Published
1 year agoon
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adminRepresentative Adam Schiff was mingling his way through a friendly crowd at a Democratic barbecue when the hecklers arrivedby boat. Schiff and two other Senate candidates, Representatives Katie Porter and Barbara Lee, convened on the back patio of a country club overlooking the port of Stockton, California. Schiff spoke first. Its such a beautiful evening, he said, thanking the host, local Democratic Representative Josh Harder.
It was hard to know what to make of the protest vessel, except that its seven passengers were yelling things as Schiff began his remarks. And not nice things. Although their words were tough to decipher, the flag flying over the craft made clear where they were coming from: FUCK BIDEN . Notably, of the three candidates, Schiff was the only one I heard singled out by nameor, in one case, by a Donald Trumpinspired epithet (Shifty) and, in another, a four-letter profanity similar to the congressmans surname (clever!).
Schiff is used to such derision and says it proves his bona fides as a worthy Trump adversary. Given the laws of political physics today, it also bodes well for his Senate campaign. The principle is simple: to be despised by the opposition can yield explicit benefits. This is especially true when you belong to the dominant party, as Schiff does in heavily Democratic California. One sides villain is the other sides champion. Adam Schiff embodies this rule as well as any politician in the country.
In recent years, Schiff has had a knack for eliciting loud and at times unhinged reactions from opponents, even though he himself tends to be quite hinged. The 45th president tweeted about Schiff 328 times, as tallied by Schiffs office. Tucker Carlson called the congressman a wild-eyed conspiracy nut. A group of QAnon followers circulated a report in 2021 that U.S. Special Forces had arrested Schiff and that he was in a holding facility awaiting transfer to Guantnamo Bay for trial (the report proved erroneous). Before Schiff had a chance to meet his new Republican colleague Anna Paulina Luna, of Florida, she filed a resolution condemning his Russia hoax investigation and calling for him to potentially be fined $16 million (the resolution failed).
This onslaught has also been good for business, inspiring equal passion in Schiffs favor. A former prosecutor, he became an icon of the left for his emphatic critiques of Trumps behavior in office, including as the lead House manager in Trumps first impeachment trial. You know you cant trust this president to do whats right for this country, Schiff said as part of his closing argument, a speech that became a rallying cry of the anti-Trump resistance. (I am in tears, the actor Debra Messing wrote on Twitter.) Opponents gave grudging respect. They nailed him, Senate Republican leader Mitch McConnell told Mitt Romney, according to an account in a new Romney biography by my colleague McKay Coppins. Schiffs own Trump-era memoir, Midnight in Washington, became a No. 1 New York Times best seller.Representative Adam Schiff speaks to supporters at a barbecue hosted by fellow Democratic House member Josh Harder in Stockton, California. (Photographs by Austin Leong for The Atlantic)
You could draw parallel lines charting the levels of vilification that Schiff has encountered and his name recognition and fundraising numbers. Both the good and the grisly have boosted Schiffs media profile, which he has adeptly cultivated. Schiff has come in at or near the top of the polls in the Senate race so far, along with Porter. A Berkeley IGS survey released last week revealed him as the best-known of the candidates vying for the late Dianne Feinsteins job; 69 percent of likely voters said they could render an opinion of him (40 percent favorable, 29 percent unfavorable). He raised $6.4 million in the most recent reporting period, ending the quarter with $32 million cash on hand, or $20 million more than the runner-up, Porter. Thats more than any Senate candidate in the country this election cycle, and a massive advantage in a state populated by about 22 million registered voters covering some of the nations most expensive media markets.
Read: A final chapter unbefitting an extraordinary legacy
Hes become an inspiration and a voice of reason for many of us, Becky Espinoza, of Stockton, told me at the Democratic barbecue.
Or at least the sector of many of us who dont want him dead.
Schiff started getting threats a few months into Trumps presidency. Welcome to the club, Nancy Pelosi, his longtime mentor, told him. He endured anti-Semitic screeds online and actual bullets sent to his office bearing the names of Schiffs two kids. I cant stand the fact that millions of people hate you; they just hate you, Schiffs wife, Eveyes, Adam and Evetold her husband after the abuse started. They just hate you.
