Liz Truss resignation honours revealed as Kwasi Kwarteng and cabinet miss out

Published

1 year ago

December 30, 2023

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Kwasi Kwarteng, Therese Coffey and the rest of Liz Truss’s cabinet have missed out on getting gongs or places in the House of Lords as part of her resignation honours list.

There has been sizeable speculation about who the UK’s shortest-serving prime minister would choose to elevate to the upper house or make a knight or dame.

But none of her top ministerial team, nor those who were credited with her tenure’s disastrous mini-budget, are included on the list agreed with Downing Street.

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But she has conferred honours on eight people – including political allies and former advisers – and elevated three people to the House of Lords.

These include Matthew Elliot, the political strategist and former chief executive of Vote Leave being added to the upper house, as well as former Vote Leave chair Jon Moynihan and Ms Truss’s former deputy chief of staff in Number 10 Ruth Porter.

Tory MP Jackie Doyle-Price has been made a dame, while fellow Conservative Alec Shelbrooke has been made a knight.

David Hills, the Conservative association chairman for Ms Truss’s North West Norfolk constituency, has been handed an MBE. Back in 2009 he was rumoured to be heading up the so-called “turnip Taliban” which opposed Ms Truss being selected as a Commons candidate due to her having an affair with a married Tory MP, although he later supported her.

It might take a few days to find out how ‘modest’ list was whittled down

Rob Powell

Political correspondent

@robpowellnews

The biggest surprise in Liz Truss’s resignation honours list may well be who is not on it.

There are no names from the former prime minister’s cabinet.

No Kwasi Kwarteng. No Therese Coffey. No Ranil Jayawardena.

Other free-market economists – and inspirations for Liz Truss’s platform for government – are also not there.

All in all, allies of the former prime minister may have a point when they say this is a “relatively modest list” focussed on long-standing colleagues.

That said, there have been reports that one person fell short of the vetting process and others may have declined the gongs.

As ever, it may take a few days before the full picture emerges of how the initial submission was whittled down.

There is a potential row brewing over the timing of the publication of this honours list though.

Number 10 has decided to release it at the same time as the regular New Year gongs and while MPs are out of Westminster on their Christmas break.

Some may smell an attempt by the government to bury the announcement to try and avoid too much public association between Rishi Sunak and his predecessor’s chaotic time in office.

Friends of Liz Truss are somewhat perplexed as to why it has taken until Christmas to put the names out, given they were submitted in March.

Not for the first time this year, the honours of a prime minister from the past could have a political impact on the present.

Ms Truss said of her list: “I am delighted these champions for the conservative causes of freedom, limited government and a proud and sovereign Britain have been suitably honoured.”

Labour’s shadow Cabinet Office minister, Jonathan Ashworth, said: “This list is proof positive of Rishi Sunak’s weakness and a slap in the face to working people who are paying the price of the Tories crashing the economy.

“Honours should be for those committed to public service, not rewards for Tory failure. Rather than apologise for crashing the economy and driving up mortgages rates, costing families thousands, Rishi Sunak has nodded through these tarnished gongs because he is too weak to lead a Tory party completely out of touch with working people.”

The Liberal Democrat’s deputy leader Daisy Cooper said: “This shameless move to reward Liz Truss’s car crash cronies is matched only by Sunak’s weakness in failing to block it.”

A Downing Street source said it was “long-standing convention” for former prime ministers to issue honours lists – and it is also convention that “the incumbent prime minister does not block the political peerage proposals of others”.

Who will be added to the House of Lords?

• Matthew Elliott

Matthew Elliott is most well known as the former chief executive of Vote Leave, the pro-Brexit campaign group.
He also founded the low tax thinktank the Taxpayers’ Alliance.

According to his LinkedIn page, Mr Elliot is currently a non-executive director at the Latis group housing developer, as well as being a senior political adviser at Shore Capita, a senior adviser at the communications consultancy MHP Group, and president of The Jobs Foundation.

• Jon Moynihan

Jon Moynihan is a Conservative Party donor who has given hundreds of thousands of pounds to the Tories since 2001, according to the Electoral Commission.

Since 2019, he has given £53,000 to Ms Truss alone.

He has been described as a “businessman and venture capitalist”, having worked as chief executive of the PA Consulting Group.

