Boris Johnson criticised by Lords committee for appointing too many peers
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.
This follows a plan established in 2017 which aimed to manage the size of the House of Lords, which has now reached 824.
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.
Nadine Dorries was one of several people Mr Johnson nominated for a peerage who did not end up ennobled
Read more:
Eight people removed from Johnson’s peerages list
Labour plans to expand Lords with new peers
Adam Boulton: Sunak needs to clear the air after stench left by Johnson
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.
Evgeny Lebedev, son of ex-KGB agent Alexander, was also put in the British legislature by Mr Johnson. Pic: Parliament.tv
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.”
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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.”
Crypto casinos generated more than $81 billion in revenue in 2024, even as regulators in key jurisdictions continued to block access to the platforms, according to a new report.
Citing data from the anti-online-crime platform Yield Sec, the Financial Times reported that wagers paid in crypto in 2024 generated $81.4 billion in gross gaming revenue (GGR). This metric refers to the difference between bets taken and winnings paid out.
Yield Sec data also showed that the annual revenue for crypto casinos has increased five times since 2022, despite gambling sites being blocked in the United States, China, the United Kingdom and the European Union.
Crypto casino Stake rivals traditional betting platforms
Betting platform Stake reported that its GGR in 2024 was around $4.7 billion, up 80% since 2022. This puts it on a par with some of the biggest gambling groups, such as Entain and Flutter. Entain reported $5 billion, while Flutter reported $14 billion in revenue in 2024.
Stake offers traditional casino games, including blackjack, roulette and slots. The platform also allows users to bet on sports. Users on the betting platform generally transact in crypto, with account balances being deposited and withdrawn directly into crypto wallets.
In 2023, the crypto betting platform was hacked, with $41 million withdrawn from its wallets. On Sept. 4, 2023, security firms flagged suspicious outflows from the platform. The company then confirmed the hack through social media, saying there were unauthorized transactions from its Ethereum and BNB Chain hot wallets.
On Sept. 7, 2023, the US Federal Bureau of Investigation said the $41 million hack was executed by the notorious North Korean hacking group Lazarus.
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Gamblers access illegal sites through VPNs
Even though crypto gambling sites are officially blocked in many jurisdictions, users can access them by bypassing geo-blocking restrictions with VPNs, which allows users to place bets on sites blocked in their country.
Former players and crypto users told the FT that many online guides show people how to bypass geo-blocking restrictions to access a crypto gambling platform. Cointelegraph confirmed that some influencers offer online tutorials that teach people how to access blocked gambling sites.
“Ready-to-gamble” crypto casino accounts are also reportedly being sold on social media platforms, according to Sanya Burgess, journalist at The i Paper.
Users sell accounts that have already passed through betting sites’ registration processes. On Jan. 31, Sky News reported that some users sell pre-verified crypto casino accounts for as little as $10. These ready-to-gamble accounts are reportedly sold on social media sites like Facebook.
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El Salvador, the first country in the world to adopt Bitcoin as legal tender, is working with the computer chip giant Nvidia to implement artificial intelligence for national development.
El Salvador signed a letter of intent to collaborate with Nvidia on “sovereign AI to drive innovation and economic growth,” the National Bitcoin Office (ONBTC) of El Salvador announced on X on April 21.
As part of the collaboration, El Salvador will benefit from Nvidia’s AI tools, resources and expertise, enabling the development of sovereign AI capabilities targeting priorities related to culture, language, environment and economy.
“El Salvador will focus on building domestic AI infrastructure, upskilling the workforce, and creating solutions to address local challenges such as improving healthcare delivery, advancing education, and boosting economic productivity,” the announcement said.
AI training for state officials and developers
El Salvador’s latest collaboration with Nvidia marks the country’s commitment to encouraging AI usage to optimize multiple processes within the government and society.
With its new AI push, El Salvador intends to establish AI training programs for developers, researchers and government officials to “ensure the nation has the talent to sustain its AI ambitions.”
