Boris Johnson has been criticised for the swelling size of the House of Lords and an imbalance in the political make-up of the upper chamber.
A report from the Lord Speaker’s committee on the size of the house highlighted Mr Johnson as showing “no interest” in trying to reduce the number of peers.
It was suggested six years ago that the Lords adopt a one-in, two-out system – for every two people left, only one is appointed.
While Theresa May “responded positively” to this, and “progress” was made up to 2019 in reducing the ermined headcount, the committee singles out Mr Johnson for criticism.
“Prime Minister Boris Johnson showed no interest in the issue of the size of the House,” the report said.
“While the number of departures from the House continued to be broadly in line with our benchmarks, the number of appointments far exceeded them and they were granted predominantly to members of his own party.”
The report also noted that the House of Lords Appointments Commission rejected more than half of Mr Johnson’s initial nominees, and raised concerns about the party balance in the Lords and the potential for Labour to appoint swathes of peers should they win the next election.
Image: Nadine Dorries was one of several people Mr Johnson nominated for a peerage who did not end up ennobled
Labour peers currently make up just over 20% of the House of Lords, with this number still under 30% when bishops and crossbench – those not aligned with a specific party – members are not included in calculations.
To illustrate the rate of appointments in recent years, the committee noted that despite 175 deaths or departures in the period, 168 new peers were added.
Under their one-in, two-out formula, this number should have been 88 – but instead, 88 Conservatives peers alone have been added.
As part of its recommendations, the committee wants to see a cap on the membership of the Lords, which is currently unlimited, a fixed term for service – with a suggestion of 15 years, and a fair allocation of new appointments based on recent election results.
The report also singled out the way in which hereditary peers are still entering the Lords as incompatible with the modern age.
All 90 of the allocation are men, and there are no propriety checks on new entrants.
Image: Evgeny Lebedev, son of ex-KGB agent Alexander, was also put in the British legislature by Mr Johnson. Pic: Parliament.tv
Image: Boris Johnson ennobled his brother Jo. Pic: Parliament.tv
Hereditary peers – the remnant of the landed aristocracy who automatically take seats in the legislature – hold by-elections when one of the 90 slots becomes available.
The committee called for these elections to be scrapped.
The chair of the Lord Speaker’s committee on the size of the house, Lord Burns, said: “There is widespread support in the House of Lords for our core proposals, first published in 2017.
“We must now learn from the problems we have seen over the past six years which, if they were to continue, could see the House becoming even bigger than now.
“The political leadership should focus initially on putting in place a sustainable and fair method of allocating appointments.
“This will set the basis for a cap and a sustainable reduction in the size of the House.”
The Lord Speaker, Lord McFall of Alcluith, said: “The scrutiny and revision role of the House of Lords is crucial to effective law-making, and this task is underpinned by the expertise and experience which individual peers bring to their work.
“This report by a cross-party committee of peers provides recommendations which would reinforce the reputation and effectiveness of the Lords. I hope they will be considered seriously and carefully.”
SEC Commissioner Caroline Crenshaw, expected to leave the agency in less than a month, used one of her final public speaking engagements to address the regulator’s response to digital assets.
Speaking at a Brookings Institution event on Thursday, Crenshaw said standards at the SEC had “eroded” in the last year, with “markets [starting] to look like casinos,” and “chaos” as the agency dismissed many years-long enforcement cases, reduced civil penalties and filed fewer actions overall.
The commissioner, expected to depart in January after her term officially ended in June 2024, also criticized many crypto users and the agency’s response to the markets.
SEC Commissioner Caroline Crenshaw speaking at a Brookings Institution event on Thursday. Source: Brookings
“People invest in crypto because they see some others getting rich overnight,” said Crenshaw. “Less visible are the more common stories of people losing their shirts. One thing that consistently puzzles me about crypto is what are cryptocurrency prices based on? Many, but not all, crypto purchasers are not trading based on economic fundamentals.”
She added:
“I think it’s safe to say [crypto purchasers are] speculating, reacting to hysteria from promoters, feeding a desire to gamble, wash trading to push up prices, or, as one Nobel laureate has posited, ‘betting on the popularity of the politicians who support or stand to benefit from the success of crypto.’”
In contrast to Crenshaw’s remarks, SEC Chair Paul Atkins, Commissioner Hester Peirce and Commissioner Mark Uyeda have all publicly expressed their support for the agency’s approach to digital assets and the Trump administration’s direction of policy.
Peirce and Atkins spoke at a Blockchain Association Policy Summit this week to discuss crypto regulation and a path forward on market structure under consideration in the Senate.
During the Thursday event’s question-and-answer session, Crenshaw expanded on her views of crypto, stating that it was a “tiny piece of the market,” and suggested that the SEC focus on other regulatory concerns. In addition, she expressed concern that the agency was heading toward giving crypto companies an exception from policies that applied to traditional finance.
