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Liz Truss has much more in common with Donald Trump than just the first three letters of his surname.

Despite presenting themselves as “outsiders”, both enjoyed substantial political careers and reached the top of their profession as prime minister of the UK and president of the United States respectively.

In both cases, their periods in power ended in ways that outraged their opponents and many in their own Conservative and Republican parties. Economic chaos brought on by her rash policies forced Truss out of office after just 49 days in 10 Downing Street.

Trump lost the 2020 election, refused to accept his defeat and praised the mob who stormed the Capitol in an attempt to keep him in the White House.

Many thought they were finished for good. But like those who had laughed at their ambitions earlier in their careers, the nay-sayers were wrong again. Both have been reprieved and continue to be respected as forces in their parties.

Former British Prime Minister Liz Truss speaks during the Conservative Political Action Conference, 2024 CPAC, at the National Harbor in Oxon Hill, Md., Thursday, Feb. 22, 2024. (AP Photo/Jose Luis Magana)
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Liz Truss speaks during the Conservative Political Action Conference in February. Pic: AP

Trump is currently the narrow frontrunner to beat Joe Biden and win re-election on 5 November, while Truss said this week: “I definitely have unfinished business. Definitely.”

Truss is still an MP and intends to stand again in her safe Tory seat in Norfolk. She was on her feet in the Commons this week to oppose Conservative Prime Minister Rishi Sunak‘s attempts to prevent rising generations from smoking tobacco.

Book promotion

On Monday she will be back in Washington DC speaking at the conservative thinktank, the Heritage Foundation, to promote her grandly titled memoir Ten Years To Save The West.

Most of the book could be more accurately described as Forty Nine Days To Lose My Job, yet Truss is determined to place her personal fate in the context of a wider global ideological struggle. Her final chapter lists “important lessons we can learn so we can win”.

They include “We Must Dismantle The Leftist State”, “We Must Restore Democratic Accountability” and “Conservatism Must Win Across The Free World, Particularly In The United States of America.”

Donald Trump on the second day of jury selection.
Pic: Reuters
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Donald Trump in court earlier this week. Pic: Reuters

Liz Truss has always been a shape-shifter. Born of left-wing academic parents, she was first heard of 30 years ago as a young Liberal Democrat calling for the abolition of the monarchy. She supported Remain during the 2016 EU referendum before becoming a hard Brexiteer.

Right-wing populist transformation

Her latest comeback tour “confirms her transformation into a radical right-wing populist”, according to Tim Bale, professor of politics at Queen Mary University of London, the author of The Conservative Party After Brexit.

Like Trump, Truss rails against “extremist environmentalist dogma and wokeism”. Her vision of a failing British state which has been “captured by leftist ideas” is of a piece with Trump’s vision of “American carnage” unless he is there to Make America Great Again.

Of course, Truss backs Trump over Biden in the upcoming election. It is not usual practice for former British political leaders to give such a blatant endorsement in a foreign election.

Nigel Farage
Pic: Reuters
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Truss said she would like Nigel Farage to join the Conservative Party. Pic: Reuters

“I think that our opponents feared the Trump presidency more than they fear the Democrats being in office,” she says. “I believe that we need a strong America… the world was safer [when Trump was president]”.

By “opponents” Truss means the “totalitarian regimes in China, Iran and Russia”. Her unwaveringly aggressive stance is probably where she differs most with Trump, and some of his Republican cheerleaders. He openly admires dictators, while encouraging his followers to block aid to Ukraine against Russia.

‘Prime Minister Truss’

All the same, her rhetoric strikes a chord with the cold warriors of the Heritage Foundation who are treating her with the respect she craves.

Billed American-style as “Prime Minister Truss” her hosts describe her as “one of the few British politicians who really understand the United States and the direction America’s conservative movement is taking”.

Heritage’s “Margaret Thatcher Center for Freedom” previously had her over in February to deliver its annual keynote lecture.