No one deserves to be subjected to such menace, and the threats can be particularly chilling for a member of Congress who would not normally have a protective detail. (Schiffs office declined to discuss its security staffing and protocols.) Schiff is not shy about repeating these ugly stories, however. Theres an element of strategic humblebragging to this, as he is plainly aware that being a target of the MAGA minions can be extremely attractive to the Democratic voters he needs.
In June, congressional Republicans led a party-line vote to censure Schiff for his role in investigating Trump. As then-Speaker Kevin McCarthy attempted to preside, Democrats physically rallied around Schiff on the House floor chanting shame at McCarthy. On the day of his censure, Schiff was interviewed on CNN and twice on MSNBC; the next morning he appeared on ABCs The View. Whoever it was that introduced that censure resolution against him probably ensured Adams victory, Representative Mike Thompson, another California Democrat, told me. A few colleagues addressed him that day as Senator Schiff.
I dropped in on Schiff periodically over the past few months as he traversed the chaos of the Capitol, weighed in on Trumps legal travails, and campaigned across California. What did a Senate candidacy look like for a Trump-era cause clbre who is revered and reviled with such vigor? I found it a bit odd to see Schiff out in the political wildglad-handing, granny-hugging, and, at the barbecue in late August, nearly knocking a plate of brisket from the grip of an eager selfie-seeker. He has graduated to a full-on news-fixture status, someone perpetually framed by a screen or viewed behind a podium, as if he emerged from his mothers womb and was dropped straight into a formal courtroom, hearing room, or greenroom setting.
I watched a number of guests in Stockton clutch Schiffs hand and address him in plaintive tones. After I stopped crying a little bit, I just wanted to thank him for all he did during impeachment and to just save our democracy, said Espinoza, following her brief meeting with the candidate.
Nearby, David Hartman, of Tracy, California, put down a paper plate of chicken, pickles, and corn salad and made his way to Schiff. I just want to shake the mans hand and thank him, Hartman told me, which is what he did. So did his wife, Tracy (of Tracy!), who was likewise surprised to find herself in tears.
Im like a human focus group, Schiff told me, describing how strangers approach him at airports. Sometimes I will have two people come up to me simultaneously. One will say, You are Adam Schiff. I just want to shake your hand. Youre a hero. And the other will say, Youre not my hero. Why do you lie all the time?
For his first eight terms in Congress, Schiff, 63, was not much recognized beyond the confines of the U.S. Capitol or the cluster of affluent Los Angelesarea neighborhoods he has represented in the House since 2001. I think, before Trump, if you had to pick one of these big lightning rods or partisan bomb-throwers, you would not pick me, Schiff told me.
Largely true. Schiff speaks in careful, somewhat clipped tones, with a slight remnant of a Boston accent from his childhood in suburban Fraingham, Massachusetts. (His father was in the clothing business and moved the family to Arizona and eventually California.) A Stanford- and Harvard-trained attorney, Schiff gained a reputation as an ambitious but low-key legislator in the House, and a deft communicator in service of his generally liberal positions.A Fox News reporter and other guests at the barbecue in Stockton.(Photographs by Austin Leong for The Atlantic)
After Trumps election, however, Schiffs district effectively became CNN, MSNBC, and the network Sunday shows, along with the scoundrels gallery of right-wing media that pulverized him hourly. This included a certain Twitter feed. The worst abuse Schiff received started after Trumps maiden tweet about him dropped on July 24, 2017. This was back in an era of relative innocence, when it was still something of a novelty for a sitting president to attack a member of Congress by nameSleazy Adam Schiff, in this case.
Schiff tweeted back that Trumps comments and actions are beneath the dignity of the office. Schiff would later reveal that he rejected a less restrained rejoinder suggested by Mike Thompson, his California colleague: Mr. President, when they go low, we go high. Now go fuck yourself. Anyway, that was six years, two impeachments, four indictments, 91 felony counts, and 327 tweets by Donald Trump about Adam Schiff ago.
