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Sir Chris Wormald has been named as the new cabinet secretary and head of the civil service.

The 56-year-old, who will now advise the prime minister on key policy decisions, will replace Simon Case on 16 December after he announced he is stepping down for health reasons.

Sir Chris is currently permanent secretary at the Department of Health and Social Care, advising the health secretary on policy and managing the budget since 2016 – all through the COVID pandemic.

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Sir Keir Starmer, who gave final approval for Sir Chris, said he “brings a wealth of experience to this role at a critical moment in the work of change this new government has begun”.

The decision to promote Sir Chris is the biggest of Sir Keir’s premiership so far, with the civil servant having overseen large-scale reforms of several government departments – something that will have appealed to the PM.

The prime minister said his “mission-led” administration will change the way government serves the country, which “will require nothing less than the complete re-wiring of the British state to deliver bold and ambitious long-term reform”.

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“Delivering this scale of change will require exceptional civil service leadership,” Sir Keir added.

“There could be no one better placed to drive forward our plan for change than Chris, and I look forward to working with him as we fulfil the mandate of this new government, improving the lives of working people and strengthening our country with a decade of national renewal.”

What does a cabinet secretary do?

They are the most senior civil service adviser to the prime minister and his cabinet.

Their role is to support and advise on the running of cabinet and cabinet committees, helping prepare agendas and supporting the government in reaching a collective agreement on policies.

They are often one of the PM’s senior advisers on how government works, and on major policy decisions.

How the PM and his cabinet secretary work together makes a big difference to the cabinet secretary’s influence.

They are also in charge of ensuring the civil service acts to deliver key manifesto commitments and policies, brokering decisions between ministers and departments and making sure they are followed through.

Not all cabinet secretaries are head of the civil service, but the last few have been.

This involves them managing civil servants, convening meetings of the departmental permanent secretaries, leading reform and improvement of the civil service and representing the civil service in parliament and in the media.

Most cabinet secretaries are appointed by the prime minister of the day, sometimes on the recommendation of the outgoing cabinet secretary.

After Mark Sedwill stood down in 2020 there was a formal competitive process to replace him, however Simon Case reportedly did not apply and was asked to take on the job by Boris Johnson.

Candidates to replace Mr Case were asked for a CV and a cover letter before being interviewed by a panel of former cabinet secretaries, permanent secretaries, head of the Ministry of Defence and the civil service commissioner.

Sir Keir then had the final say to appoint the role, which was advertised with a salary of about £200,000.

Sir Chris said he was “delighted” to be appointed to the “privileged role of leading our talented civil service”.

“The government has set a clear mandate – an ambitious agenda with working people at its heart. That will require each and every one of us to embrace the change agenda in how the British state operates,” he added.

“So I look forward to working with leaders across government, to ensure that the civil service has the skills they need to deliver across the breadth of the country.”

Professor Sir Chris Whitty, chief medical officer, will head up the Department for Health while a new permanent secretary is appointed.

Former chief Brexit negotiator Olly Robbins is Sue Gray's top pick for cabinet secretary. Pic: Reuters
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Former Brexit negotiator Sir Olly Robins is understood to have been Sue Gray’s top pick for cabinet secretary. Pic: Reuters

Sir Chris Wormald beat other senior current and former civil servants to the job, advertised with a £200,000 salary.

The other contenders were: Sir Olly Robbins, a former director-general of the civil service who was involved in Brexit talks, Dame Antonia Romeo, permanent secretary at the Ministry of Justice, and Tamara Finkelstein, permanent secretary at the Department for Environment, Food and Rural Affairs.

Some within Whitehall believe Sir Chris was a “safe choice” compared with the other options.

Cabinet Secretary Simon Case arrives to give evidence to the UK Covid-19 Inquiry.
Pic: PA
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Simon Case said he was stepping down as cabinet secretary after four years due to a neurological condition. Pic: PA

He steps into the shoes of Mr Case, 45, who was appointed in September 2020 and served four different prime ministers.

In an email to the civil service announcing his resignation in September, Mr Case said: “As many of you know, I have been undergoing medical treatment for a neurological condition over the last 18 months and, whilst the spirit remains willing, the body is not.

“It is a shame that I feel I have to spell this out, but my decision is solely to do with my health and nothing to do with anything else.”