In truth, Truss’s knowledge of the real Thatcher seems to extend little further than raiding the dressing-up box for some cosplay photographs when she was foreign secretary and wearing a tank as a fashion accessory.

Read more:
Liz Truss’s book Ten Years To Save The West in breach of rules
Hush money trial: Trump slams ‘hoax’ trial as jury selected for case

Truss is odd but so is Trump. Ironclad imperviousness to looking ridiculous is a trait she shares with the ex-president. Both operate in a post-truth world in which what they say and how they act trumps objective facts.

Never to blame

If things go wrong, they are never to blame. Others – especially “Deep State” bureaucracies – have conspired against them.

In her memoir, Truss says that when she was prime minister she did not know about important facets of the national economy such as the vulnerability of LDI pension funds. She condemns the Bank of England for not telling her.

She claims the Office of Budget Responsibility (OBR) and the Treasury did her down even though she did not allow the OBR to review her mini-budget in advance and sacked the Treasury’s top civil servant on day one.

Now she complains about “a mass of quangos, independent regulators, official advisory bodies and assorted public sector organisations constraining and obstructing ministers at every turn”.

She wants to abolish the OBR, the United Nations, the UK Supreme Court and wants the current governor of the Bank of England to resign.

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‘Democratic accountability’

Taking absolute power by winning control of conservative factions and crushing any person or institution which stands in her way is the kind of “democratic accountability” she believes in.

Truss’s American friendships extend beyond the Heritage Foundation. She shared a platform at the Conservative Political Action Conference (CPAC) with Steve Bannon, who served as a political strategist in the Trump administration and was subsequently indicted for fraud.

When Bannon described far-right figure Tommy Robinson, co-founder of the English Defence League, as “a hero”, she remained silent. Trump’s friend Nigel Farage, whom Truss said she’d like to see join the Conservative Party, was also at CPAC.

Failed leaders evaded exclusion

The disaster of her premiership should have disqualified Truss from further active involvement in politics. She made the cost of living crisis much worse for most mortgage payers.

Unabashed, she is still receiving a polite hearing in Tory circles – including from the journalists she hand-picked for a limited round of interviews on the book’s publication.

Labour leader Sir Keir Starmer has raised Truss several times with the prime minister at PMQs, referring to the “political wing of the Flat Earth Society” and “the tin-foil hat brigade”.

Rishi Sunak during a visit to a branch of Timpson,.
Pic: PA
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Rishi Sunak said Truss had ‘fairytale’ economic plans. Pic: PA

Sunak replied saying Starmer was “sniping from the sidelines”, with the PM not directly referring to Truss.

However, he previously accused her of “fairytale economics” during a leadership debate.

The Republican Party had a golden opportunity to get rid of Trump after the 6 January insurrection.

He would have been disqualified from future office if the Senate had voted for his second impeachment. Mitch McConnell, the Senate Republican leader, thought about it but then the Republicans decided it was in their best electoral interests to keep him around.

Truss not to be underestimated

In this country there has been a lot of scoffing at Truss’s latest manifestation. It would be a mistake to laugh her out of court.

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Her “unfinished business” includes being a player who will drag the Tories to the right after a general election defeat. She would not need acceptance from the markets or the whole country to become party leader.

She would just need to win over the ageing hundred thousand or so voting members of the Conservative Party. They elected her once before – she was UK prime minister only 18 months ago – and nobody likes admitting they made a mistake.

If Trump manages to be re-elected, their type of conservatism may look appealing to some card-carrying “Conservatives” here.

Truss as leader or senior shadow minister would keep Trumpism alive in this country.

The British Conservative Party would be well advised to think carefully before being trussed up for five years of opposition with her borrowed, far-right, self-obsession.

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SEC crypto trading roundtable to include crypto giants Uniswap, Coinbase

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SEC crypto trading roundtable to include crypto giants Uniswap, Coinbase

SEC crypto trading roundtable to include crypto giants Uniswap, Coinbase

The US Securities and Exchange Commission has released the list of executives from US crypto and finance giants that will take part in a roundtable discussion on crypto trading regulation.

