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 UKand 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 Trussout of office after just 49 days in 10 Downing Street.
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.
Image: 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.
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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.”
Image: 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.
Image: 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.
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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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”.
Image: 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.
The new trade tariffs announced by US President Donald Trump may place added pressure on the Bitcoin mining ecosystem both domestically and globally, according to one industry executive.
While the US is home to Bitcoin (BTC) mining manufacturing firms such as Auradine, it’s still “not possible to make the whole supply chain, including materials, US-based,” Kristian Csepcsar, chief marketing officer at BTC mining tech provider Braiins, told Cointelegraph.
On April 2, Trump announced sweeping tariffs, imposing a 10% tariff on all countries that export to the US and introducing “reciprocal” levies targeting America’s key trading partners.
Community members have debated the potential effects of the tariffs on Bitcoin, with some saying their impact has been overstated, while others see them as a significant threat.
Tariffs compound existing mining challenges
Csepcsar said the mining industry is already experiencing tough times, pointing to key indicators like the BTC hashprice.
Hashprice — a measure of a miner’s daily revenue per unit of hash power spent to mine BTC blocks — has been on the decline since 2022 and dropped to all-time lows of $50 for the first time in 2024.
According to data from Bitbo, the BTC hashprice was still hovering around all-time low levels of $53 on March 30.
Bitcoin hashprice since late 2013. Source: Bitbo
“Hashprice is the key metric miners follow to understand their bottom line. It is how many dollars one terahash makes a day. A key profitability metric, and it is at all-time lows, ever,” Csepcsar said.
He added that mining equipment tariffs were already increasing under the Biden administration in 2024, and cited comments from Summer Meng, general manager at Chinese crypto mining supplier Bitmars.
“But they keep getting stricter under Trump,” Csepcsar added, referring to companies such as the China-based Bitmain — the world’s largest ASIC manufacturer — which is subject to the new tariffs.
Trump’s latest measures include a 34% additional tariff on top of an existing 20% levy for Chinese mining imports. In response, China reportedly imposed its own retaliatory tariffs on April 4.
BTC mining firms to “lose in the short term”
Csepcsar also noted that cutting-edge chips for crypto mining are currently massively produced in countries like Taiwan and South Korea, which were hit by new 32% and 25% tariffs, respectively.
“It will take a decade for the US to catch up with cutting-edge chip manufacturing. So again, companies, including American ones, lose in the short term,” he said.
Csepcsar also observed that some countries in the Commonwealth of Independent States region, including Russia and Kazakhstan, have been beefing up mining efforts and could potentially overtake the US in hashrate dominance.
“If we continue to see trade war, these regions with low tariffs and more favorable mining conditions can see a major boom,” Csepcsar warned.
As the newly announced tariffs potentially hurt Bitcoin mining both globally and in the US, it may become more difficult for Trump to keep his promise of making the US the global mining leader.
Trump’s stance on crypto has shifted multiple times over the years. As his administration embraces a more pro-crypto agenda, it remains to be seen how the latest economic policies will impact his long-term strategy for digital assets.
Cryptocurrency exchange OKX is under renewed regulatory scrutiny in Europe after Maltese authorities issued a major fine for violations of Anti-Money Laundering (AML) laws.
Malta’s Financial Intelligence Analysis Unit (FIAU) fined Okcoin Europe — OKX’s Europe-based subsidiary — 1.1 million euros ($1.2 million) after detecting multiple AML failures on the platform in the past, the authority announced on April 3.
While admitting that OKX has significantly improved its AML policies in the past 18 months, the authority “could not ignore” its past compliance failures from 2023, “some of which were deemed to be serious and systematic,” the FIAU notice said.
The news of the $1.2 million penalty in Malta came after Bloomberg in March reported that European Union regulators were probing OKX for laundering $100 million in funds from the Bybit hack.
Bybit CEO Ben Zhou previously claimed that OKX’s Web3 proxy allowed hackers to launder about $100 million, or 40,233 Ether (ETH), from the $1.5 billion hack that occurred in February.
This is a developing story, and further information will be added as it becomes available.
Authorities in the US state of Massachusetts continue targeting unlawful cryptocurrency market practices, with a local court fining crypto financial services firm CLS Global.
A federal court in Boston on April 2 sentenced CLS Global on criminal charges related to fraudulent manipulation of crypto trading volume, according to an announcement from the Massachusetts US Attorney’s Office.
In addition to a $428,059 fine, the court prohibited CLS Global from offering services in the US for a probation period of three years.
CLS Global, a crypto market maker registered in the United Arab Emirates, in January pleaded guilty to one count of conspiracy to commit market manipulation and one count of wire fraud.
CLS agreed to manipulate the FBI’s “trap token” NexFundAI
The charges against CLS Global followed an undercover law enforcement operation involving NexFundAI, a token created by the FBI as part of a sting operation in May 2024.
CLS Global was among at least three firms that took the FBI’s bait and agreed to provide “market maker services” for NexFundAI, including a fraudulent scheme to attract investors to purchase the token.
In October 2024, the Securities and Exchange Commission announced fraud charges against CLS and its employee, Andrey Zhorzhes. The US securities regulator also filed complaints against two other NexFundAI manipulators, Hong Kong-linked ZM Quant Investment and Russia-linked Gotbit Consulting.
CLS Global’s profile
According to CLS Global CEO Filipp Veselov, the company was founded in 2017 to fill in a “huge gap in the market for high-quality market-making solutions and trading consulting.”
Prior to CLS, Veselov worked at the Russian cryptocurrency exchange platform Latoken, which is advertised as a “global digital asset exchange” and has about 370,000 followers on X.
The CLS team also includes chief revenue officer Pavel Singaevskii, who previously served as sales manager at Stex, a crypto platform that reportedly ceased operations without warning in 2023.
According to CLS Global’s X page, the platform continues operating and has more than 110,000 followers at the time of publication.
How much wash trading is in crypto?
Wash trading is an illegal practice involving artificially inflating trading volume by repeatedly buying and selling the same asset, generating a misleading perception of demand.
According to a January 2025 report by the US blockchain analytics firm Chainalysis, the crypto market has at least $2.6 billion in estimated wash traded volumes, or just about 2% of total daily crypto trading volumes, as reported by CoinGecko.
Estimated wash trade volume in crypto. Source: Chainalysis