Connect with us

Published

on

After a torrid time before the summer break, Sir Keir Starmer has reshuffled his inner circle again on the first day back. 

This has become something of a habit.

Politics latest: Cooper pledges to end use of asylum hotels ‘for good’

Although none of the Number 10 team are household names or public figures, the tally of those cycling through the top jobs is worth noting.

As of now, he’s had four chiefs of staff – the incumbent returning to the job, two cabinet secretaries with a third rumoured to be on the way and five directors of communications – a job that routinely fails to last a year these days.

The lesson this tells us is that when there’s blame to go around, Sir Keir is happy to apportion it to his closest aides.

In an interview today, the prime minister was clear that these changes are about moving to a new phase of government, more focused on delivery.

More on Keir Starmer

A delivery phase implies legislation completed and a focus on implementation. Bluntly, this is not the case or an accurate assessment of the job that now needs to be done.

The autumn term is not about implementation.

It’s about filling the £20bn to £40bn black hole we expect to emerge in the autumn budget, as well as continuing to deal with an uncertain world globally, and deciding on massively tricky domestic issues like reform of special educational needs and whether to revisit welfare reform.

We are still at the “big choices” section of this parliament, not the delivery phase.

The big choice in Sir Keir’s reset on Monday has been to bring in his own Mr Fixit into Downing Street.

He chose a mid-level cabinet minister, Darren Jones – until today the number two in the Treasury – and has parachuted him into his office to oversee policy.

This is an appointment, I’m told, that was pushed and encouraged by Rachel Reeves because of Mr Jones’ role in the spending review.

As chief secretary, Mr Jones is meant to have gone item by item through every department’s budget. He knows where the financial bodies are buried and will be a major alternate source of advice for Sir Keir to individual cabinet ministers.

Read more:
Angela Rayner a ‘great British success story’, says PM
Reform deputy hits back after Archbishop’s intervention

This is undoubtedly a recipe for conflict. There are already some around the cabinet table who found Mr Jones’ style a touch brusque. His fans say this is part of why he is effective: he is prepared to challenge what he’s told, is an independent thinker and unafraid to challenge big beasts.

He will now play this role permanently, on behalf of the prime minister, and structurally, this means he is bound to be disliked by several of these colleagues who will no doubt, in time, seek to undermine him, just as he will challenge them and have the last word with Sir Keir.

No matter that some might be surprised at the choice, as a fiscal and reforming hawk, since few would put him on the same ideological wing of the party as the prime minister. He is also a late joiner to the Starmer project, although joining in opposition spent years longer than some as chair of the business select committee rather than taking more junior roles.

This is now immaterial. He is responsible for making Sir Keir’s government work in practice. His colleagues could do worse than to sincerely wish him good luck and leave him to it, as there is a great deal to be done.

Continue Reading

Politics

MEV bot trial ends in mistrial after jury deadlock on brothers’ verdict

Published

on

By

MEV bot trial ends in mistrial after jury deadlock on brothers’ verdict

A New York jury was unable to reach a verdict in the case of Anton and James Peraire-Bueno, the MIT-educated brothers accused of fraud and money laundering related to a 2023 exploit of the Ethereum blockchain that resulted in the removal of $25 million in digital assets.

In a Friday ruling, US District Judge Jessica Clarke declared a mistrial in the case after jurors failed to agree on whether to convict or acquit the brothers, Inner City Press reported.

The decision came after a three-week trial in Manhattan federal court,  resulting in differing theories from prosecutors and the defense regarding the Peraire-Buenos’ alleged actions involving maximal extractable value (MEV) bots.

A MEV attack occurs when traders or validators exploit transaction ordering on a blockchain for profit. Using automated MEV bots, they front-run or sandwich other trades by paying higher fees for priority.

In the brothers’ case, they allegedly used MEV bots to “trick” users into trades. The exploit, though planned by the two for months, reportedly took just 12 seconds to net the pair $25 million.

In closing arguments to the jury this week, prosecutors argued that the brothers “tricked” and “defrauded” users by engaging in a “bait and switch” scheme, allowing them to extract about $25 million in crypto. They cited evidence suggesting that the two plotted their moves for months and researched potential consequences of their actions. 

“Ladies and gentlemen, bait and switch is not a trading strategy,” said prosecutors on Tuesday, according to Inner City Press. “It is fraud. It is cheating. It is rigging the system. They pretended to be a legitimate MEV-Boost validator.” 

Related: MEV bot exploit heads to US court, testing crypto’s legal gray zones

In contrast, defense lawyers for the Peraire-Buenos pushed back against the US government’s theory of the two pretending to be “honest validators” to extract the funds, though the court ultimately allowed the argument to be presented to the jury.  

“This is like stealing a base in baseball,” said the defense team on Tuesday. “If there’s no fraud, there’s no conspiracy, there’s no money laundering.”