Boris Johnson’s two years as PM: A casual relationship with the truth and a disdain for the rules
Throughout his life and political career, Boris Johnson has believed the rules don’t apply to him. And as he marks his second anniversary as prime minister this weekend, it seems nothing’s changed.
It was a claim first made by one of his masters at Eton. And the view was reinforced as recently as last Sunday when he tried to dodge self-isolating after coming into contact with COVID-positive Sajid Javid.
Forced into a humiliating U-turn, Mr Johnson is spending his second anniversary as PM isolating at Chequers. So no chums, political cronies or family members to celebrate with him. Or so we’re told.
Boris Johnson won the 2019 election with a pledge to ‘get Brexit done’
But, hey, there are worse places to self-isolate than the PM’s 16th century grace and favour mansion house in the Chilterns, a 1,500-acre hideaway with a tennis court and swimming pool.
Plenty of time for the PM to reflect on a tumultuous two years even by the standards of his rollercoaster life: a second divorce, a third marriage, another child and – of course – narrowly escaping death from COVID.
Boris Johnson was greeted by staff in Downing Street as he returned after winning the 2019 general election with a landslide majority of 80
As well as all that, he’s imposed three national lockdowns – so far – in England, held 57 coronavirus news conferences in Downing Street and introduced countless draconian rules and restrictions that have put him on collision course with Tory MPs and triggered several big backbench rebellions.
That’s after a Brexit war of attrition in his first year in which he shut down parliament illegally, kicked out 21 rebel Conservative MPs, won the Tories’ biggest election victory since Margaret Thatcher in 1987 and fulfilled his pledge to “get Brexit done”.
Boris Johnson met then US President Donald Trump in September 2019
It’s been two years in which he has hired – and fired – Dominic Cummings, broken a Tory manifesto pledge on overseas aid and been accused of breaking an international treaty on trade and ripping up his own Brexit deal on the Northern Ireland protocol.
After his brush with death, he’s become a fitness obsessive, declaring in a speech last year “My friends, I was too fat” and embarking on a punishing exercise regime involving early morning runs through London parks with his Jack Russell cross Dilyn.
The prime minister posted a message on social media in April 2020 to say he had contracted COVID-19 – he was later hospitalised with the virus
He even – temporarily, perhaps – became a football fan during the Euros, wearing his England jersey over his shirt and tie at Wembley in a display that was denounced as a crime against fashion.
Is it really only two years ago that Mr Johnson entered 10 Downing Street on 24 July 2019 and vowed to prove the “doubters, doomsters and gloomsters” wrong over Brexit? Oh, and he also promised to “fix the crisis in social care once and for all”.
Boris Johnson announced the first national lockdown on 23 March 2020
Two years on, we’re still waiting on social care, with the PM squabbling with his chancellor, Rishi Sunak, about how it should be paid for and a blueprint promised earlier this week now postponed until the autumn.
With no Commons majority to speak of in the summer of 2019, Mr Johnson dragged the Queen into the Brexit row by proroguing parliament, a move later ruled unlawful by the Supreme Court.
In February 2020 a family court judge approved a financial settlement between Boris Johnson and his ex-wife Marina Wheeler
He then suspended 21 pro-European Tory MPs, including two former Chancellors of the Exchequer – Ken Clarke and Philip Hammond – and his hero Winston Churchill’s grandson, Sir Nicholas Soames.
But after Labour dropped its opposition to a general election, he called a poll for 12 December. And after a typically flamboyant Johnson campaign involving a bulldozer and a pledge of an “oven-ready” deal on Brexit, he won an 80-seat majority.
The prime minister’s now wife Carrie Johnson moved into Number 10 with him when he took up the role
Jeremy Corbyn’s Labour Party was crushed as the Conservatives won seats in a so-called “Red Wall” in the north of England and the midlands that had been held by Labour for generations. British politics had been turned upside down.
On 31 January 2020, the UK finally left the European Union. But even now the battles between London and Brussels over the small print of the deal are still raging, with the Northern Ireland protocol disagreement no closer to being resolved.
