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In the Blair and Brown years, the irrepressible Derek Draper was one of Westminster’s best known and most colourful characters.

Affectionately known as “Dolly”, he was a cheerful extrovert who loved being at the centre of intrigue and gossip and was prone to boasting about his own importance.

To be fair, he was indeed very much an insider in the New Labour project that catapulted Tony Blair into power in the landslide election victory in 1997.

He was sociable, gregarious and because he worked for and was an ally of Peter Mandelson he was almost a Blairite before Blair.

He was fun, had a cheeky grin and an easy manner, and enjoyed the company and camaraderie of MPs and journalists in Westminster.

He was also very good at his job, colleagues acknowledged, and passionate about Labour winning the 1997 election after 18 years in opposition.

But it was his occasional boasting – and his misfortune in being unwittingly dragged into plotting – that landed him in two embarrassing New Labour scandals.

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The first was when he was caught out bragging about how important and well connected he was. The second was over a link to a plot to smear Tory politicians.

Part of Dolly’s colourful reputation came from the fact that he worked for Mandelson, the “Prince of Darkness”, during Mandy’s ascent from spin doctor to government minister.

Derek Draper arrives back to his home in north London. Damian McBride, a close adviser to the Prime Minister for almost a decade, resigned in disgrace after admitting that he sent "juvenile and inappropriate" emails from his Downing Street account to former spin doctor Draper. 2009
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Draper faced criticism over his infamous quote

That wasn’t Draper’s first job in politics, however.

In fact, he worked for Nick Brown, when “Newcastle Brown” – the Tyneside MP who later became chief whip under four Labour leaders – was a shadow minister.

He went to work for Mandelson when he became the MP for Hartlepool in 1992 and – along with the equally irrepressible Charlie Whelan, Gordon Brown‘s legendary spin doctor – was one of Westminster’s most high-profile insiders.

‘I am intimate with every one of them’

But Draper left Westminster a year before the Blair landslide and became a political lobbyist. And that was when his boasting landed him in trouble.

In 1998, in a scandal that became known as “Lobbygate”, he told an undercover reporter from The Observer how important and influential he was.

“There are 17 people who count in this government… to say I am intimate with every one of them is the understatement of the century,” he said in a memorable quote.

He drew criticism. Even Mandelson said at the time: “He gets above himself. But now he has been cut down to size and I think probably he will learn a very hard lesson from what has happened.”

But he landed in more trouble in 2009 when The Daily Telegraph revealed that Brown’s then spin doctor, Damian McBride, had sent him emails about a plot to smear Tory politicians including David Cameron, George Osborne and Nadine Dorries.

It was reported that Draper, who by now had set up the LabourList website, described the plan as “brilliant” in an email to McBride.

Now spin doctor for the shadow attorney general Emily Thornberry, McBride immediately quit and prime minister Brown was forced to issue a grovelling apology.

A few weeks later, a contrite Draper quit LabourList and said: “I regret ever receiving the infamous email and I regret my stupid, hasty reply. I should have said straight away that the idea was wrong.”

After his career change, training as a psychotherapist, Dolly moved on, although he would still turn up to social events with Labour Party pals, such as the Tribune magazine Christmas party.

His illness has been a terrible shock to all who knew this larger-than-life character who was such amusing and engaging company. Gone, but certainly not forgotten.

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Crypto self-custody is a fundamental right, says SEC’s Hester Peirce

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Crypto self-custody is a fundamental right, says SEC's Hester Peirce

Hester Peirce, a commissioner of the United States Securities and Exchange Commission (SEC) and head of the SEC’s Crypto Task Force, reaffirmed the right to crypto self-custody and privacy in financial transactions.

“I’m a freedom maximalist,” Peirce told The Rollup podcast on Friday, while saying that self-custody of assets is a fundamental human right. She added:

“Why should I have to be forced to go through someone else to hold my assets? It baffles me that in this country, which is so premised on freedom, that would even be an issue — of course, people can hold their own assets.”

Privacy, SEC, Freedom, United States, Self Custody, Bitcoin Adoption, ETF
SEC commissioner Hester Peirce discusses the right to self-custody and financial privacy. Source: The Rollup

Peirce added that online financial privacy should be the standard. “It has become the presumption that if you want to keep your transactions private, you’re doing something wrong, but it should be exactly the opposite presumption,” she said.

The comments came as the Digital Asset Market Structure Clarity Act, a crypto market structure bill that includes provisions for self-custody, anti-money laundering(AML) regulations, and asset taxonomy, is delayed until 2026, according to Senator Tim Scott.

Related: SEC to hold privacy and financial surveillance roundtable in December

Exchange-traded funds (ETFs) challenge Bitcoin’s self-custody ethos

Many large Bitcoin (BTC) whales and long-term holders are pivoting from self-custody to ETFs to reap the tax benefits and hassle-free management of owning crypto in an investment vehicle.

“We are witnessing the first decline in self-custodied Bitcoin in 15 years,” Dr. Martin Hiesboeck, the head of research at crypto exchange Uphold, said.