Adam Schiff: America must stand as a bulwark against autocracy
Adam is one of the least polarizing personalities you will ever find, said another Democratic House colleague, Dan Goldman, of New York. The reason hes become such a bogeyman for the Republican Party is simply that hes so effective. Goldman served as the lead majority counsel during Trumps first impeachment, working closely with Schiff. We originally met in the greenroom of MSNBC in June of 2018, Goldman told me. (Of course they did.)
Schiff understands that some of the rancor directed at him is performative, and likes to point out the quiet compliments he receives from political foes. Trump used to complain on Twitter that Schiff spent too much time on televisionin reality, a source of extreme envy for the then-president. Schiff tells a story about how Jared Kushner, Trumps son-in-law, came to Capitol Hill for a deposition from members of Schiffs Intelligence committee in 2017. Kushner comes up to me to make conversation, and to ingratiate himself, Schiff told me. And he said, You know, you do a great job on television. And I said, Well, apparently your father-in-law doesnt think so, and [Kushner] said, Oh, yes, he does. (Kushner didnt respond to a request for comment.)
One of Trumps most fervent bootlickers, Senator Lindsey Graham, walked up to Schiff in a Capitol hallway during the first impeachment trial and told him how good of a job he was doing. Schiff, who relayed both this and the Kushner stories in his memoir, says he gets that from other Republicans, too, usually House members hes worked withincluding some who lampoon him in front of microphones. A few House Republicans apologized privately to Schiff, he told me, right after they voted to censure him.
The apologies are always accompanied by Youre not going to say anything about this, are you? Schiff said. When I urged Schiff to name names, to call out the hypocrites, he declined.
I asked Schiff if he would prefer the more anonymous, pre-2017 version of himself running in this Senate campaign, as opposed to the more embattled, death-threat-getting version, who nonetheless enjoys so many advantages because of all the attention. He paused. Id rather the country didnt have to go through all this with Donald Trump, he said, skirting a direct answer.
As with many members of Congress seeking a promotion or an exit, Schiff gives off a strong whiff of being done with the place. The House has become kind of a basket case, he told me, citing one historic grandiloquence that he was recently privy tothe episode in which Representative Marjorie Taylor Greene called her colleague Lauren Boebert a little bitch on the House floor.
And I remember thinking to myself, There used to be giants who served in this body, Schiff said. He sighed, as he does.
I met with Schiff at the Capitol in early October, amid the usual swirl of weighty events: Feinstein had died three days earlier; news that Governor Gavin Newsom would appoint the Democratic activist Laphonza Butler as her replacement came the night before. That afternoon, Republican Representative Matt Gaetz had filed his fateful motion to vacate that would result in the demise of McCarthys speakership the next day. Schiff stood just off the House floor, colleagues passing in both directions, Republicans looking especially angry, and reporters gathering around Schiff in a small scrum.
No matter what happens next November, Schiff is not running for reelection in the House. He told me he has long believed that hed be a better fit for the Senate anyway, where he has been coveting a seat for years. Schiff said he considered running in 2016, after the retirement of the incumbent Barbara Boxer (who was eventually succeeded by Kamala Harris).
A Democrat will almost certainly win the 2024 California race. Senate contests in the state follow a two-tiered system in which candidates from both parties compete in a March primary, and then the two top finishers face off in November, regardless of their affiliation. In addition to Schiff, Porter, and Lee, the former baseball star Steve Garvey, known also for his various divorce and paternity scandals, recently entered the race as a Republican. A smattering of long shots are also running, including the requisite former L.A. news anchor and requisite former Silicon Valley executive. Butler announced on October 19 that she would not seek the permanent job.