“I do worry that as the crypto rules are perhaps implemented, or perhaps we just put out more guidance […] where we say they are not securities, where we loosen the basic fundamentals of the securities laws so that they can operate in our system, but without any of the guardrails that we have in place. I do worry that that can lead to more significant market contagion,” said Crenshaw.
The final throes of bipartisan financial regulators under Trump?
The departure of Crenshaw would leave the SEC with three Republican commissioners, two of whom were nominated by US President Donald Trump. As of Thursday, Trump had not made any announcements signaling that he ever planned to nominate another Democrat to the SEC, and Crenshaw said the agency’s staff had been reduced by about 20% in the last year.
The Commodity Futures Trading Commission also faces a dearth of leadership, with many commissioners leaving the agency in 2025. As of December, acting Chair Caroline Pham was the sole remaining CFTC commissioner and a Republican. However, the US Senate is soon expected to vote on Trump’s nominee, Michael Selig, to chair the agency after Pham.
The Belarusian Ministry of Information has blocked access to crypto exchanges Bybit, OKX, Bitget, Gate, Bingx and Weex, it said on Thursday.
According to a government announcement, the ministry has restricted access to the global domains of several crypto exchanges, citing “inappropriate advertising” under Article 511 of the Law on Mass Media.
Belarus’ government announcement on Thursday. Source: Ministry of Information of the Republic of Belarus
Cointelegraph reached out to the blocked exchanges but had not received responses at the time of publication.
Belarus is a close ally of Russia on the world stage. The domain restriction comes on the same day that Vladimir Chistyukhin, first deputy chairman at the Central Bank of Russia, told state-backed outlet RIA Novosti that it “agreed to allow qualified investors” into the crypto market. The remarks build on recent reports that the institution was considering easing restrictions on cryptocurrencies in response to the sweeping sanctions imposed on the country.
Russia disclosed plans in late April to allow crypto access only to “super-qualified investors,” defined by wealth and income thresholds of over 100 million rubles ($1.2 million) or an annual income of at least 50 million rubles ($630,000), effectively limiting participation to high-net-worth individuals.
Chistyukhin said a “crucial point that cannot be ignored” is that “cryptocurrencies are currently being used not only as an investment but also as a means of cross-border payments.” His comments echoed recent statements over allowing broader crypto access in Russia as a response to the international sanctions:
“We certainly want to protect Russian retail investors as much as possible from transactions with such a risky asset. On the other hand, we understand that, under the current circumstances, some international payments can only be made using cryptocurrency.“
Chistyukhin said there are currently about one million qualified investors able to access crypto assets in Russia, noting that investors would also be assessed on their knowledge of cryptocurrencies. He conceded that allowing non-qualified investors to access crypto is on the table, but said it would require extreme caution.
“Specifically, such investors could be granted access only to the most liquid instruments,” he said.
Chistyukhin highlighted the need for “establishing strict restrictions and prohibitions” and said “it’s expected that cryptocurrency transactions will be conducted primarily through existing market participants, under existing licenses,” adding that “anything outside this framework will be considered illegal.“
Trust Wallet, the self-custodial crypto wallet owned by Binance co-founder Changpeng “CZ” Zhao, has partnered with European fintech unicorn and digital banking giant Revolut to introduce a new way to purchase crypto assets on its platform.
Trust Wallet users can now buy Bitcoin (BTC), Ether (ETH) and Solana (SOL) with Revolut through a direct integration, the company announced on Thursday.
With a minimum purchase starting at 10 euros ($12) and capped at 23,000 euros ($26,950) daily and per transaction, Trust Wallet’s new buy option is expected to provide a faster and easier way to access crypto from Europe.
The integration will initially support only three crypto assets, but the companies said they expect to add stablecoins such as Circle’s USDC (USDC) at a later stage.
The feature enables zero-fee crypto purchases using multiple fiat currencies supported by Revolut, including the euro, the British pound, as well as the Czech koruna, Danish Krone, Polish Złoty and others.
While Revolut–Trust Wallet crypto purchases are offered with zero fees, adding money to a Revolut account is not free of charge in many cases, including via bank transfers, card top-ups and cash deposits. Cash deposits are subject to a 1.5% fee and are limited to $3,000 per calendar month, according to Revolut’s FAQs.
The integration came shortly after Revolut secured a $75 billion company valuation after completing a private share sale in late November. “This makes us Europe’s most valuable private company and in the top 10 of the world’s most valuable private companies,” Revolut said in a post on X.
CZ-backed Trust Wallet has been actively tapping into trending market sectors, including prediction markets and real-world asset tokenization, expanding access to these offerings for self-custody users.
Cointelegraph contacted Revolut and Trust Wallet for comment on the integration, but had not received a response by publication.