Boris Johnson and Carrie Johnson announced the birth of their son Wilfred on April 29 2020
In February last year it was all change for the PM: Sajid Javid quit as chancellor after Mr Cummings told him to sack his advisers, Mr Johnson was divorced from his long-suffering wife Marina Wheeler and 11 days later he announced that he and his girlfriend Carrie Symonds were engaged and expecting a baby.
What could possibly go wrong? Well, nearly everything, as it turned out.
The couple adopted Dilyn the Jack Russell cross in 2019
In March COVID-19 was declared a pandemic by the World Health Organisation, Mr Johnson was forced to announce the first lockdown in England, in a grim TV address to the nation, and then he tested positive.
But the drama was only just beginning. The day after Sir Keir Starmer was elected Labour leader, the PM was admitted to hospital for a week, including three nights in intensive care. Two weeks after he left hospital, Carrie gave birth to a son, Wilfred.
The prime minister met the Queen in person for the first time in over a year in June
Lockdown measures were eased in May, but the PM’s whole COVID strategy was undermined by Mr Cummings making a lockdown-busting trip to Durham, including a drive to nearby Barnard Castle, he claimed, to test his eyesight.
Although it was the beginning of the end for the maverick Mr Cummings, the PM should have fired him there and then. Instead, the soap opera reached a climax – or nadir – with an excruciating news conference by Mr Cummings in the Downing Street garden.
The PM’s former senior aide Dominic Cummings left Downing Street in November 2020 and the pair have since been engaged in a war of words
It was November, after a second lockdown in England, before Mr Cummings left Number 10, carrying a cardboard box containing his belongings. Also ousted was the PM’s spin doctor, Lee Cain, in what the pair claim to this day was a coup masterminded by the PM’s fiancée.
Meanwhile, the PM was earning a reputation for COVID U-turns by easing lockdown measures in England in December, only to cancel Christmas, bring in tough new rules and then a third national lockdown – including shutting schools – in early January as the UK death toll topped 100,000. There has been criticism, too, of COVID contracts being awarded to Tory cronies.
Allegra Stratton was soon appointed as the Downing Street Press Secretary
But then came the vaccine breakthrough: the best news for the PM throughout the whole coronavirus crisis. Even his harshest critics wouldn’t begrudge him the success of the government’s rolling out of the vaccination programme.
The Tories also enjoyed what looked like a vaccine bounce in the opinion polls, although a new poll on the day of the PM’s second anniversary, in the i newspaper, suggests his vaccine bounce may now be ending, with his approval rating slipping into negative territory after a jab high three months ago and a majority now believing he is “dishonest, inconsistent and disorganised”.
And he has used this success to his considerable political advantage. “We vaccinate, he vacillates,” Mr Johnson has taunted Sir Keir several times during Prime Minister’s Questions this year. And the Tories have enjoyed what looks like a vaccine bounce in the opinion polls.
Chancellor Rishi Sunak announced on social media that he would not be taking part in a Test and Release pilot scheme and would instead self-isolate for 10 days
But as well as criticism for coronavirus U-turns, the PM has also come under fire over his financial arrangements and who is paying for his luxury lifestyle: a holiday in the millionaires’ playground of Mustique at Christmas/New Year 2019-20 and a costly makeover for the Downing Street flat, above Number 11, where he, Carrie, Wilfred and the dog live.
On the Mustique holiday, he was criticised by the Standards Committee for failing to ascertain who paid for it. And on the flat, his own ethics adviser, Lord Geidt, found that he acted unwisely over its funding.
Both Boris Johnson and Rishi Sunak were identified as close contacts of Health Secretary Sajid Javid when he tested positive for coronavirus
More criticism of the PM came last month when the Health Secretary Matt Hancock was exposed by a video of what the Sun called a “steamy clinch” with his close aide, Gina Colandangelo, in his Whitehall office.
The matter was closed, the prime minister declared. Oh no it wasn’t! Barely 24 hours later, Mr Hancock was out, replaced by Mr Javid. Bad judgement by Mr Johnson once again, his critics said.