To varying degrees, all of the three leading Democratic candidates have national profiles. Lee, who has represented her Oakland-area district for nearly 25 years, previously chaired both the Congressional Progressive and Black Caucuses. Porter was elected to Congress in 2018 and has gained a quasi-cult following as a progressive gadfly who has a knack for conducting pointed interrogations of executives and public officials that go rapidly viral. A few of her fans were so excited to meet Porter at the Stockton barbecue that three actually spilled drinks on herthis according to the congresswoman, speaking at an event a few days later.
Ronald Brownstein: Who will replace Dianne Feinstein?
Schiff, Porter, and Lee all identify as progressive Democrats on most issues, though Schiff tends to be more hawkish on national security. He voted to authorize the wars in Afghanistan and Iraq and supported the 2011 U.S. missile strikes against Libya. Lee, who opposed all three, recently criticized Schiffs foreign-policy views as part of the status quo thinking in Washington. (Porter was not in office then.) Schiff expressed unequivocal support for the security and the right of Israel to defend itself after last months attacks by Hamas. Lee has been more critical of the Israeli government, and called for a cease-fire immediately after the Hamas attacks. As for Porter, she has been a rare progressive to focus her response on Americas Iran policy, which she called lacking and partly to blame for the attacks.
Although Schiff is best known for his work as a Trump antagonistand happily dines out on thathe is also wary of letting the former president define him entirely. This is bigger than Trump, he reminds people whenever the conversation veers too far in Trumps inevitable direction. Schiff dutifully pivots to more standard campaign themes, namely the two hugely disruptive forces he says have shaped American life: the changes in our economy and the changes in how we get our information. He reels off the number of cities in California that hes visited, events hes done, and endorsements hes received as proof that he is a workmanlike candidate, not just a citizen of the greenroom.A group of hecklers in a boat floats by near the barbecue. (Photographs by AustinLeong for The Atlantic)
Recently, he lamented that many of his Republican colleagues are now driven by a perverse celebrity that he believes the likes of Greene and Boebert have acquired through their Trump-style antics and ties to the former president. I pointed out to Schiff that he, too, has received a lot of Trump-driven recognition. Doesnt being affiliated with Trump, whether as an ally or an adversary, have benefits for both sides?
Well, I dont view it that way at all, Schiff said. I dont view it as having any kind of equivalence. On one hand, were trying to defend our democracy. And on the other hand, we have these aiders and abettors of Trump by these vile performance artists. Its quite different.
Schiffs biggest supporter has been Pelosi, who endorsed him over two other members of her own caucus and delegation. This included Lee, whom Pelosi described to me as like a political sister. I spoke by phone recently with the former speaker, who was effusive about Schiff and scoffed at any suggestion that he benefited from his resistance to Trump and the counter-backlash that ensued. If whats-his-name never existed, Adam Schiff would still be the right person for California, Pelosi said. It was one of two occasions in our interview in which she refused to utter the word Trump.
I just dont want to say his name, she explained. Because I worry that hes going to corrode my phone or something.
In one of my conversations with Schiff, I asked him this multiple-choice question: Who had raised the most money for himAdam Schiff, Nancy Pelosi, or Donald Trump? My goal was to get Schiff to acknowledge that, without Trump, he would be nowhere near as well known, well financed, or well positioned to potentially represent the countrys most populous state in the Senate.
Im not sure how to answer that, he said. After a pause, he picked himself. I am my own biggest fundraiser, he declared. Okay, I said, but wasnt Trump the single biggest motivator for anyone to donate?
Its the whole package, Schiff maintained, ceding nothing. He then made sure to mention the person whos been most formative in helping shape my career and phenomenally helpful in my campaignNancy Pelosi. He was in no rush to give whats-his-name any credit.

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UK
Reform has put the two traditional parties on notice – and we don’t know where this ends
Published
32 mins agoon
May 2, 2025By
admin
British politics is changing after a night that saw a sensational, record-breaking victory by Nigel Farage in the North West.
That’s the conclusion of a nail-biting night that delivered more drama than expected and gives strong indications – though not yet certainty – about how politics is being reshaped for a new era, which means greater political unpredictability and challenges for the main parties in highly uncomfortable ways.
The significance of this morning’s results will be argued over for years to come.
