The UK’s top civil servant described “being at the end of my tether” over Boris Johnson’s indecision during the pandemic and said he “cannot lead”.
WhatsApp messages shown to the COVID inquiry on Monday reveal the then prime minister’s leadership ability frustrated some of the most senior figures in government.
In one particularly disparaging message from September 2020, Cabinet Secretary Simon Case said Mr Johnson “cannot lead and we cannot support him in leading with this approach”.
Mr Case, in a group that included then chief advisor Dominic Cummings, said: “I am at the end of my tether.
“He changes strategic direction every day (Monday we were all about fear of virus returning as per Europe, March etc – today we’re in ‘let it rip’ mode cos (sic) the UK is pathetic, needs a cold shower etc.)
“He cannot lead and we cannot support him in leading with this approach.
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“The team captain cannot change the call on the big plays every day. The team can’t deliver anything under these circumstances.”
Image: A WhatsApp message shows Cabinet Secretary Simon Case saying Boris Johnson’s leadership was ‘making it impossible’ to govern with a ‘weak team’
Mr Case goes on to admonish a “weak team”, appearing to name former health secretary Matt Hancock and former education secretary Gavin Williamson, saying we “definitely cannot succeed in these circs (sic). IT HAS TO STOP!”.
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He added: “Decide and set direction – deliver – explain. Gov’t isn’t actually that hard but this guy is really making it impossible.”
Mr Cummings replied: “Totally agree, am getting lots of despairing messages from people in [meetings] with him.”
Later in the conversation, Mr Cummings said that “as always, discussions with these ministers is moronic. They cannot understand priorities”.
Mr Case replied that the government “doesn’t have the credibility needed to be imposing stuff within only days of deciding not to”.
“We look like a terrible, tragic joke,” he said.
Image: Boris Johnson flanked by cabinet secretary Simon Case in May 2022
Lee Cain, the Downing Street director of communications, responded with a trolley emoji.
The messages were read out at a hearing in which Martin Reynolds – the former principle private secretary to Mr Johnson – was called to give evidence.
Mr Reynolds admitted Mr Johnson “could blow hot and cold” on some issues.
Asked if that included the “most vital issues which his government faced”, Mr Reynolds said: “Yes, but also the most difficult choices the country was facing – both of which had very difficult consequences.”
The inquiry was also shown a number of extracts from chief scientific adviser Sir Patrick Vallance’s notebooks, including one which said Mr Johnson is “simply not consistent” on COVID.
The Liberal Democrats said the messages lay bare “the culture of chaos in Number 10”.
Health and Social Care spokesperson Daisy Cooper said: “Warring factions, senior figures spinning in circles, and a complete inability to get to grips with any of the major issues facing our COVID response: bereaved families will feel sick to their stomachs hearing about this litany of failings which led to so much unnecessary suffering.
“Many will rightly be furious. Their actions have caused irreparable damage to trust in politics and put millions through unnecessary pain. It is unforgivable.”
Mr Reynolds was infamously nicknamed “Party Marty” after writing a notorious “bring your own booze” email to Downing Street staff during the first lockdown – something he said he was “deeply sorry for” at his hearing today.
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The first part of the inquiry looked at the UK’s resilience and preparedness for a pandemic while the second part, which started this month, focuses on “core decision making and political governance” and will also see Mr Johnson give evidence.
Taiwan could see its first stablecoin launched as early as the second half of 2026 as lawmakers advance new rules for digital assets, according to one of the country’s financial regulators.
According to a Focus Taiwan report on Wednesday, Financial Supervisory Commission (FSC) Chair Peng Jin-lon said that, based on the timeline for passing related legislation, a Taiwan-issued stablecoin could enter the market in the second half of 2026.
Should the Virtual Assets Service Act pass in the country’s next legislative session, and accounting for a six-month buffer period for the law to take effect, it would lay the groundwork for the launch of a Taiwanese stablecoin.
Peng said the draft legislation was derived from Europe’s Markets in Crypto-Assets (MiCA) and would eventually allow non-financial institutions to issue stablecoins. Initially, however, Taiwan’s central bank and the FSC would restrict issuance to regulated entities.
Last year, Taiwan’s policymakers began enforcing Anti-Money Laundering regulations in response to alleged violations by crypto companies MaiCoin and BitoPro. As of December, however, regulated entities in the country have yet to launch a stablecoin pegged to either the US dollar or the Taiwan dollar.
In addition to the FSC’s advancement of stablecoin regulations, Taiwan’s policymakers are reportedly assessing the total amount of Bitcoin (BTC) confiscated by authorities. The move signaled that the nation could be preparing to launch its own strategic crypto stockpile.
Ju-Chun, a Taiwanese lawmaker, called on the government to add BTC to its national reserves in May as a hedge against economic uncertainty.
The country’s reserves include US Treasury bonds and gold, but no cryptocurrencies. Other countries, such as the US, have adopted policies that promote Bitcoin and crypto reserves.
Former US Securities and Exchange Commission Chair Gary Gensler renewed his warning to investors about the risks of cryptocurrencies, calling most of the market “highly speculative” in a new Bloomberg interview on Tuesday.