Mr Case announced his resignation following a difficult few weeks for Downing Street during which damaging leaks and internal rows took over the narrative, with Sir Keir growing increasingly frustrated.

The top civil servant was said to have had a tense relationship with Sue Gray, Sir Keir’s former chief of staff who stepped down in October following accusations from some Labour figures about the party’s handling of ministers taking freebies.

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Deloitte predicts $4T tokenized real estate on blockchain by 2035

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Deloitte predicts T tokenized real estate on blockchain by 2035

Deloitte predicts T tokenized real estate on blockchain by 2035

Over $4 trillion worth of real estate could be tokenized on blockchain networks during the next decade, potentially offering investors greater access to property ownership opportunities, according to a new report.

The Deloitte Center for Financial Services predicts that over $4 trillion worth of real estate may be tokenized by 2035, up from less than $300 billion in 2024. The report, published April 24, estimates a compound annual growth rate (CAGR) of more than 27%.

The $4 trillion of tokenized property is predicted to stem from the benefits of blockchain-based assets, as well as a structural shift across real estate and property ownership.

Deloitte predicts $4T tokenized real estate on blockchain by 2035
Global tokenized real estate value, growth predictions. Source: Deloitte

“Real estate itself is undergoing transformation. Post-pandemic work-from-home trends, climate risk, and digitization have reshaped property fundamentals,” according to Chris Yin, co-founder of Plume Network, a blockchain built for real-world assets (RWAs).

“Office buildings are being repurposed into AI data centers, logistics hubs and energy-efficient residential communities,” Yin told Cointelegraph.

“Investors want targeted access to these modern use cases, and tokenization enables programmable, customizable exposure to such evolving asset profiles,” he said.

Related: Blockchain needs regulation, scalability to close AI hiring gap

The uncertainty triggered by US President Donald Trump’s import tariffs has boosted investor interest in the RWA tokenization sector, which involves minting financial products and tangible assets on a blockchain.

Both stablecoins and RWAs have attracted significant capital as safe-haven assets amid the global trade concerns, Juan Pellicer, senior research analyst at IntoTheBlock, told Cointelegraph.

The tariff concerns also led tokenized gold volume to surpass $1 billion in trading volume on April 10, its highest level since March 2023 when a US banking crisis saw the sudden collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank

Related: US banks are ‘free to begin supporting Bitcoin’ — Michael Saylor

Blockchain innovation could drive regulatory clarity

Growing RWA adoption may inspire a more welcoming stance from global regulators, Yin said.

“While regulation is a hurdle, regulation follows usage,” he explained, likening tokenization to Uber’s growth before widespread regulatory acceptance:

“Tokenization is similar — as demand increases, regulatory clarity will follow.”

He added that making tokenized products compliant with a wide range of international regulations is key to unlocking broader market access.

However, some industry watchers are skeptical about the benefits introduced by tokenized real estate.

Deloitte predicts $4T tokenized real estate on blockchain by 2035
The Truth Behind Tokenization and RWA panel. Source: Paris Blockchain Week

“I don’t think tokenization should have its eyes directly set on real estate,” said Securitize chief operating officer Michael Sonnenshein at Paris Blockchain Week 2025.

“I’m sure there are all kinds of efficiencies that can be unlocked using blockchain technology to eliminate middlemen, escrow, and all kinds of things in real estate. But I think today, what the onchain economy is demanding are more liquid assets,” he added. 

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Crypto banking rule withdrawal by Fed ‘not real progress’ — Senator Lummis

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Crypto banking rule withdrawal by Fed ‘not real progress’ — Senator Lummis

Crypto banking rule withdrawal by Fed ‘not real progress’ — Senator Lummis

United States Senator Cynthia Lummis suggests the crypto industry may be celebrating too soon over the US Federal Reserve softening its crypto guidance for banks.

“The Fed withdrawing crypto guidance is just noise, not real progress,” Lummis said in an April 25 X post. Lummis called the Fed’s April 24 announcement — withdrawing its 2022 supervisory letter that had discouraged banks from engaging with crypto and stablecoin activities — “just lip service.”