On April 7, the regulator said its upcoming April 11 roundtable will discuss how it should handle crypto trading rules, calling it “Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading.”

It will be the second in a series of discussions on crypto, headed by its recently-formed Crypto Task Force.

Taking part are Uniswap Labs chief legal officer Katherine Minarik, Cumberland DRW associate general counsel Chelsea Pizzola and Coinbase institutional product vice president Gregory Tusar — all firms that had once been in the regulator’s scope.

Under the Biden administration, the regulator sued Cumberland DRW in October and Coinbase in June 2023 for alleged securities law violations, but both lawsuits were dropped this year under the Trump administration.

The SEC also started an investigation for possible enforcement action into Uniswap Labs in April 2024, which was dropped in February with no further action.

Also taking part in the roundtable are New York Stock Exchange product chief Jon Herrick, crypto brokerage FalconX business lead Austin Reid, securities tokenizing firm Texture Capital CEO Richard Johnson and the University of California, Berkeley finance chair Christine Parlour.

SEC crypto trading roundtable to include crypto giants Uniswap, Coinbase

Source: SEC

Dave Lauer, co-founder of the advocacy group We the Investors and Tyler Gellasch, CEO of the not-for-profit Healthy Markets Association, will also take part, while law firm Goodwin Procter partner Nicholas Losurdo will moderate the discussion.

Representing the SEC will be acting chair Mark Uyeda, Crypto Task Force chief of staff Richard Gabbert and Commissioners Caroline Crenshaw and Hester Peirce.

The roundtable is the second crypto-focused discussion in a series of five that the SEC dubbed the “Spring Sprint Toward Crypto Clarity.” The first was on March 21, regarding the legal status of crypto, while three future discussions will cover custody, tokenization, and decentralized finance (DeFi).

SEC’s Uyeda orders review of staff crypto comments

The roundtables come as the SEC, under President Donald Trump, works to revamp its oversight of the crypto industry, with its latest action being to review staff statements on crypto so they can possibly be changed or withdrawn.

Uyeda said in an April 5 statement shared by the SEC on X that due to Trump’s executive order on deregulation and recommendations from the Elon Musk-led Department of Government Efficiency, or DOGE, he was reviewing seven staff statements, five of which concerned crypto.

SEC crypto trading roundtable to include crypto giants Uniswap, Coinbase

Source: SEC

“The purpose of this review is to identify staff statements that should be modified or rescinded consistent with current agency priorities,” Uyeda said.

Related: SEC paints ‘a distorted picture’ of USD stablecoin market — Crenshaw 

The first on the list was an April 2019 analysis from the Strategic Hub for Innovation and Financial Technology on how crypto sales could be investment contracts under the securities defining Howey test — an argument the agency had made to sue multiple crypto firms for legal violations.

Also up for review are two Division of Investment Management statements, one from May 2021 asking investors to consider the risks of funds with exposure to Bitcoin futures and a November 2020 statement asking for feedback on whether state-chartered banks meet standards to be qualified custodians.

The SEC will also look into a December 2022 Division of Corporation Finance statement that urged SEC-regulated companies to evaluate their disclosures to mention if a slew of crypto firm bankruptcies and collapses at the time impacted their business.

Finally, the agency will review a Division of Examinations alert from February 2021 that said, “a number of activities related to the offer, sale and trading of digital assets that are securities present unique risks to investors.” 

Legal Panel: XRP win leaves Ripple a ‘bad actor’ with no crypto legal precedent set 

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Spanish police arrest six over $20M AI-powered investment scam

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Spanish police arrest six over M AI-powered investment scam

Spanish police arrest six over M AI-powered investment scam

Authorities in Spain have arrested six people who helped operate a global AI-powered investment scam that stole over $20 million from at least 208 victims. 

The scammers would swindle victims up to three times. After stealing an initial sum through the investment scam, the fraudsters contacted victims twice more, masquerading as investment managers and then as authorities, offering to recover the stolen funds for a fee, Spanish police said in an April 7 statement. 

