Boris Johnson ‘bamboozled’ by COVID science, claims Sir Patrick Vallance

Published

2 years ago

November 20, 2023

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Boris Johnson was left “bamboozled” by the science around COVID, according to the government’s then chief scientific adviser.

Extracts from Sir Patrick Vallance’s diaries were shown to the official inquiry into the handling of the pandemic on Monday, with several references to the prime minister’s difficulty in getting to grips with the data he was being shown.

Politics live: Johnson ‘looked broken’ in COVID meetings, claims adviser

One entry described a late afternoon meeting between the pair in May 2020 to discuss plans for schools, where the adviser wrote: “My god this is complicated and models will not provide the answer. PM is clearly bamboozled.”

Ten days later, Sir Patrick wrote that Mr Johnson “sways between optimism and pessimism” and he was “still confused on different types of tests (he holds it in his head for a session and then it goes).”

Another extract from June 2020 said: “Watching [the] PM get his head around stats is awful. He finds relative and absolute risk almost impossible to understand.”

And a further entry from same month said it was “a real struggle to get [Mr Johnson] to understand” graphs.

Sir Patrick stood by his words when questioned by the inquiry’s legal team, pointing to how Mr Johnson dropped science as a subject aged 15.

“He did struggle with some of the concepts and we did need to repeat them often,” he added.

But while the senior scientist said it was “hard work sometimes to try and make sure that he had understood what a particular graph or piece of data was saying”, Mr Johnson did not have a “unique inability to grasp some of these concepts”, adding that it was “not unusual amongst leaders in Western democracies”.

‘Risk’ of Eat Out To Help Out

Sir Patrick also revealed that the government’s scientific and medical advisers were not told about Rishi Sunak’s “Eat Out To Help Out” scheme until it was announced by the then chancellor, saying their advice about the increased risk of transmission would have been “very clear”.

Written evidence from Mr Sunak to the inquiry said: “I don’t recall any concerns about [the scheme] being expressed during ministerial discussions, including those attended by [Sir Patrick].”

But asked about the inconsistency with his own statement, Sir Patrick said: “Around that time lots of measures were being released and you will see repeated references in various minutes and notes and emails and indeed, I am sure, in my private notes, to our concern that people were piling on more and more things and this would come to drive R above one and I think that was discussed at cabinet as well.

“So I think it would have been very obvious to anyone that this was likely to cause, well, inevitably would cause an increase in transmission risk and I think that would have been known by ministers.”

He added: “I would be very surprised if any minister didn’t understand that these openings carried risk.”

The division did not appear to be limited to that one scheme, however, with Sir Patrick’s diaries showing how he thought scientific advisers were kept out of strategy meetings by both Number 10 and the Cabinet Office.

The adviser told the inquiry there were “periods when it was clear that the unwelcome advice we were giving was, as expected, not loved and that meant we had to work doubly hard that the science evidence and advice was being properly heard”.

He added: “There were times, because we were giving unpalatable evidence and advice, people would prefer not to hear it.”

Sir Patrick also said “pressure” was sometimes put on advisers to change advice, pointing to a WhatsApp exchange with the then health secretary Matt Hancock.

“[Mr Hancock] asked me to change something and I said no, we are not going to change our advice, because that is where the evidence bit comes in,” said the adviser. “You have got to at least see that even if you disagree with it and don’t want to do it.”

He added: “I am absolutely sure, because politicians are politicians, that there were attempts to manage us and make sure we were not always given the access we might need

“But I think overall we managed to get through all that… and make sure the advice and evidence was heard.”

Asked about the WhatsApp exchange, a spokesman for Mr Hancock said: “Mr Hancock has supported the inquiry throughout and will respond to all questions when he gives his evidence.”

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Bitcoin Suisse eyes UAE expansion with regulatory nod in Abu Dhabi

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2 hours ago

May 21, 2025

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Bitcoin Suisse eyes UAE expansion with regulatory nod in Abu Dhabi

Bitcoin Suisse secured an in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), marking a major step in the Swiss crypto firm’s expansion beyond the European Union.