And last Sunday’s abrupt U-turn on self-isolating? Everything we know about the PM and the chancellor suggests it was prompted by Mr Sunak insisting that dodging the rules was wrong and he wanted no part of it.
Matt Hancock resigned as health secretary after breaking COVID rules with his aide in his Department of Health and Social Care office
There’s a common theme here – a casual relationship with the truth and a disdain for the rules – throughout Boris Johnson’s two years as prime minister, although it began much earlier.
Remember, as well of the recollection by his old Eton schoolmaster, he was sacked from The Times for making up a quote and from the Tory front bench by Michael Howard for lying about an affair.
When it was revealed he had a late-night row with Carrie Symonds at her flat two years ago, photos of his battered old car revealed unpaid parking tickets piled up against the windscreen.
Boris Johnson has defended Home Secretary Priti Patel as she faced bullying allegations in his first two years in office
And there’s a story of him being chased off a tennis court in a London park by an attendant because he hadn’t paid his £10 fee.
Trivial anecdotes, certainly, but revealing about the PM’s character, critics claim.
So far, however, despite Sir Keir claiming this week the “road will run out” for the PM because the public believe in “integrity, honesty and accountability” and the left-wing Labour MP Dawn Butler being thrown out of the Commons for accusing him of lying, voters don’t seem to care.
Speaker of the House of Commons Lindsay Hoyle has angrily reprimanded Downing Street multiple times for giving a COVID-19 news briefings before addressing MPs
To his supporters, he’s their hero who won the Brexit referendum, who won the Tories their biggest Commons majority since the glory days of Margaret Thatcher in the 1980s and who succeeded where Theresa May failed and got Brexit done, as he promised.
Two years from now, with the Fixed Term Parliaments Act repealed, Mr Johnson could be leading the Conservatives into another general election campaign. And if the voters are still forgiving or simply don’t care about all the criticisms about his dodgy boasts and ignoring the rules, he could prove his critics wrong once again.
Members of the US House of Representatives called for the Justice Department to investigate Donald Trump’s May 22 dinner for his top memecoin investors, citing concerns about “foreign influence over US policy decisions” and “potential corruption and emoluments clause violations.”
In a May 22 letter to the Justice Department, 35 House members asked the public integrity section acting chief, Edward Sullivan, to launch an inquiry over the memecoin dinner to determine whether it violated the federal bribery statute or the foreign emoluments clause of the US Constitution.
Under the emoluments clause, a US president is barred from accepting any gift from a foreign state without the approval of Congress. Bloomberg reported that a majority of the attendees at the memecoin dinner were likely foreign nationals based on their connections to crypto exchanges.
“US law prohibits foreign persons from contributing to US political campaigns,” said the letter. “However, the $TRUMP memecoin, including the promotion of a dinner promising exclusive access to the President, opens the door for foreign governments to buy influence with the President, all without disclosing their identities.”
The call for an investigation and a press conference asking Trump to “release the guest list” for the dinner both occurred hours before the event, which was held at the Trump National Golf Club outside Washington, DC. A group of protesters, joined by Senator Jeff Merkley, gathered outside the venue with signs stating “illegal crypto party” and “democracy is not for sale.”
Related: Who attended Trump’s controversial memecoin dinner?
Though some of the dinner attendees covered their faces with masks to conceal their identities, protesters and members of the media confirmed that Tron founder Justin Sun appeared at the event, as well as other Trump supporters who posted to social media. The complete list of attendees was not available at the time of publication.
The memecoin dinner still has the potential to affect pending legislation in Congress
In addition to the call for a DOJ investigation, Democratic lawmakers in the House and Senate proposed legislation to address what they called “Trump’s crypto corruption” as Congress considered a bill to regulate stablecoins and a market structure bill.
Several Senate Democrats who initially voted against advancing the stablecoin bill, called the GENIUS Act, later sided with Republicans to set up a debate in the chamber.