The scammers used deepfake ads of “national personalities” promising high returns on crypto investments, and would occasionally pose as financial advisers or even feign romantic interest to lure in victims.  

Experts have been warning of a rise in AI-enhanced scams. Blockchain analytics firm Chainalysis said in its Feb. 13 Crypto Scam Revenue 2024 report that generative AI is making “scams more scalable and affordable for bad actors to conduct.”

“Victims were not selected randomly; instead, algorithms selected those whose profiles matched the cybercriminals’ searches,” Spanish police said.

“Once they selected their victims, they placed advertising campaigns on the websites or social networks they used, offering them cryptocurrency investments with high returns and zero risk of asset loss — investments that, obviously, turned out to be a scam.” 

When victims could not withdraw the funds, most realized it was a scam, according to Spanish police; however, the ruse didn’t end there. 

Scammers would trick victims again with follow-up scams

The cybercriminals would then contact victims again, posing as investment managers, claiming the stolen funds were frozen and could be recovered if they paid a deposit. 

“The victims, hoping to finally recover their money, made the deposit without realizing they had been scammed again,” Spanish police said.

The scammers would then contact victims a third time, this time posing as Europol agents or lawyers from the United Kingdom, offering to return the stolen funds if the victim paid the corresponding taxes in the country where it was blocked.

Related:  Crypto broker breaks ankles while fleeing kidnappers in Spain

Spanish authorities arrested six people involved in the syndicate, charging them with fraud, money laundering and falsifying documents in a criminal organization. 

During a raid on the alleged leader behind the scam, Spanish authorities seized numerous cell phones, computers, hard drives, a simulated weapon and extensive documentation. 

Several people linked to the plot have also been identified in other countries, and the syndicate allegedly created a large number of fake companies to channel the stolen funds.  

“Furthermore, the members of the organization used multiple false identities. In the case of the leader, for example, he used more than 50 different identities,” Spanish police said.

Magazine: Bitcoin heading to $70K soon? Crypto baller funds SpaceX flight: Hodler’s Digest, March 30 – April 5

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Lawyer sues US homeland dept to probe supposed Satoshi Nakamoto meeting

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Lawyer sues US homeland dept to probe supposed Satoshi Nakamoto meeting

Lawyer sues US homeland dept to probe supposed Satoshi Nakamoto meeting

Update: April 8 at 1:01am UTC: This article has been updated to include James Murphy’s responses to two questions from Cointelegraph.

A crypto lawyer has sued the US Department of Homeland Security, alleging the agency may know who created Bitcoin — compelling the department to share what it knows. 

The Freedom of Information Act lawsuit was filed by James Murphy, who based his accusations on claims made by DHS Special Agent Rana Saoud at a conference in April 2019, where she said a few of her colleagues had previously met with four people involved in creating Bitcoin.

“My FOIA lawsuit simply asks for the notes, email and other documents relating to that alleged interview,” Murphy posted to X after announcing the April 7 suit.  

“IF the interview really happened as the DHS Agent claimed, there should be documentation of the substance of that meeting,” added Murphy, who goes by MetaLawMan on X.

Lawyer sues US homeland dept to probe supposed Satoshi Nakamoto meeting

Source: James Murphy

Speaking at the OffshoreAlert Conference North America in Miami in April 2019, Saoud said DHS agents met with the four people it believed to have created Bitcoin, asking what their motives were and what the “end game” is for Bitcoin.

“The agents flew to California and they realized that he wasn’t alone in creating this, there were three other people, they sat down and talked with them to find out how this actually works and what the reason for it was,” Saoud said in the presentation, which is available on YouTube.

If the DHS resists disclosure, Murphy said he will “pursue the case to conclusion” to solve the mystery.

Murphy, however, noted that it is possible that Saoud and the other DHS agents were mistaken and did not interview the real Satoshi Nakamoto.

Related: Satoshi Nakamoto turns 50 as Bitcoin becomes US reserve asset

Murphy is being assisted by former Assistant US Attorney Brian Field, who specializes in Freedom of Information Act litigation.