Reform beats Labour by six votes; follow Politics latest
Hours after counting began, there are two big themes for definite.
The first is that Reform UK proved they continue to evolve into a mature and potentially lethal political force.
Across the country they are now winning votes in Labour areas as well as Conservative, and they have run both parties close in a number of key contests.
They achieved vote shares of 40% or more, twice their share at the General Election. They even won a seat from the Liberal Democrats.
Read more:
Mayoral election results as they come in
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9:36
First Reform UK mayoral win
The second is that while Labour was able to deliver a number of physiologically important mayoral wins – often by the smallest of margins – they need to go up a gear to fight.
Labour’s vote declined but did not collapse and they are still able to get “their people” to the ballot box from Bristol to Tyneside.
But in the most important battle of all – the North West seat of Runcorn and Helsby – they could not, and Reform UK pulled off a stunning triumph, taking the 49th-safest Labour seat in the country.

Karen Shore, Labour’s losing candidate in the Runcorn and Helsby by-election. Pic: PA
Nigel Farage and the team had poured huge amounts of time and resource into the seat, with multiple visits and the chairman Zia Yusuf on the ground to direct operations. It paid off.
By contrast, Sir Keir Starmer did not turn up once. Number 10 will be asking itself today whether a prime ministerial visit could have been worth those six precious votes.
It is true to say that politics has become so unpredictable because neither party knew what was about to happen.
The evening started with Reform UK hinting at victory, but by 2am Labour was quietly confident. By 3am, it had turned out neither really knew, and a full recount was launched after Reform UK was four votes ahead. After the recount, Labour had lost by six.
This is the moment Reform UK proved itself a protest party for Labour voters as well as Tories.
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1:24
‘Keir is making life easy’ for Reform
Significance for Reform is immense
The significance is immense. At last year’s general election, there were over 150 seats where the Tories lost because Reform UK got more votes than the margin by which the Conservatives lost to the winner.
Now this suggests that Reform UK has the capacity to mete out the same damage to Labour and puts the two traditional parties on notice that they face a threat.
Labour has already shown itself willing to bend because of the threat of Reform UK, slashing the aid budget to pay for more military spending and slashing Whitehall with a promise of more to come.
The question is, how much further can Labour go in this direction? In some of the council by-elections there was already evidence of bleeding to the Greens – a sign that more left-leaning one-time Labour supporters are deserting the party because they think it no longer represents them.
What course does this Number 10 chart now? A slew of announcements on immigration and slashing red tape – and risk a greater schism on the left – or end up in the mushy middle and pleasing no one? The choices are unappetising.

Robert Jenrick featured in a leaked recording about a Tory ‘coalition’ with Reform UK
Then there is the challenge for the Tories.
For those hoping for a non-aggression pact on the right, today’s results suggest that Reform UK can credibly question whether they are a party of the right, given their success in Labour areas.
This is a complicating factor. Where does the logic heard in the leaked recording by Robert Jenrick – brought up by Nigel Farage this morning – take us now?
There will be those who point to UKIP’s success in the early 2010s and lack of impact in the 2015 election, and say that there is no certainty that Reform UK will fly.
Of course, there is a chance they may fade, particularly if their infighting gets worse.
But UKIP never achieved a breakthrough on the left like Reform UK has done to date, and its impact may never actually be in the seats that it wins.
Arguably in that early 2010 period, Farage and UKIP left an even bigger legacy without ever holding power: a Brexit referendum which he went on to win.
There are now lots of paths for what Farage has started to change Britain. We do not know where this ends.
Politics
Stablecoins: Depegging, fraudsters and decentralization
Published
33 mins agoon
May 2, 2025By
admin
Opinion by: Merav Ozair, PhD
Lately, stablecoins are everywhere — this time around, headed by “traditional” financial institutions. Bank of America and Standard Chartered are considering launching their own stablecoin, joining JPMorgan, which launched its stablecoin, JPM Coin — rebranded as Kinexys Digital Payments — to facilitate transactions with their institutional clients on their blockchain platform, Kinexys (formerly Onyx).