He carved out Bitcoin (BTC) as comparatively closer to a commodity while stressing that most tokens don’t offer “a dividend” or “usual returns.”
Gensler framed the current market backdrop as a reckoning consistent with warnings he made while in office that the global public’s fascination with cryptocurrencies doesn’t equate to fundamentals.
“All the thousands of other tokens, not the stablecoins that are backed by US dollars, but all the thousands of other tokens, you have to ask yourself, what are the fundamentals? What’s underlying it… The investing public just needs to be aware of those risks,” he said.
Gensler’s record and industry backlash
Gensler led the SEC from April 17, 2021, to Jan. 20, 2025, overseeing an aggressive enforcement agenda that included lawsuits against major crypto intermediaries and the view that many tokens are unregistered securities.
The industry winced at high‑profile actions against exchanges and staking programs, as well as the posture that most token issuers fell afoul of registration rules.
Gary Gensler labels crypto as “highly speculative.” Source: Bloomberg
Under Gensler’s tenure, Coinbase was sued by the SEC for operating as an unregistered exchange, broker and clearing agency, and for offering an unregistered staking-as-a-service program. Kraken was also forced to shut its US staking program and pay a $30 million penalty.
The politicization of crypto
Pushed on the politicization of crypto, including references to the Trump family’s crypto involvement by the Bloomberg interviewer, the former chair rejected the framing.
“No, I don’t think so,” he said, arguing it’s more about capital markets fairness and “commonsense rules of the road,” than a “Democrat versus Republican thing.”
He added: “When you buy and sell a stock or a bond, you want to get various information,” and “the same treatment as the big investors.” That’s the fairness underpinning US capital markets.
On ETFs, Gensler said finance “ever since antiquity… goes toward centralization,” so it’s unsurprising that an ecosystem born decentralized has become “more integrated and more centralized.”
He noted that investors can already express themselves in gold and silver through exchange‑traded funds, and that during his tenure, the first US Bitcoin futures ETFs were approved, tying parts of crypto’s plumbing more closely to traditional markets.
Gensler’s latest comments draw a familiar line: Bitcoin sits in a different bucket, while most other tokens remain, in his view, speculative and light on fundamentals.
Even out of office, his framing will echo through courts, compliance desks and allocation committees weighing BTC’s status against persistent regulatory caution of altcoins.
New figures reveal a 70% year-on-year increase in Cayman Islands foundation company registrations, with more than 1,300 on the books at the end of 2024, and over 400 new registrations already in 2025.
According to a news release from Cayman Finance, many of the world’s largest Web3 projects are now registered in the Cayman Islands, including at least 17 foundation companies with treasuries over $100 million.
Why DAOs are choosing Cayman
The Cayman foundation company has emerged as a preferred tool for DAOs that need to sign contracts, hire contributors, hold IP and interact with regulators, all while shielding tokenholders from personal liability for the DAO’s obligations.
The legal wake‑up call for many communities came in 2024 with Samuels v. Lido DAO, in which a US federal judge found that an unwrapped DAO could be treated as a general partnership under California law, exposing participants to personal liability.
The Cayman foundation company is designed to plug that gap, offering a separate legal personality and the ability to own assets and sign agreements, while giving tokenholders assurance that they are not partners by default.
Rise in Cayman Islands foundation company registrations | Source: Cayman Finance
Add tax neutrality, a legal framework familiar to institutional allocators and an ecosystem of companies that specialize in Web3 treasuries, and it becomes clear why more projects have quietly redomiciled their foundations to Grand Cayman.
Elsewhere, policymakers have made big promises but delivered patchwork. US President Donald Trump has repeatedly pledged to turn the United States into the “crypto capital of the planet,” but at the entity level, only a handful of states explicitly recognize DAOs as legal persons.
Switzerland remains the archetypal onshore Web3 foundation center, with the Crypto Valley region now hosting over 1,700 active blockchain firms, up more than 130% since 2020, with foundations and associations representing a growing share of new structures.
The surge in Web3 foundations coincides with a shift in Cayman’s own regulatory posture — the arrival of the Organisation for Economic Co-operation and Development’s Crypto‑Asset Reporting Framework (CARF), which the Cayman Islands has now implemented via new Tax Information Authority regulations that take effect from Jan. 1, 2026.
CARF will impose due diligence and reporting duties on Cayman “Reporting Crypto‑Asset Service Providers” (entities that exchange crypto for fiat or other crypto, operate trading platforms or provide custodial services), requiring them to collect tax‑residence data from users, track relevant transactions and file annual reports with the Tax Information Authority.
Legal professionals note that CARF reporting under the current interpretation applies to relevant crypto-asset service providers, including exchanges, brokers and dealers, which likely leaves structures that merely hold crypto assets, such as protocol treasuries, investment funds, or passive foundations, off the hook.
“The key question is whether your entity, as a business, provides a service effectuating exchange transactions for or on behalf of customers, including by acting as a counterparty or intermediary or by making available a trading platform.”
In practice, that means many pure treasury or ecosystem‑steward foundations should be able to continue benefitting from Cayman’s legal certainty and tax neutrality without being dragged into full reporting status, so long as they are not in the business of running exchange, brokerage or custody services.