The purpose of the Freedom of Information Act is to promote transparency and accountability by granting the public access to information held by the government.

2 questions for James Murphy, aka MetaLawMan

Cointelegraph asked Murphy two questions about the DHS lawsuit. Here are his responses in full.

Question #1: What is your gut feeling—do you think the DHS actually interviewed the real Satoshi?

Answer: “I think it’s very possible that the DHS agent was mistaken in what she said at that conference. I think DHS agents may have met with bitcoin code maintainers, or with actual Satoshi imposters. But, who knows? The DHS agent was a pretty high ranking official and was in a position to know what she was talking about. Either way, I think it will be productive to find out and hopefully resolve this question. Nothing prevents DHS from voluntarily revealing the information without need for protracted litigation.”

Question #2: If the agency did speak with the four creators — who may be ordinary US citizens — why do you believe revealing their identities serves the public interest, even if it could put their safety or privacy at risk?

Answer: “I don’t understand the question. The identities of the creators of all of the largest blockchain projects, like Charles Hoskinson and Vitalik Buterin etc., are all well known in the crypto community. There are also many major figures like Michael Saylor, Tim Draper and others who have amassed enormous wealth through investment in bitcoin and their identities are well known.

There are hundreds of documentaries on YouTube where amateur sleuths have tried to identify Satoshi. I’m not one of them. I’m not hiring investigators to try to track down Satoshi, I’m seeking government records under transparency laws in effect in the U.S. If DHS did, in fact, learn Satoshi’s identity, then I’m not sure what the rationale is for dozens of government employees to have this information but withhold it from the general public.

Our government is required to be transparent and not keep secrets from the citizens, absent a legitimate national security concern or other limited exemption. We consider this a fundamental aspect of our freedom in the USA. It is why we have something called the “Freedom of Information Act.” Transparency is good, the government hiding information from the citizenry is generally bad.

I am open about the fact that I am pro-bitcoin, having been an investor in bitcoin and a bitcoin miner since 2017. I speak to groups of executives and policy makers about bitcoin and I advocate for bitcoin adoption. What I find when I give these talks is very often these audiences (who are new to bitcoin) struggle with the idea that the creator of bitcoin is unknown while the provenance of the other major crypto projects is (relatively) transparent.

So, my intention is to either conclusively refute the claim of the DHS agent that they interviewed Satoshi, or achieve some transparency that will open the door to greater bitcoin adoption in the U.S. and around the globe. I support President Trump’s initiatives to establish a Strategic Bitcoin Reserve and Digital Asset Stockpile.

Since the bitcoin code is open source and can only be changed through the Bitcoin Improvement Proposal (BIP) procedure, Satoshi (if he or they were identified) would have no ability to unilaterally affect changes to bitcoin. As a result, any revelation of Satoshi’s identity is unlikely to adversely impact bitcoin. It’s more likely that such transparency would be a net positive for growing bitcoin adoption. Others may have different views on that and I respect their opinions.”

Efforts to identify Satoshi Nakamoto have failed

The lawsuit follows a wave of recent efforts attempting to uncover Satoshi’s identity.

Last October, a controversial HBO documentary claimed that Peter Todd, a Bitcoin cypherpunk, invented Bitcoin. Todd refuted that conclusion, and most industry pundits said HBO’s evidence was weak.

Nick Szabo, Adam Back and Hal Finney have also had their names tied to Satoshi’s identity. Szabo and Back regularly refute claims they’re Satoshi, as did Finney before he died in 2013.

Meanwhile, members of the Bitcoin community are split on whether unveiling Satoshi’s identity would be a net positive for Bitcoin.

Some worry that revealing Satoshi’s identity could compromise Bitcoin’s decentralized ethos and put Satoshi’s safety at risk, while others want to be reassured that Bitcoin wasn’t created by the US government.

Magazine: 10 crypto theories that missed as badly as ‘Peter Todd is Satoshi’

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