Representative Maxine Waters introduced a bill to limit the access of any US president, vice president, members of Congress and their families to cryptocurrencies. Members of the Senate will also propose an amendment to the GENIUS Act to address Trump’s connection to World Liberty Financial, a crypto platform backed by the president’s family that issued its USD1 stablecoin.
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Risk appetite across traditional and cryptocurrency markets saw a sharp rise this week, helping United States cryptocurrency funds recover the capital lost to the correction of February and March, amassing over $7.5 billion worth of weekly inflows.
Bitcoin (BTC) surpassed its old all-time high on May 21, two days after President Donald Trump confirmed ongoing ceasefire negotiations between Russia and Ukraine in a May 19 X post.
Meanwhile, popular analyst and Global Macro Investor CEO Raoul Pal warned of more fiat currency debasement, urging investors to gain more exposure to cryptocurrencies and non-fungible tokens (NFTs), as these assets “will never be this cheap again.”
Exponential currency debasement: “You don’t own enough crypto, NFTs”
Cryptocurrencies and NFTs can help investors protect their eroding purchasing power during an era of exponential currency debasement, according to analysts and industry leaders.
Investing in digital assets is becoming increasingly important in the “world of the exponential age and currency debasement,” according to Raoul Pal, founder and CEO of Global Macro Investor.
“You don’t own enough crypto. When you do, you don’t own enough NFT’s, as art is upstream of wealth. Both will never be this cheap again,” Pal said.
NFTs are “the single best long term store of wealth I know and you get to buy it before network effects kick in,” he added in another response.
“There is some validity to the statement that NFTs, and in extension art, become a vehicle for the wealthy once a certain level of wealth is reached,” wrote Nicolai Sondergaard, research analyst at Nansen, calling it a “natural move” for asset diversification.
“For traders and investors, further down the wealth curve, NFTs are partially about speculating on future returns,” he told Cointelegraph, adding that NFTs also benefit from the allure of strong communities, beyond just wealth creation.
US crypto funds top $7.5 billion inflows in 2025 as investor appetite grows
Crypto investment products in the United States have attracted over $7.5 billion worth of investment in 2025, with a fifth week of net positive inflows last week signaling growing investor demand for digital assets.
US-based crypto investment products attracted $785 million worth of investment last week, pushing the year-to-date (YTD) total to over $7.5 billion, according to a May 19 report by digital asset manager CoinShares.
The latest figure marks the fifth consecutive week of net positive flows, following nearly $7 billion in outflows during February and March.
The United States accounted for the bulk of inflows, with $681 million, followed by Germany at $86.3 million and Hong Kong at $24.4 million.
Investor demand for risk assets such as cryptocurrencies staged a significant recovery after the White House announced a 90-day pause on additional tariffs on May 12, which marked a 24% cut for import tariffs for both the US and China.
A day after the announcement, Coinbase exchange saw 9,739 Bitcoin worth more than $1 billion withdrawn from the exchange — the highest net outflow recorded in 2025, signaling that institutional appetite was “accelerating,” according to Bitwise’s head of European research, André Dragosch.
VanEck to launch Avalanche ecosystem fund
VanEck plans to launch a private digital assets fund in June targeting tokenized Web3 projects built on the Avalanche blockchain network, the asset manager said in a statement shared with Cointelegraph.
The VanEck PurposeBuilt Fund, available only to accredited investors, aims to invest in liquid tokens and venture-backed projects across Web3 sectors, including gaming, financial services, payments, and artificial intelligence.
Idle capital will be deployed into Avalanche (AVAX) real-world asset (RWA) products, including tokenized money market funds, VanEck said.
The fund will be managed by the team behind VanEck’s Digital Assets Alpha Fund (DAAF), which oversees more than $100 million in net assets as of May 21.
“The next wave of value in crypto will come from real businesses, not more infrastructure,” Pranav Kanade, portfolio manager for DAAF, said in a statement.
Yield-bearing stablecoins surge to $11 billion, now 4.5% of market: Report
Yield-bearing stablecoins have soared to $11 billion in circulation, representing 4.5% of the total stablecoin market, a steep climb from just $1.5 billion and a 1% market share at the start of 2024.
