade reparations

Published

6 months ago

October 24, 2024

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Commonwealth leaders will agree plans to look at reparations for the slave trade, in defiance of Sir Keir Starmer.

The UK prime minister called the transatlantic slave trade “abhorrent” but ruled out reparations as he said countries affected would rather the UK help them with current issues, such as the impact of climate change.

His spokesman earlier this week said: “The government’s position on this has not changed – we do not pay reparations.”

However, as the biennial Commonwealth Heads of Government Meeting (CHOGM) begins in Samoa tomorrow, Sky News has learned officials from some countries are drawing up an agreement to conduct further research and begin a “meaningful conversation”.

It could leave the UK owing billions of pounds in reparations, which are usually defined as payments paid by a country for damage or losses caused to other countries or their people.

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At the end of the summit, the 55 leaders will agree a “communique”, which explains what was discussed and summarises decisions on specific issues.

Some leaders are understood to want to include slavery reparations in the communique, with a draft version saying leaders “agreed that the time has come for a meaningful, truthful and respectful conversation towards forging a common future based on equity”, according to the BBC.

Other leaders want a separate declaration demanding reparatory justice, which the UK and some countries are unlikely to sign.

This would be the worst case scenario for the UK as leaders would have to vote on it, risking a split in the Commonwealth.

As well as payments, reparatory justice could also take the form of debt relief, an official apology, educational programmes, economic support, public health assistance and building museums.

Following reports Commonwealth leaders are demanding reparations, senior Labour MP Lucy Powell doubled down on the government’s position, saying: “Our position on reparations hasn’t changed.

“We’re committed to working with our Commonwealth partners on the very pressing issues that we are facing today, and looking forward to the future and not looking to the past.”

Mr Starmer’s spokesman added: “The prime minister believes that we should be facing forward and that remains our position.”

A source told Sky News’ political editor Beth Rigby Sir Keir’s refusal to put reparations on the agenda has agitated some leaders and it looks like no matter what he wants, the issue will be in the final communique.

Bahamas Prime Minister Philip Davis has said he wants reparatory justice mentioned in the communique and will try to have a “frank” conversation with Sir Keir.

“It’s not just about an apology,” he told Politico.

“It’s not about money, it’s about an appreciation and embracing and understanding of what our ancestors went through, that has left a scourge on our race, culturally, mentally and physically.”

He is hoping to speak directly to Sir Keir, who he called “a fair-minded just individual”, on Saturday when there will be a six-hour leaders’ retreat with no aides, leaving them to speak more freely.

The two leaders are familiar to each other, having each represented defendants in a legal case in 2003 that led to the mandatory death penalty being abolished in the Bahamas.

King Charles and Queen Camilla are also in Samoa where the king will address the summit following a trip to Australia where they faced protests and accusations of stealing Aboriginal land and committing “genocide against our people”.

Their arrival in Samoa has been smoother, with the King being declared a “high chief” of the Pacific island and presented with a whole pig.

Politics

US Senator calls for Trump impeachment, cites memecoin dinner

Published

3 hours ago

April 26, 2025

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US Senator calls for Trump impeachment, cites memecoin dinner

United States Senator Jon Ossoff expressed support for impeaching President Donald Trump during an April 25 town hall, citing the President’s plan to host a private dinner for top Official Trump memecoin holders.

“I mean, I saw just 48 hours ago, he is granting audiences to people who buy his meme coin,” said Ossoff, a Democrat, according to a report by NBC News.

“When the sitting president of the United States is selling access for what are effectively payments directly to him. There is no question that that rises to the level of an impeachable offense.”

Senator Ossoff said he “strongly” supports impeachment proceedings during a town hall in the state of Georgia, where he is running for reelection to the Senate.

The Senator added that an impeachment is unlikely unless the Democratic Party gains control of Congress during the US midterm elections in 2026. Trump’s own Republican Party currently has a majority in both the House of Representatives and the Senate.

Conflicts of interest

On April 23, the Official Trump (TRUMP) memecoin’s website announced plans for Trump to host an exclusive dinner at his Washington, DC golf club with the top 220 TRUMP holders.

The website subsequently posted a leaderboard tracking top TRUMP wallets and a link to register for the event. The TRUMP token’s price has gained more than 50% since the announcement, according to data from CoinMarketCap.

The specific guest list is unclear, but the memecoin’s website states that applicants must pass a background check, “can not be from a [Know Your Customer] watchlist country,” and cannot bring any additional guests.

On April 25, the team behind TRUMP denied social media rumors that TRUMP holders need at least $300,000 to participate in an upcoming dinner with the president.

“People have been incorrectly quoting #220 on the block explorer as the cutoff. That’s wrong because it includes things like locked tokens, exchanges, market makers, and those who are not participating. Instead, you should only be going off the leaderboard,” they wrote.

Law, Politics, Senate, Donald Trump, trumpcoin, Memecoin — *The TRUMP token jumped on news of the private dinner plans. Source:* *CoinMarketCap*

Legal experts told Cointelegraph that Trump’s cryptocurrency ventures, including the TRUMP memecoin and Trump-affiliated decentralized finance (DeFi) protocol World Liberty Financial, raise significant concerns about potential conflicts of interest.

“Within just a couple of days of him taking office, he’s signed a number of executive orders that are significantly going to affect the way that our crypto and digital assets industry works,” Charlyn Ho of law firm Rikka told Cointelegraph in February.

“So if he has a personal pecuniary benefit arising from his own policies, that’s a conflict of interest.”