Mastercard plans to bring stablecoins to the mainstream, joining Bleap Finance, a crypto startup. The aim is to enable stablecoins to be spent directly onchain — without conversions or intermediaries — seamlessly integrating blockchain assets with Mastercard’s global payment rails.
In early April 2025, Visa joined the Global Dollar Network (USDG) stablecoin consortium. The company will become the first traditional finance player to join the consortium. In late March 2025, NYSE parent Intercontinental Exchange (ICE) announced that it is investigating applications for using USDC (USDC) stablecoin and US Yield Coin within its derivatives exchanges, clearinghouses, data services and other markets.
Why the renewed interest in stablecoins?
Regulatory clarity and acceptance
Recent moves by regulatory bodies in the United States and Europe have created more straightforward guidelines for cryptocurrency use. In the US, Congress is considering legislation to establish formal standards for stablecoins, bolstering confidence among banks and fintech companies.
The European Union’s Markets in Crypto-Assets regulation requires that stablecoin issuers operating within the EU adhere to specific financial standards, including special reserve requirements and risk mitigation. In the UK, financial authorities plan to conduct consultations to draft rules governing stablecoin use, further facilitating their acceptance and adoption.
The Trump administration executive order 14067, “Strengthening American Leadership in Digital Financial Technology,” supports and “promotes the development and growth of lawful and legitimate dollar-backed stablecoins worldwide” while “prohibiting the establishment, issuance, circulation, and use of a CBDC within the jurisdiction of the United States.”
This executive order, followed by Trump’s World Liberty Financial company launching a stablecoin called USD1, signals that this is the era of stablecoins, particularly those pegged to the USD.
Do we need more stablecoins?
The stablecoin landscape
There are over 200 stablecoins, most pegged to the US dollar. Two established stablecoins dominate the stablecoin landscape. Tether’s USDt (USDT), the oldest stablecoin, launched in 2014 and USDC, launched in 2018, capturing 65% and 28% of stablecoins market cap, respectively — both are centralized fiat collateralized.
Recent: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
In third place, a relatively new one, USDe, launched in February 2024, holds about 2% of the stablecoin market cap and has an unconventional mechanism based on derivatives in the crypto market. Although it runs on a DeFi protocol on Ethereum, it incorporates centralized features since centralized exchanges hold the derivatives positions.
There are three primary mechanisms of stablecoins:
-
Centralized, fiat-collateralized: A centralized company maintains reserves of the assets in a bank or trust (e.g., for currency) or a vault (e.g., for gold) and issues tokens (i.e., stablecoins) that represent a claim on the underlying asset.
-
Decentralized, cryptocurrency-collateralized: A stablecoin is backed by other decentralized crypto assets. One example can be found in the MakerDAO stablecoin Dai (DAI), which is pegged to the US dollar and encapsulates the features of decentralization. While a central organization controls centralized stablecoins, no one entity controls the issuance of DAI.
-
Decentralized, uncollateralized: This mechanism ensures the stability of the coin’s value by controlling its supply through an algorithm executed by a smart contract. In some ways, this is no different from central banks, which also don’t rely on reserve assets to keep the value of their currency stable. The difference is that central banks, like the Federal Reserve, set a monetary policy publicly based on well-understood parameters, and its status as the issuer of legal tender provides the credibility of that policy.
Depegging, risk and fraudsters
Stablecoins are supposed to be stable. They were created to overcome the inherent volatility of cryptocurrencies. To maintain their stability, stablecoins should (1) be pegged to a stable asset and (2) follow a mechanism that sustains the peg.
If stablecoins are pegged to gold or electricity, they will reflect the volatility of these assets and thus may not be the best choice if you are seeking a no-risk (or close to no-risk) asset.
USDe maintains a peg to the USD through delta hedging. It uses short and long positions in futures, which generates a 27% yield annually — significantly higher than the 12% annual yield of other stablecoins pegged to the USD. Derivative positions are considered risky — the higher the risk, the higher the return. Therefore, it encapsulates an inherited risk due to its reliance on derivatives, which runs counter to the purpose of stablecoins.