One of the biggest winners is Pendle, a decentralized protocol that enables users to lock in fixed yields or speculate on variable interest rates. Pendle now accounts for 30% of all yield-bearing stablecoin total value locked (TVL), roughly $3 billion, according to a report from Pendle compiled by analysts from Spartan Group and Modular Capital shared with Cointelegraph.
The report noted that stablecoins make up 83% of its $4 billion total value locked, a sharp rise from less than 20% just a year ago. In contrast, assets such as Ether (ETH), which historically contributed 80%–90% of Pendle’s TVL, have shrunk to less than 10%.
Traditional stablecoins like USDt (USDT) and USDC (USDC) do not pass on interest to holders. With over $200 billion in circulation and US Federal Reserve interest rates at 4.3%, Pendle estimates that stablecoin holders are missing out on more than $9 billion in annual yield.
Tether surpasses Germany’s $111 billion of US Treasury holdings
Tether, the $151 billion stablecoin issuance giant, has surpassed Germany in United States Treasury bill holdings, showcasing the benefits of a diversified reserve strategy that has helped the firm navigate the volatility of the cryptocurrency market.
Tether, the issuer of the world’s largest stablecoin, USDT, has surpassed Germany’s $111.4 billion worth of US Treasurys, data from the US Department of the Treasury shows.
Tether has surpassed $120 billion worth of Treasury bills, the firm shared in its attestation report for the first quarter of 2025. That makes Tether the 19th largest entity among all counties in terms of T-bill investments.
“This milestone not only reinforces the company’s conservative reserve management strategy but also highlights Tether’s growing role in distributing dollar-denominated liquidity at scale,” wrote Tether in the report.
During 2024, Tether was the seventh-largest buyer of US Treasurys across all countries, surpassing Canada, Taiwan, Mexico, Norway, Hong Kong and numerous other countries, Cointelegraph reported in March 2025.
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.
Worldcoin (WLD) rose over 32% as the week’s biggest gainer in the top 100, followed by the Hyperliquid (HYPE) token, up over 30% on the weekly chart.
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.
The top 220 holders of US President Donald Trump’s memecoin met yesterday at the president’s golf course in Virginia for an exclusive dinner and purported meet-and-greet.
Attendees spent a grand total of $148 million for an “ultra-exclusive VIP reception with the president,” which crypto industry advocates and critics alike saw as a potential opportunity to discuss crypto policy with the president.
The crowd contained a number of foreign crypto executives and influencers who otherwise would not have access to the US president, raising questions around corruption and foreign influence.
Concerns were further augmented when White House Press Secretary Karoline Leavitt declined to release a list of attendees, stating that the event was a private affair outside of Trump’s presidential duties.
However, some attendees spoke to the press or took to social media to talk about the dinner. Here are just a few:
Justin Sun
Tron founder Justin Sun was the largest TRUMP tokenholder at the gala, which was reportedly enough to earn him a special watch, presented in a special ceremony.
Sun’s presence at the event was particularly controversial. Last year, he faced a lawsuit brought by the US Securities and Exchange Commission over the alleged “orchestration of the unregistered offer and sale, manipulative trading, and unlawful touting of crypto asset securities.”
The SEC asked for a reprieve in late February, just over a month since Trump’s inauguration and the subsequent 180 in federal agencies’ approach toward regulating crypto.
Outside the crypto dinner, Sun posted on May 21 that he would be spending a week in Washington, DC to have “meaningful conversations that will help shape the next chapter of blockchain’s future” in the United States.
Kain Warwick
Kain Warwick, founder of crypto exchange operator iFinex, told The New York Times on May 12 that he was attending the event after stocking up on enough TRUMP to break the top 25 investors on the leaderboard.
Warwick said he wanted to have a shot at meeting the president, or someone on his team, to talk crypto — specifically decentralized finance (DeFi), which is getting less attention in the current crop of crypto bills circulating the US Congress.