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Politics

Crypto sentiment recovers, but weekend liquidity risks remain

Published

6 hours ago

April 26, 2025

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Crypto sentiment recovers, but weekend liquidity risks remain

Crypto investor sentiment has seen a significant recovery from global tariff concerns, but analysts warn that the market’s structural weaknesses may still result in downside momentum during periods of weekend illiquidity.

Risk appetite appeared to return among crypto investors this week after US President Donald Trump adopted a softer tone, saying that import tariffs on Chinese goods may “come down substantially.”

However, the improved investor sentiment “does not guarantee that Bitcoin will avoid volatility over the weekend,” analysts from Bitfinex exchange told Cointelegraph:

“Sentiment improvements reduce fragility, but they do not eliminate structural risks like thin weekend liquidity.”

“Historically, weekends remain vulnerable to sharp moves — especially when open interest is high and market depth is low,” the analysts said, adding that unexpected macroeconomic news can still increase volatility during low liquidity periods.

Bitcoin (BTC) staged a near 11% recovery during the past week, but its rally has previously been limited by Sunday liquidity dynamics.

Bitcoin fell below $75,000 on Sunday, April 6, despite initially decoupling from the US stock market’s $3.5 trillion drop on April 4 after US Federal Reserve Chair Jerome Powell warned that Trump’s tariffs may affect the economy and raise inflation.

The correction was exacerbated by the lack of weekend liquidity and the fact that Bitcoin was the only large liquid asset available for de-risking, industry watchers told Cointelegraph.

“While improved sentiment creates a more stable foundation, cryptocurrency markets are still susceptible to rapid movements during periods of reduced trading volume,” according to Marcin Kazmierczak, co-founder and chief operating officer of RedStone blockchain oracle firm.

“The sentiment recovery provides some cushioning, but traders should remain cautious as weekend liquidity constraints can still amplify price movements regardless of the current market mood,” he told Cointelegraph.

Crypto investors may have “maxed out on tariff-related fears”

Cryptocurrency markets may have priced in the full extent of tariff-related concerns, according to Aurelie Barthere, principal research analyst at crypto intelligence platform Nansen.

“It feels like we’ve maxed out on tariff-related fear,” she told Cointelegraph, adding:

“While many remain uncertain about where things are headed over the next month or so, it also seems like markets were just waiting for the slightest signal that we’re back in the game.”

“Whether the rally is sustainable depends on whether we can break through previous resistance levels, at least in isolation. It could have legs, as markets now seem to believe there’s a ‘Trump put’ under equities, the US dollar and US Treasurys,” Barthere added, warning of more potential volatility amid the upcoming negotiations.

Nansen previously predicted a 70% chance that crypto markets will bottom and start a recovery by June, but highlighted that the timing will depend on the outcome of tariff negotiations.

The tariff negotiations may only be “posturing” for the US to reach a trade agreement with China, which may be the “big prize” for Trump’s administration, according to Raoul Pal, founder and CEO of Global Macro Investor.

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Politics

Deloitte predicts $4T tokenized real estate on blockchain by 2035

Published

10 hours ago

April 26, 2025

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Deloitte predicts T tokenized real estate on blockchain by 2035

Over $4 trillion worth of real estate could be tokenized on blockchain networks during the next decade, potentially offering investors greater access to property ownership opportunities, according to a new report.

The Deloitte Center for Financial Services predicts that over $4 trillion worth of real estate may be tokenized by 2035, up from less than $300 billion in 2024. The report, published April 24, estimates a compound annual growth rate (CAGR) of more than 27%.

The $4 trillion of tokenized property is predicted to stem from the benefits of blockchain-based assets, as well as a structural shift across real estate and property ownership.

Deloitte predicts $4T tokenized real estate on blockchain by 2035 — *Global tokenized real estate value, growth predictions. Source: Deloitte*

“Real estate itself is undergoing transformation. Post-pandemic work-from-home trends, climate risk, and digitization have reshaped property fundamentals,” according to Chris Yin, co-founder of Plume Network, a blockchain built for real-world assets (RWAs).

“Office buildings are being repurposed into AI data centers, logistics hubs and energy-efficient residential communities,” Yin told Cointelegraph.

“Investors want targeted access to these modern use cases, and tokenization enables programmable, customizable exposure to such evolving asset profiles,” he said.

The uncertainty triggered by US President Donald Trump’s import tariffs has boosted investor interest in the RWA tokenization sector, which involves minting financial products and tangible assets on a blockchain.

Both stablecoins and RWAs have attracted significant capital as safe-haven assets amid the global trade concerns, Juan Pellicer, senior research analyst at IntoTheBlock, told Cointelegraph.

The tariff concerns also led tokenized gold volume to surpass $1 billion in trading volume on April 10, its highest level since March 2023 when a US banking crisis saw the sudden collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank

Blockchain innovation could drive regulatory clarity

Growing RWA adoption may inspire a more welcoming stance from global regulators, Yin said.

“While regulation is a hurdle, regulation follows usage,” he explained, likening tokenization to Uber’s growth before widespread regulatory acceptance:

“Tokenization is similar — as demand increases, regulatory clarity will follow.”

He added that making tokenized products compliant with a wide range of international regulations is key to unlocking broader market access.

However, some industry watchers are skeptical about the benefits introduced by tokenized real estate.

“I don’t think tokenization should have its eyes directly set on real estate,” said Securitize chief operating officer Michael Sonnenshein at Paris Blockchain Week 2025.

“I’m sure there are all kinds of efficiencies that can be unlocked using blockchain technology to eliminate middlemen, escrow, and all kinds of things in real estate. But I think today, what the onchain economy is demanding are more liquid assets,” he added.