One example includes the creation of AI-driven models to forecast weather and rainfall, which would support emergency response, protect residents in landslide-prone areas and optimize hydroelectric power management.
Not the first AI initiative for El Salvador
El Salvador’s Nvidia partnership adds to a growing list of AI-focused initiatives.
In March 2025, the ONBTC announced Salvador’s university-level public education AI program CUBO_ai, touting it as the “only national education program bringing in top-tier field experts.” The program was announced with support from major Bitcoin bull Cathie Wood, who is expected to give the first lecture as part of the program.
Last year, Wood predicted that El Salvador’s Bitcoin (BTC) and AI plans may boost GDP tenfold by 2029.
Related: Only 11% of El Salvador’s registered Bitcoin firms operational
While El Salvador has been aggressively introducing AI initiatives, its Bitcoin ambitions have been somewhat deterred.
In early March, the International Monetary Fund moved to restrict further Bitcoin purchases by El Salvador as part of an extended $1.4 billion funding arrangement with the country. However, the government has continued stacking 1 Bitcoin a day, raising questions about the implications of the deal with the IMF.
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Major cryptocurrency firms, including stablecoin issuer Circle and crypto custodian BitGo, are reportedly considering applying for bank charters or licenses.
According to an April 21 Wall Street Journal report citing people familiar with the matter, Circle, BitGo and others are considering applying for some form of banking license. Other firms cited include the publicly traded US-based crypto exchange Coinbase and the stablecoin issuer Paxos.
The US Office of the Comptroller of the Currency granted a preliminary conditional approval for a US bank charter to Paxos in 2021. The report comes as the US continues to reshape stablecoin regulations.
US Federal Reserve Chair Jerome Powell recently said that as digital assets gain mainstream adoption, establishing a legal framework for stablecoins is a “good idea.” Speaking at a recent event in Chicago, Powell recognized that after a “wave of failures and frauds,” the crypto space delivered a consumer use case that “could have wide appeal.”
Related: Stablecoins are powering deobanks
A stable genius
The US House Financial Services Committee passed a Republican-backed stablecoin framework bill earlier in April. The bill approved by the committee is the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act.
This bill is moving forward alongside the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. The STABLE and GENIUS bills differ in how they would regulate the stablecoin industry.
The latter was introduced first and made its way past the US Senate Banking Committee in mid-March. While the STABLE Act emphasizes strict federal oversight, the GENIUS Act seeks a more flexible path that includes state and federal regulation.
The STABLE Act enforces a two-year moratorium on issuing collateralized stablecoins backed by self-issued digital assets. It also mandates that stablecoin reserves be held separate from business funds to ensure that customer deposits are not used for operations.
The GENIUS Act would establish a legal framework for stablecoin payments and aims to support US-based stablecoin issuers to reinforce the dollar’s global dominance. The bill also includes stricter rules, such as enhanced Anti-Money Laundering (AML) safeguards, reserve and liquidity standards, and sanctions checks.
Under the GENIUS Act, stablecoin issuers would be considered financial institutions covered by the Bank Secrecy Act and falling under strict AML rules. User verification and reporting of suspicious activity would also be required.
Related: Crypto’s debanking problem persists despite new regulations
Why a bank charter?
The companies cited in the report had not responded to Cointelegraph’s inquiries by the time of publication.
A bank charter potentially would allow crypto firms to operate like traditional lenders, taking deposits and making loans.
Still, crypto firms that obtain banking charters would be subject to stricter reporting and regulatory oversight. One example is Anchorage Digital, a crypto firm holding a federal bank charter that reportedly spent millions to comply with regulations.
Despite this, recent reports indicate that the US Department of Homeland Security’s El Dorado Task Force has reportedly launched an investigation into Anchorage Digital Bank.
The news does not come as a complete surprise. In late March, reports indicated that cryptocurrency and fintech companies were increasingly seeking bank charters to expand their businesses under the Trump administration.
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