“If you assume Trump and 10 people within the Trump team are there, now you’ve got a one in 15 shot of having a conversation with one of them,” he said.
Vincent Liu
Vincent Liu, chief investment officer of crypto trading, VC and market-making firm Kronos Research, attended the event, posting pictures of the menu and Trump’s brief speech.
Liu wrote, “Simply by holding the Trump token, individuals have an unprecedented opportunity to meet the President of the United States.”
He had previously told Cointelegraph, “The decision to acquire the [TRUMP] token was not political. It was based on identifying early momentum, cultural relevance and potential market catalysts.”
Related: US lawmaker introduces anti-corruption bill ahead of Trump’s dinner
His firm stated that “alpha” — i.e., exclusive or difficult-to-obtain information that could move markets — was “on the menu.”
Lamar Odom
Also in attendance was two-time National Basketball Association champion Lamar Odom. While many other crypto entrepreneurs in the audience were focused on policy, Odom used news of his attendance to plug his own memecoin, ODOM.
Odom launched his memecoin less than a week before the dinner on May 14. The anti-addiction-themed memecoin (Odom had a public battle with substance addiction) is issued on the Solana blockchain.
The coin itself had a 20% “Trump Dinner Program” staking scheme, where TRUMP holders could stake their coins with Odom’s project, ostensibly to enable him to attend the dinner event, and receive ODOM airdrops in return. Odom himself will hold 5% of all ODOM.
Sangrok Oh
CEO of Seoul- and Tokyo-based cryptocurrency management firm Hyperithm, Sangrok Oh was the 13th-largest TRUMP holder with a wallet containing over $3 million worth of the token, according to the Straits Times.
Oh told The New York Times that he had arrived with a batch of red “Make Crypto Great Again” hats to give away at the dinner and expected to speak directly with the president. “It’s kind of a fund-raiser […] And he’ll always be good to his sponsors.”
Oh has been critical of the slow regulatory progress for crypto in the countries where his company operates.
Anonymous attendees
In addition to crypto execs and sports stars, the event also noted a few anonymous or pseudonymous crypto traders and entrepreneurs in attendance.
Among them was “Ice,” co-founder of the Singaporean crypto company MemeCore. Their company’s chief business development officer, Cherry Hsu, told Sherwood News that Trump’s rise “represents the power of memes to influence culture, perception, and movements — principles that align with MemeCore’s vision of a decentralized, community-driven future.”
“Ogle,” a cybersecurity adviser to Trump’s own World Liberty Financial crypto enterprise, as well as the pseudonymous co-founder of blockchain ecosystem Glue, also attended. Ogle said they were going out of curiosity, more than anything, and did not endorse Trump personally. “I’m hoping it’ll be fun — and hoping they’ll serve McDonald’s.”
Another anonymous attendee was “Cryptoo Bear,” a crypto trader and occasional news reporter who posts primarily in Japanese. Cryptoo Bear made no political statements about the event, mainly posting about the swag and the food. They did say they were promised a photo op with the president, but it didn’t pan out.
Dinner “guests” across the picket line
Outside the country club, US senators and former staffers attended the event as part of a protest.
Bloomberg reported that protestors shouted “Shame!” and “I hope you choke on your dinner!” at attendees. Critics of the event widely consider it to be a glaring example of corruption in Washington and within the Trump administration.
Senator Jeff Merkley, a Democrat from Oregon, joined the protest. “The spirit of the Constitution was that no one elected would be selling influence to anyone,” he said, “because it’s to be government by and for the people.”
Ken Papaj, a former Treasury Department official, said, “Every time there’s a transaction, he gets a transaction fee? Just unconscionable what he’s doing.”
The dinner comes at a pivotal time for the crypto industry in the US, where the industry is pushing hard for Congress to pass friendly regulations. Trump’s ties may complicate matters, however, as lawmakers have introduced anti-corruption bills targeting crypto and politicians.
Senate Democrats are also taking aim at the stablecoin-focused GENIUS Act, introducing a slew of amendments addressing Trump’s crypto businesses.
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