The Swiss crypto financial service provider received the in-principle approval through its subsidiary BTCS (Middle East), according to a May 21 news release.

The IPA is a precursor to a full financial services license, which would allow Bitcoin Suisse to provide regulated crypto financial services such as digital asset trading, crypto securities and derivatives offerings, as well as custody solutions.

The approval reflects the firm’s “strong commitment to maintaining the highest standards of transparency, security, and regulatory compliance,” according to Ceyda Majcen, head of global expansion and designated senior executive officer of BTCS (Middle East).

“Abu Dhabi, one of the Middle East’s fastest-growing financial centers, presents a compelling opportunity for growth. We look forward to working closely with the FSRA to obtain our full license,” Majcen wrote in a May 21 X announcement.

This marks Bitcoin Suisse’s first expansion outside of the European Union.

Founded in 2013, Bitcoin Suisse played a significant role in developing the country’s crypto ecosystem and has been a key contributor to Switzerland’s Crypto Valley, a Switzerland-based blockchain ecosystem valued at more than $500 billion.

Crypto firms bet on Middle East as next global crypto hub

Increasingly more crypto firms are expanding into the Middle East, seeing the region as the next potential global crypto hub due to its business-friendly regulatory licensing environment.

On April 29, Circle, the issuer of the world’s second-largest stablecoin, USDC (USDC), received an in-principle approval from the FSRA, moving one step closer to the full license to become a regulated money service provider in the United Arab Emirates.

A day earlier, the Stacks Asia DLT Foundation partnered with ADGM, becoming the first Bitcoin-based organization to establish an official presence in the Middle East, Cointelegraph reported on April 28.

As part of the partnership, the Stacks Foundation aims to advance progressive regulatory frameworks in the Middle East.

“We’re not just focused locally — our team is engaged in global conversations, advocating for frameworks that balance decentralization, security, innovation, and compliance surrounding the unlocking of Bitcoin capital,” Kyle Ellicott, executive director at Stacks Asia DLT Foundation, told Cointelegraph.

The foundation is also developing the Bitcoin Capital Activation Framework, described as a comprehensive policy blueprint to help regulators enable Bitcoin utility in their jurisdictions.

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Crypto.com secures EU license to launch crypto financial derivatives

Published

3 hours ago

May 21, 2025

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Crypto.com secures EU license to launch crypto financial derivatives

Mobile-first crypto exchange and payment platform Crypto.com secured a license allowing it to offer cryptocurrency financial derivatives in the European Economic Area.

According to a May 21 announcement, Crypto.com secured a Markets in Financial Instruments Directive (MiFID) license.

“We have already expanded our brand presence in Europe since receiving our MiCA licence and we now look forward to providing customers across the region even more ways to engage with our platform through these new offerings,” said Crypto.com’s co-founder and CEO, Kris Marszalek.

The announcement followed Crypto.com receiving in-principle approval to operate across the European Union under a Markets in Crypto-Assets (MiCA) license in mid-January. The company received regulatory approval for its acquisition of Cyprus-based trading services firm A.N. Allnew Investments from the Cyprus Securities and Exchange Commission (CySEC).

Crypto.com did not immediately respond to Cointelegraph’s request for comment.

A popular strategy

The company is not the first crypto entity to obtain a MiFID license by acquiring a Cyprus-based financial firm. On May 20, cryptocurrency exchange Kraken announced the launch of regulated derivatives trading on its platform under the European Union’s Markets in Financial Instruments Directive (MiFID II).

Like Crypto.com, a Cyprus-based entity played a role in the strategy, with Kraken relying on MiFID II-regulated entity Payward Europe Digital Solutions to offer its derivatives. The launch followed Kraken completing its acquisition of the futures trading platform NinjaTrader earlier in May as its first-quarter revenue jumped 19% year-on-year to $471.7 million.