Mr Moynihan chaired the Vote Leave finance committee, and was also appointed to the board of trustees of the Institute of Economic Affairs.

• Ruth Porter

Ruth Porter was a key aide of Ms Truss.

Ms Porter served as deputy chief of staff in Number 10 during the ill-fated stretch in Downing Street.

She has since returned to the job she held before as a managing director at strategic advisory company FGS Global.

She had previously worked as an adviser to Ms Truss when she was environment secretary, and worked on her leadership campaign.

Who has been made a dame or a knight?

• Shirley Conran

Shirley Conran, an author and former journalist, has been made a dame for her work on maths education.

She also donated £5,000 to Ms Truss since 2019, according to Sky News’ Westminster Accounts.

As well as her work in media, Ms Conran founded the Maths Anxiety Trust, which aims to help people who struggle with numbers due to anxiety over the subject.

She has written a free eBook – Money Stuff – which aims to teach girls maths without a teacher.

• Jackie Doyle-Price

Jackie Doyle-Price has been the MP for Thurrock, Essex, since 2010.

She was a member of governments under David Cameron and Theresa May, and served as construction minister in the Truss administration.

It was for this work that she was made a dame.

• Alec Shelbrooke

Alec Shelbrooke has been the Conservative MP for Elmet and Rothwell in West Yorkshire since 2010. Both he and Ms Doyle-Price joined parliament at the same time as Ms Truss.

He has been knighted for “public and political service as minister of state for defence procurement”, the role he held for less than two months under the Truss administration.

Who has been made a Commander of the Order of the British Empire (CBE)

• Sophie Jarvis

Sophie Jarvis was an adviser to Ms Truss during her time as trade secretary and foreign secretary, and also worked in Downing Street.

• Shabbir Merali

Shabbir Merali was an economic adviser to Ms Truss during her time as a Treasury minister, as well as in her trade and foreign roles and in Downing Street.

Who was made an Officer of the Order of the British Empire (OBE)

• Robert Butler

Robert Butler is the MP for Aylesbury in Buckinghamshire, and worked as Ms Truss’s parliamentary private secretary in the Foreign Office.

• Suzanne Webb

Suzanne Webb is the MP for Stourbridge in the West Midlands, and worked as parliamentary private secretary for Ms Truss in the Department for International Trade and in Downing Street.

Who has been made a Member of the Order of the British Empire (MBE)

• David Hills

David Hills is the Conservative association chairman for Ms Truss’s South West Norfolk constituency.

Who missed out?

• Kwasi Kwarteng

Kwasi Kwarteng was chancellor under Liz Truss, and delivered the ill-fated mini-budget which ultimately sunk the pair’s time in Downing Street.

Mr Kwarteng had to U-turn on the pair’s pledge to axe the top band of income tax in the middle of the Conservative Party conference. He later found out he had been sacked as chancellor from a tweet from The Times.

He had been a long-term ally of Ms Truss, having co-authored the Britannia Unchained pamphlet in 2012.

• Mark Littlewood

Mark Littlewood is the director general of the Institute of Economic Affairs, a free market thinktank.

He was a proponent of “Trussonomics”, and backed the former prime minister’s mini-budget which caused economic upheaval and precipitated the collapse of Ms Truss’s administration.

• Jason Stein

Jason Stein was an adviser to Liz Truss during her time in the House of Commons, and also helped run her campaign to be leader of the Conservative Party.

Mr Stein was suspended during his time working in Downing Street following reports he negatively briefed against former cabinet ministers.

• Ranil Jayawardena

Ranil Jayawardena was a vocal supporter of Liz Truss in the race to replace Boris Johnson, and served as her environment secretary once she became prime minister.

He had previously been a junior minister in the Department for International Trade, and deputy chair of the Conservative Party.

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• Therese Coffey

Therese Coffey was one of Liz Truss’s closest political allies, and even chaired her campaign as she ran to be party leader.

And once in power, Ms Truss made Ms Coffey her deputy prime minister, as well as the secretary of state for health and social care.

• Mark Fullbrook

Mark Fullbrook was Liz Truss’s chief of staff during her time in Downing Street,

Mr Fullbrook was at the centre of controversy during his time in Number 10 after it was revealed he was being paid through a lobbying firm and not as a government employee.

