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Sir Jacob Rees-Mogg has attacked critics of Liz Truss’ honours list, calling them “po-faced puritans”.

The former prime minister was allowed to submit her so-called “resignation honours” after leaving office last year – a convention given to all departing leaders – and the final 11 names were announced on Friday.

But the decision has been heavily criticised due to the circumstances around Ms Truss’ exit, whose disastrous mini-budget saw her ousted from Number 10 after just 49 days.

Read more: What 2024 could have in store for UK politics

Labour called it “a slap in the face to working people who are paying the price of the Tories crashing the economy”, while the Liberal Democrats said it was “a shameless move to reward Liz Truss’s car crash cronies… matched only by [Rishi] Sunak’s weakness in failing to block it”.

The Electoral Reform Society’s Dr Jess Garland also told Sky News it was a “convention that has really got out of control” with more unelected politicians in parliament now than elected ones, and appealed to whoever was next in government to “grab this by the horns” and change the system.

But Sir Jacob, who served as Ms Truss’ business secretary during her short tenure and was knighted in Boris Johnson’s resignation honours, said it was “the right” of a former prime minister to make the nominations, and it was “a reasonable way to allow her to thank those who have helped her to serve in the highest elected office in the land”.

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Sir Jacob Rees-Mogg after being made a Knight Commander of the British Empire at an investiture ceremony at Windsor Castle, Berkshire. Picture date: Wednesday September 27, 2023.
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Sir Jacob Rees-Mogg was made a knight as part of Boris Johnson’s resignation honours list

He told Sky News: “Prime ministers, of all parties, need support that goes well beyond a 9 to 5 job and those who support them are trying their best to fulfil the democratic mandate held by all PMs.

“Honours have long oiled our political system and cost nothing so it is hard to see what the harm is except it upsets the po-faced puritans.”

The now backbench Tory MP also had specific criticism for the Institute for Government, whose director, Hannah White, yesterday told the BBC resignation honours brought the wider honours system into disrepute and should be scrapped.

Ms White took particular issue with the handing out of peerages – of which Ms Truss has bestowed three – saying it was wrong for a person to be given a job to legislate for life “on the say so of a single individual”.

But Sir Jacob said: “I note the Institute for Government, the Blob incarnate, never criticises honours for its civil service friends.”

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Truss resignation honours revealed

The three people awarded peerages by Ms Truss were Matthew Elliot, the political strategist and former chief executive of Vote Leave, former Vote Leave chair Jon Moynihan, and former deputy chief of staff in Number 10 Ruth Porter.

Mr Moynihan is a long-standing donor to the Tories and, since 2019, has donated £53,000 to Ms Truss alone.

A further eight honours were granted, including a damehood for Tory MP Jackie Doyle-Price and a knighthood for fellow Conservative Alec Shelbrooke.

Labour MP Siobhain McDonagh, who was made a dame for her services to parliament and politics in this year’s New Year Honours list, told Sky News it was “perplexing… that somebody who is prime minister for such a short period should have such a list”.

And she criticised that fact a number of the beneficiaries were people who had “funded and helped her campaign” to lead the Conservatives.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

The US Securities and Exchange Commission and crypto exchange Gemini have asked to pause the regulator’s suit over the exchange’s Gemini Earn program, saying they want to discuss a potential resolution. 

In an April 1 letter to New York federal court judge Edgardo Ramos, lawyers representing the SEC and Genesis requested a 60-day hold on the case and that all deadlines be pulled “to allow the parties to explore a potential resolution.” 

“In this case, the parties submit that it is in each of their interests to stay this matter while they consider a potential resolution and agree that no party or non-party would be prejudiced by a stay,” the letter states.

The lawyers added that a stay was in the court’s interest as “a resolution would conserve judicial resources” and proposed that a joint status report be submitted within 60 days after the entry of the stay.

The SEC sued Gemini and crypto lending firm Genesis Global Capital in January 2023, alleging they offered unregistered securities through the Gemini Earn program.

In March 2024, Genesis agreed to pay $21 million to settle charges related to the lending program, but the enforcement case against Gemini remains outstanding.

SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

Letter from SEC and Genesis Global requesting extension of stay. Source: CourtListener

The letter did not specify what a possible resolution would entail, but the SEC has dropped several lawsuits it launched against crypto companies under the Biden administration, including against Coinbase, Ripple and Kraken.

Related: Will new US SEC rules bring crypto companies onshore?

In February, Gemini said the SEC closed a separate investigation into the firm as the regulator winds back its crypto enforcement under President Donald Trump. 

“The SEC cost us tens of millions of dollars in legal bills alone and hundreds of millions in lost productivity, creativity, and innovation. Of course, Gemini is not alone,” Gemini co-founder Cameron Winklevoss said at the time.

OpenSea, Crypto.com and Uniswap, among others, have also recently reported that the SEC had closed similar probes into their companies that were investigating alleged breaches of securities laws.

Magazine: Bitcoin ATH sooner than expected? XRP may drop 40%, and more: Hodler’s Digest, March 23 – 29

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Crypto PAC-backed Republicans win US House seats in Florida special elections

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Crypto PAC-backed Republicans win US House seats in Florida special elections

Crypto PAC-backed Republicans win US House seats in Florida special elections

Two Republicans who received a combined $1.5 million from the crypto-backed political action committee (PAC) Fairshake will enter the US House after winning special elections in Florida.