Crypto derivatives are all the rage

Recently, Coinbase CEO Brian Armstrong said his firm will continue to look for merger and acquisition opportunities, after acquiring crypto derivatives platform Deribit. The comments came after the publicly listed US crypto exchange earlier this month agreed to acquire Deribit, one of the world’s biggest crypto derivatives trading platforms.

Major crypto exchange Gemini has also recently received regulatory approval to expand crypto derivatives trading across Europe. Lastly, decentralized finance platform Synthetix will also venture further into crypto derivatives with plans to re-acquire the crypto options platform Derive.

Crypto.com has made its fair share of acquisitions. Those include Fintek Securities, Charterprime, Orion Principals and SEC-registered broker-dealer Watchdog Capital.

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SEC’s Peirce says NFT royalties do not make tokens securities

Published

4 hours ago

May 21, 2025

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SEC’s Peirce says NFT royalties do not make tokens securities

United States Securities and Exchange Commission (SEC) Commissioner Hester Peirce said many non-fungible tokens (NFTs), including those with mechanisms to pay creator royalties, likely fall outside the purview of federal securities laws.

In a recent speech, Peirce said NFTs that allow artists to earn resale revenue do not automatically qualify as securities. Unlike stocks, NFTs are programmable assets that distribute proceeds to developers or artists. The SEC official said that mirrors how streaming platforms compensate musicians and filmmakers.

“Just as streaming platforms pay royalties to the creator of a song or video each time a user plays it, an NFT can enable artists to benefit from the appreciation in the value of their work after its initial sale,” Peirce said.

Peirce added that the feature does not provide NFT owners any rights or interest in any business enterprise or profits “traditionally associated with securities.”

SEC never prohibited NFT royalties

Oscar Franklin Tan, chief legal officer of Enjin core contributor Atlas Development Services, told Cointelegraph that the recent remarks by Peirce on NFTs and creator royalties have been widely misunderstood.

Peirce had clarified that NFTs that send resale royalties to artists are not necessarily securities, a view Tan says is legally sound but mischaracterized in some media reports.

“So Hester Peirce said that an NFT that sends royalties back to the creator after a sale is not a security. This is correct, but the way some media reported this is completely out of context,” Tan told Cointelegraph. “The actual context is that this is not controversial, and it was never considered a security.”

The lawyer said US securities law focuses on regulating investments and not compensating creators for their work.

“The artist or creator is not an investor, not a passive third party in the NFT,” he said, noting that royalty payments are not considered investment income.

Instead, Tan told Cointelegraph that this type of earning is “analogous to business income,” which the SEC does not regulate. He added:

“The SEC never prohibited contracts where artists and creators get royalties from secondary sales of their work, not royalties from paper contracts or blockchain protocols.”

Tan explained that the legal distinction becomes more complicated when NFTs promise shared profits from royalties to multiple holders beyond the original creator.

Tan also urged regulators and market participants to apply traditional legal reasoning to new blockchain technologies. “Ask yourself, if this were done by pen and paper instead of blockchain, would there still be a regulatory issue?” he said. “If none, slow down.”

OpenSea calls on the SEC to exempt NFT marketplaces from oversight

While NFT royalties may not have been a controversial SEC issue, NFT marketplaces are a different case. In August 2024, NFT trading platform OpenSea received a Wells notice from the SEC, alleging that NFTs traded on the marketplace could qualify as unregistered securities.

On Feb. 22, OpenSea CEO Devin Finzer announced that the SEC has officially closed its investigation into the platform. The executive said that this was a win for the industry.

Following the conclusion of the SEC’s investigation, OpenSea’s lawyers penned a letter to Peirce, who leads the SEC’s Crypto Task Force. OpenSea general counsel Adele Faure and deputy general counsel Laura Brookover said in an April 9 letter that NFT marketplaces don’t qualify as brokers under US securities laws.

The lawyers said the marketplaces don’t execute transactions or act as intermediaries. The lawyers urged the SEC to “clearly state that NFT marketplaces like OpenSea do not qualify as exchanges under federal securities laws.”

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