Politics

Everstake defends non-custodial staking as SEC weighs industry input

Published

7 hours ago

May 17, 2025

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Everstake defends non-custodial staking as SEC weighs industry input

The US Securities and Exchange Commission (SEC) has held discussions with Everstake, one of the largest non-custodial staking providers globally, to explore clearer regulatory definitions around staking in blockchain networks.

The meeting, which also involved the SEC’s Crypto Task Force, comes at a time when over $193 billion in digital assets are staked across major proof-of-stake (PoS) networks.

However, despite the massive scale of participation, staking remains in a legal gray zone in the US as regulators wrestle with its classification under existing securities law.

The previous SEC administration also took enforcement actions against major players such as Kraken, Coinbase, and Consensys due to their staking services. The agency, under pro-crypto President Donald Trump, has recently dismissed these enforcement actions.

During the meeting, Everstake told the SEC that non-custodial staking should not be classified as a securities transaction. The company said that users maintain full control over their digital assets throughout the staking process and do not transfer ownership to a third party.

They argued that this makes staking a technical function, not an investment product.

“Our main assertion is that staking is not a financial instrument or security transaction, but rather a technical process, a base-layer protocol mechanism—akin to an oracle in a database—that maintains the integrity and functionality of decentralized networks,” Everstake founder Sergii Vasylchuk told Cointelegraph.

Everstake calls for regulatory clarity

In a letter submitted to the SEC’s Crypto Task Force on April 8, 2025, Everstake asked the agency to extend regulatory clarity to non-custodial staking and custodial and liquid staking models.

In the letter, which came in respond to Commissioner Hester Peirce’s call for input on regulatory treatment of blockchain services, Everstake argued that non-custodial staking should not be considered a securities offering.

It claimed that non-custodial staking, where users retain control of their tokens, does not involve the pooling of assets or the expectation of profits from managerial efforts.

In its model, Everstake said users delegate only validation rights while maintaining ownership of their digital assets. The staking rewards are algorithmically distributed by the blockchain network itself, and the firm merely provides technical infrastructure.

Non-custodial staking fails the Howey test

The letter also details why non-custodial staking fails each prong of the Howey test. Users do not make an investment of money in a common enterprise, do not expect profits from Everstake’s efforts, and are not dependent on the company’s management for financial returns.

Instead, any rewards come from network-level incentives and fluctuate with the market value of the underlying asset.

Everstake proposes specific criteria that should exempt non-custodial staking from securities classification. These include user asset control, absence of pooled funds, permissionless unstaking, and the provision of purely technical services.

It likens non-custodial staking to proof-of-work mining, which the SEC has previously ruled out as a securities transaction.

Margaret Rosenfeld, Everstake’s chief legal officer, also told Cointelegraph that “with non-custodial staking, there’s no handover of assets, no investment contract, and no third-party risk.” She added:

“Treating it as a securities offering undermines the decentralized model and risks chilling innovation in the blockchain sector.”

Nevertheless, the SEC has so far withheld a definitive stance. Rosenfeld said that the agency did not make any “specific commitments” on staking guidance. However, it continues to listen to industry stakeholders.

“The Task Force is actively engaging with a range of stakeholders—including those involved with non-custodial staking, ETFs, and broader blockchain infrastructure—to gather input.”

In an April 30 letter to the SEC, nearly 30 crypto advocate groups led by the lobby group the Crypto Council for Innovation (CCI) asked the agency for clear regulatory guidance on crypto staking and staking services.

Magazine: Binance Wallet ‘killing’ MetaMask and airdrops, Chinese RWA tokens: Asia Express

Politics

New Zealand man arrested in $265M crypto scam tied to FBI probe

Published

9 hours ago

May 17, 2025

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New Zealand man arrested in 5M crypto scam tied to FBI probe

A man from Wellington, the capital city of New Zealand, has been arrested in connection with an FBI-led investigation into a global cryptocurrency fraud operation that allegedly stole $450 million New Zealand dollars ($265 million).

According to New Zealand Police, the man is one of 13 individuals charged after authorities executed search warrants across Auckland, Wellington, and California over the past three days.

The charges stem from allegations that members of an organized criminal group manipulated seven victims to obtain large amounts of cryptocurrency, which was then laundered through multiple platforms between March and August 2024.