Stablecoins have been around for more than a decade. During this time, there were no major depegging fiascos other than the case of Terra. The collapse of Terra was not the result of a reserve problem or mechanism but rather the act of fraudsters and manipulators.
TerraUSD (UST) had a built-in arbitrage mechanism between UST and the Terra blockchain native coin, LUNA. To create UST, you needed to burn LUNA.
To entice traders to burn LUNA and create UST, the creators of the Terra blockchain offered a 19.5% yield on staking, which is crypto terminology for earning 19.5% interest on a deposit, through what they called the Anchor protocol.
Such a high interest rate is simply not sustainable. Someone has to borrow at such a rate or above for the lender to receive 19.5% interest. This is how banks make their profit — they charge high interest on borrowing (such as mortgages or loans) and provide low interest on savings (such as a traditional savings account or a certificate of deposit account). Analysis of the Anchor protocol in January 2022 showed it was at a loss.
One of the allegations in the lawsuits against Terraform Labs’ founders is that the Anchor protocol was a Ponzi scheme.
In March 2025, Galaxy Digital reached a $200-million settlement with the New York Attorney General over claims the crypto investing company promoted the LUNA digital asset without disclosing its interest in the token.
In January 2025, Do Kwon, founder of Terra, was found liable for securities fraud and is facing multiple charges in the US, including fraud, wire fraud and commodities fraud. If regulators are interested in preventing future cases like Terra, they should focus on how to deter fraudsters and manipulators from issuing or engaging with stablecoins.
Decentralization: Rekindling the premise of Bitcoin
Most stablecoins are centralized assets collateralized. They are controlled by a company that could conduct unauthorized use of customers’ funds or falsely claim that reserves fully back a stablecoin.
To prevent companies’ misconduct, regulators should closely monitor these companies and set rules similar to securities laws.
Centralized stablecoins run counter to the notion of blockchain and the premise of Bitcoin. When Bitcoin was launched, it was supposed to be a payment platform free of intermediaries, not controlled by any company, bank or government — a decentralized mechanism — run by the people for the people.
If a stablecoin is centralized, it should follow the regulations of any other centralized asset.
Maybe it’s time to rekindle the premise of Bitcoin but in a more “stable” fashion. Developing an algorithmic, decentralized stablecoin that is free of any control of a company, bank or government and reviving the core notion of blockchain.
Opinion by: Merav Ozair, PhD.
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.
Entertainment
Comedian and actor Russell Brand arrives at Westminster Magistrates’ Court after being charged with rape and sexual assault
Published
2 hours agoon
May 2, 2025By
admin
Russell Brand has arrived at Westminster Magistrates’ Court, charged with sexual offences including rape.
The 49-year-old comedian, actor and author – who has most recently been based in the US – was charged by post last month with one count of rape, one count of indecent assault, one count of oral rape and two counts of sexual assault in connection with incidents involving four separate women between 1999 and 2005.
The allegations were first made in a joint investigation by The Sunday Times, The Times and Channel 4 Dispatches in September 2023.

Russell Brand arriving at Westminster Magistrates’ Court.
Pic: PA
The star, who is over 6ft tall, wore a black shirt which was unbuttoned to his mid-chest, black jeans and sunglasses.
He slowly made his way into the court’s main entrance, surrounded by a scrum of journalists and photographers. Remaining composed and looking around as he walked, he didn’t speak or respond to any of the questions shouted at him as he went.
In a video posted on X after he was charged, Brand said: “I am now going to have the opportunity to defend these charges in court, and I’m incredibly grateful for that.”

Pic: Reuters

Pic: Reuters
In a video referencing the court case posted on social media on Thursday, he said he welcomed the opportunity to prove his innocence and was “going to [his] country right now”.
More on Russell Brand
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The comedian has denied the accusations and said he has “never engaged in non-consensual activity”.

Brand surrounded by media. Pic: Reuters
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