Lummis’ tone was different from the rest of the crypto industry

Lummis, a pro-crypto advocate known for introducing the Bitcoin (BTC) Strategic Reserve Bill in July 2024, pointed out several flaws in the Fed’s announcement, even as Strategy founder Michael Saylor and crypto entrepreneur Anthony Pompliano suggested it was a step forward for banks and crypto.

Cryptocurrencies, United States
Source: Anthony Pompliano

She argued that the Fed continues to “illegally flout the law on master accounts” and still relies on reputational risk in its bank supervision practices. It comes as the Federal Insurance Deposit Corporation (FDIC) is working on a rule to stop examiners from considering reputational risk when reviewing a bank’s operations, according to a recent Bloomberg report.

Lummis also highlighted the Fed’s policy statement in Section 9(13), which hasn’t been withdrawn, stating that Bitcoin and digital assets are considered “unsafe and unsound.”

She also reiterated many of the same staff behind Operation Chokepoint 2.0 are still involved in crypto policy today.

“We are NOT fooled. The Fed assassinated companies within the industry and hurt American interests by stifling innovation and shuttering businesses. This fight is far from over.”

“I will continue to hold the Fed accountable until the digital asset industry gets more than a life jacket, Chair Powell — they need a fair shake,” Lummis said.

Related: If Trump fired Powell, what would happen to crypto?

Custodia Bank founder and CEO Caitlin Long seemed to share a similar view to Lummis.

“THANK YOU for seeing this for what it is,” Long said.

Cryptocurrencies, United States
Source: David Sacks

However, many crypto executives praised the Fed’s announcement as a positive development for the industry. Saylor said in an April 25 X post that the Fed’s move means that “banks are now free to begin supporting Bitcoin.”

Anastasija Plotnikova, co-founder and CEO of blockchain regulatory firm Fideum, said the Fed’s decision “is a significant development, as it will simplify the path to institutional adoption.”

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SEC chair suggests ‘huge benefits’ in agency’s third crypto roundtable

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<div>SEC chair suggests 'huge benefits' in agency's third crypto roundtable</div>

<div>SEC chair suggests 'huge benefits' in agency's third crypto roundtable</div>

In one of his first appearances as the recently sworn-in chair of the US Securities and Exchange Commission, Paul Atkins delivered remarks to the agency’s third roundtable discussion of crypto regulation. 

In the “Know Your Custodian” roundtable event on April 25, Atkins said he expected “huge benefits” from blockchain technology through efficiency, risk mitigation, transparency, and cutting costs. He reiterated that among his goals at the SEC would be to facilitate “clear regulatory rules of the road” for digital assets, hinting that the agency under former chair Gary Gensler had contributed to market and regulatory uncertainty. 

“I look forward to engaging with market participants and working with colleagues in President Trump’s administration and Congress to establish a rational fit-for-purpose framework for crypto assets,” said Atkins.

SEC chair suggests 'huge benefits' in agency's third crypto roundtable
SEC chair Paul Atkins addressing the April 25 crypto roundtable. Source: SEC

Some critics of US President Donald Trump see Atkins’ nomination to lead the SEC as a nod to the crypto industry, acting on campaign promises to remove Gensler — the former chair resigned the day Trump took office — and cut back on regulation. Democratic lawmakers on the Senate Banking Committee questioned Atkins on his ties to the industry, potentially presenting conflicts of interest in his role regulating crypto.

Related: Atkins SEC era sparks massive industry optimism, crypto execs speak out

The direction of the SEC under new leadership

“We’ve noticed that we don’t have to be as concerned […] about being accused of things that we’re not doing, like being broker-dealers for securities,” Exodus chief legal officer Veronica McGregor, who participated in the roundtable, told Cointelegraph on April 24.”It’s just a less scary regulatory environment in general. It is, however, still unclear what the ultimate regs are going to look like for crypto.” 

The SEC crypto task force is scheduled to hold two more roundtables in May and June to discuss tokenization and decentralized finance, respectively. Commissioner Hester Peirce, who leads the task force, told Cointelegraph in March that she welcomed the opportunity to work with Atkins to “reorient the agency,” hinting at an SEC with regulations more favorable to the crypto industry.

In addition to the roundtables, the crypto task force has reported several meetings with digital asset firms to discuss various policies and considerations in developing a regulatory framework.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered

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