The US Department of Justice has indicted the man under federal law, including charges of racketeering, conspiracy to commit wire fraud, and conspiracy to commit money laundering, per the announcement.

New Zealand man arrested in $265M crypto scam tied to FBI probe — *Source: New Zealond Police*

Scammer used stolen funds to purchase luxury vehicles

Prosecutors allege the stolen funds were used to purchase $9 million worth of luxury vehicles and spent lavishly on high-end goods, including designer handbags, watches, and clothing, as well as services such as nightclub access, private security, and rentals in Los Angeles, Miami, and the Hamptons.

The accused appeared in Auckland District Court and was granted bail with interim name suppression. He is scheduled to reappear on July 3.

“We have worked closely with our law enforcement colleagues in the United States in support of their investigation,” the police stated. They added:

“Today’s search warrant and arrest reflects the importance of international partnerships where criminals are operating across borders.”

The investigation remains ongoing.

Crypto thefts surge to $360 million in April

Digital asset thefts skyrocketed in April 2025, with nearly $360 million stolen across 18 separate hacking incidents, according to data from blockchain security firm PeckShield.

The figure marks a staggering 990% jump from March when reported losses stood at just $33 million. The sharp rise was largely attributed to a single unauthorized Bitcoin transfer that accounted for the bulk of the month’s losses.

On April 28, blockchain analyst ZachXBT identified a suspicious $330 million BTC transaction. The incident was later confirmed as a social engineering attack that targeted an elderly US resident, resulting in one of the largest individual crypto thefts to date.

Magazine: Binance Wallet ‘killing’ MetaMask and airdrops, Chinese RWA tokens: Asia Express

Politics

French crypto entrepreneurs to receive extra security amid recent kidnappings: Report

Published

16 hours ago

May 17, 2025

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French crypto entrepreneurs to receive extra security amid recent kidnappings: Report

Crypto entrepreneurs and their families in France will receive enhanced security measures amid a recent rise in crypto-related kidnappings in the country, Politico reported.

According to the May 16 report, the measures include priority access to police emergency lines, home security assessments, and safety briefings from French law enforcement to ensure best practices are being followed.

France’s Interior Minister Bruno Retailleau introduced the security measures as part of a broader effort to counter the recent wave of attacks.

“These repeated kidnappings of professionals in the crypto sector will be fought with specific tools, both immediate and short-term, to prevent, dissuade and hinder in order to protect the industry.”

Law enforcement officers will also undergo “anti-crypto asset laundering training,” Retailleau noted.

Retailleau met with several local leaders from the crypto industry to discuss the measures following three crypto-related kidnapping incidents in recent months.

Two kidnappings and a failed attempt in France this year

The latest incident occurred on May 13, when assailants attempted to abduct the daughter and grandson of Pierre Noizat, CEO of the French crypto platform Paymium. Fortunately, they managed to fend off the attack, which occurred in broad daylight.

The assailants tried to force the pair into a waiting van, but Noizat’s daughter managed to take one of the guns off an assailant and throw it away, local police said.

En plein Paris, un homme a été violenté par des individus cagoulés, habillés tout en noir. Ils tentaient de l’enlever. Un homme a surgi, extincteur à la main, pour les faire fuir. →https://t.co/P0qV6PR40v pic.twitter.com/9f4r2Gi7ho

— Le Figaro (@Le_Figaro) May 13, 2025

On May 3, Paris police freed the father of a crypto entrepreneur who was held for several days in connection with a 7 million euros ($7.8 million) kidnapping plot.

In January, the co-founder of crypto hardware wallet provider Ledger, David Balland, was abducted from his home in central France during the early hours of Jan. 21. He was held captive until a police operation on the night of Jan. 22 secured his release.

Retailleau said earlier this week that he believes the incidents were likely connected.

There have been over 150 crypto-related robbery or kidnapping incidents since 2014, with 23 of those incidents occurring in 2025 alone, according to a GitHub database maintained by Bitcoin cypherpunk Jameson Lopp.

Lopp noted many of these criminals typically identify future victims through social media posts, public conversations, meetups, and conferences.

He strongly advises against peer-to-peer trades — particularly with people you don’t trust — flaunting wealth on social media and wearing crypto-branded clothing.

Magazine: Binance Wallet ‘killing’ MetaMask and airdrops, Chinese RWA tokens