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.
Image: 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.
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Image: 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”.
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Image: 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.
Image: 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”.
Image: 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.
Image: 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.
Image: 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.
Image: 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.
Image: 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.
Image: 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.
Image: 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.
Image: 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.
Image: 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.
Image: 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.
Image: 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.
Image: 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.
Image: 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.
Stablecoins are the single best tool for the United States government to maintain the US dollar’s hegemony in global financial markets, according to LayerZero Labs CEO and founder Bryan Pellegrino.
In an interview with Cointelegraph, the CEO of LayerZero Labs, which created the LayerZero interoperability protocol recently chosen by Wyoming to be the distribution partner for the Wyoming stablecoin, said that the cross-border accessibility of dollar-pegged tokens makes them an obvious choice to drive US dollar demand. Pellegrino added:
“Stablecoins for the US dollar are the single best tool — the last Trojan Horse or vampire attack on every single other currency in the world — whether it is Argentina, whether it is Venezuela, whether it is all of the countries that have massive inflation.”
The CEO said he expects support for stablecoins on both the federal and state levels to grow because of the obvious boost stablecoins give to the US dollar in foreign exchange markets and the financial moat stablecoin-driven demand will create around the US dollar’s global reserve currency status.
US government looks to stablecoins to protect US dollar
Pellegrino cited Tether’s emerging role as one of the largest buyers of US Treasury bills in the world as evidence of the demand for US debt instruments from stablecoin issuers.
Speaking at the White House Crypto Summit on March 7, US Treasury Secretary Scott Bessent said the Trump administration would leverage stablecoins to extend US dollar hegemony and indicated this would be a top priority for officials in 2025.
According to a 2023 report from Chainalysis, over 50% of all the digital asset value transferred to countries in the Latin American region, including Argentina, Brazil, Columbia, Mexico, and Venezuela was denominated in stablecoins.
The low transaction fees, relative stability, and near-instant settlement times for dollar-pegged stablecoins make these real-world tokenized assets ideal for remittances and stores of value for residents in developing countries suffering from high inflation and capital controls.
The Consumer Financial Protection Bureau (CFPB) will likely see a reduced role in crypto regulations as other federal agencies like the Securities and Exchange Commission (SEC) and state-level regulators assume a bigger role in crypto policy, according to Ethan Ostroff, partner at the Troutman Pepper Locke law firm.
“I think with the current administration, my sense is, we are highly likely to see a significant pullback by the CFPB in the context of the activity by other regulators,” Ostroff told Cointelegraph in an interview.
State regulators also have the authority under the Consumer Financial Protection Act (CFPA) to assume some of the regulatory roles of the CFPB, the attorney said but also added that some regulatory functions will continue to fall within the purview of the CFPB as a matter of established law.
Ostroff cited the New York Department of Financial Services (NYDFS) and the California Department of Financial Protection and Innovation (DFPI) as regulators to keep an eye on as potential leaders of crypto regulations at the state level.
However, the attorney clarified that while the CFPB may see a diminished role during the Trump administration, the agency would not be outright dismantled during the current regime due to “statutorily mandated obligations and requirements” that require acts of Congress to change.
Russell Vought, the recently appointed head of the CFPB, announced major funding cuts to the agency and scaled back operations within days of assuming the helm at the CFPB in February 2025.
Warren characterized Musk as a “bank robber” and claimed that the Trump administration dismantled the CFPB to undo consumer protection rules and have greater control over the financial system.
In a February 12 interview with Mother Jones, the senator stressed that the Executive Branch of government does not have the statutory authority to fully dismantle the CFPB, which can only be done through Congressional approval.
Nearly 400,000 creditors of the bankrupt cryptocurrency exchange FTX risk missing out on $2.5 billion in repayments after failing to begin the mandatory Know Your Customer (KYC) verification process.
Roughly 392,000 FTX creditors have failed to complete or at least take the first steps of the mandatory Know Your Customer verification, according to an April 2 court filing in the US Bankruptcy Court for the District of Delaware.
FTX users originally had until March 3 to begin the verification process to collect their claims.
“If a holder of a claim listed on Schedule 1 attached thereto did not commence the KYC submission process with respect to such claim on or prior to March 3, 2025, at 4:00 pm (ET) (the “KYC Commencing Deadline”), 2 such claim shall be disallowed and expunged in its entirety,” the filing states.
The KYC deadline has been extended to June 1, 2025, giving users another chance to verify their identity and claim eligibility. Those who fail to meet the new deadline may have their claims permanently disqualified.
According to the court documents, claims under $50,000 could account for roughly $655 million in disallowed repayments, while claims over $50,000 could amount to $1.9 billion — bringing the total at-risk funds to more than $2.5 billion.
The next round of FTX creditor repayments is set for May 30, 2025, with over $11 billion expected to be repaid to creditors with claims of over $50,000.
Under FTX’s recovery plan, 98% of creditors are expected to receive at least 118% of their original claim value in cash.
Many FTX users have reported problems with the KYC process.
However, users who were unable to submit their KYC documentation can resubmit their application and restart the verification process, according to an April 5 X post from Sunil, FTX creditor and Customer Ad-Hoc Committee member.
Impacted users should email FTX support (support@ftx.com) to receive a ticket number, then log in to the support portal, create an account, and re-upload the necessary KYC documents.
The crypto industry is still recovering from the collapse of FTX and more than 130 subsidiaries launched a series of insolvencies that led to the industry’s longest-ever crypto winter, which saw Bitcoin’s (BTC) price bottom out at around $16,000.
While not a “market-moving catalyst” in itself, the beginning of the FTX repayments is a positive sign for the maturation of the crypto industry, which may see a “significant portion” reinvested into cryptocurrencies, Alvin Kan, chief operating officer at Bitget Wallet, told Cointelegraph.