Republican Jimmy Patronis won the vacant seat in Florida’s 1st Congressional District to replace Matt Gaetz, taking 57% of the vote to defeat Democrat Gay Valimont, according to AP News data.

Randy Fine also took Florida’s 6th Congressional District with 56.7% of the vote to beat his Democratic rival, public school teacher Josh Weil, and fill a seat left vacant by Mike Waltz, who took a job as White House national security adviser.

Florida’s 1st and 6th Congressional Districts — located in Florida’s western panhandle and along the state’s northeast coast — have been controlled by Republicans for roughly 30 years, but their lead has narrowed in recent years.

Fairshake, a PAC backed by crypto industry giants including Coinbase, Ripple and Andreessen Horowitz, gave Fine around $1.16 million in advertising spending and funneled $347,000 to Patronis to support his campaign.

Both Republicans have expressed support for the crypto industry, with Fine stating in a Jan. 14 X post that “Floridians want crypto innovation!”

Crypto PAC-backed Republicans win US House seats in Florida special elections

Source: Randy Fine

Fairshake and its affiliates poured around $170 million into the 2024 US presidential and congressional elections to back candidates who committed to supporting the crypto industry.

The wins by Patronis and Fine increased Republican representation in the House to 220 seats, with the Democrats holding 213 seats.

There are two vacant seats to be filled after Texas and Arizona Democrats Sylvester Turner and Raúl Grijalva died on March 5 and March 13, respectively.

Florida can expect to see a crypto-friendly regulatory environment 

The victories for Patronis and Fine likely mean that crypto legislation will continue to see support in the US capital.

The Republican Party would have maintained its House majority even if it lost both seats in Florida, but it would have made it more difficult for some of the recently introduced Republican-backed crypto bills to pass through the House and Senate.

Related: Florida bill proposes strict rules against online gambling

At the Digital Assets Summit on March 18, Democratic Congressman Ro Khanna said he believes Congress “should be able to get” both a stablecoin and crypto market structure bill done this year.

Bills that could eventually make their way to the House include the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which passed the Senate Banking Committee in an 18-6 vote on March 13.

Senator Cynthia Lummis also reintroduced a Bitcoin reserve bill about a week after the Trump administration announced the establishment of a Strategic Bitcoin Reserve on March 6, with the legislation referred to the Senate Banking Committee on March 11.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

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UK trade bodies ask government to make crypto a ‘strategic priority’

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UK trade bodies ask government to make crypto a ‘strategic priority’

UK trade bodies ask government to make crypto a ‘strategic priority’

Several British trade associations have asked Prime Minister Keir Starmer’s office to appoint a special envoy dedicated to crypto and for a dedicated action plan for digital assets and blockchain technology.

In a March 31 letter, the coalition of six UK digital economy trade bodies urged Starmer’s special adviser on business and investment, Varun Chandra, for a “greater strategic focus and alignment to deliver investment, growth and jobs” for the crypto industry. 

The group, which consisted of the UK Cryptoasset Business Council, Global Digital Finance, The Payments Association, Digital Currencies Governance Group, the Crypto Council for Innovation and techUK, noted the US policy shift on crypto under President Donald Trump and his appointment of a crypto czar.

Britain’s commitment to an economic trade deal focused on technological cooperation with the US “presents a significant opportunity to mirror the United States’ ambition in fostering leadership in blockchain, digital assets, and other emerging financial technologies,” the letter stated. 

The group recommended that the UK appoint a blockchain special envoy, similar to the US, to coordinate policy, foster innovation, and position the country competitively in global markets.

The trade bodies also called for the development of a dedicated government action plan for crypto and blockchain technology, including a concierge service to attract high-potential firms.

They added that the government should acknowledge and leverage the commonalities between blockchain, quantum computing and artificial intelligence technologies, including potential applications for government services.

Another recommendation was to create a high-level industry-government-regulator engagement forum to ensure informed decision-making and cross-sector collaboration.

UK trade bodies ask government to make crypto a ‘strategic priority’

The UK crypto and tech associations lobbying the government for a policy shift. Source: LinkedIn

“With deep pools of talent, access to capital, world-class academic institutions, and sophisticated regulators, the UK provides an environment where digital assets and blockchain innovation can thrive,” they stated. 

Related: UK should tax crypto buyers to boost stock investing, economy, says banker

The coalition argues that crypto and blockchain technology could boost the UK economy by 57 billion British pounds ($73.6 billion) over the next decade, with the sector potentially increasing global gross domestic product by 1.39 trillion pounds ($1.8 trillion) by 2030.

Tom Griffiths, the co-founder and managing partner of crypto compliance advisory firm BitCompli, said in response to the letter on LinkedIn that the Financial Conduct Authority “has a lot of talent and a good sight of future plans, but the UK is definitely losing pace with Dubai, Singapore, and other EU jurisdictions.”

“Now is the time for the FCA to act, or the UK will lose out on this huge opportunity, which is digital assets and all the benefits this sector can bring, not only now but over the next 20 years,” he added.

Magazine: Bitcoin ATH sooner than expected? XRP may drop 40%, and more: Hodler’s Digest, March 23 – 29

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