Rishi Sunak will meet with his new cabinet today after a dramatic shakeup of his top team saw David Cameron make an unexpected return to frontline politics.
In a major gamble to revive his faltering premiership, the prime minister gave the former Tory leader a peerage in order to make him foreign secretary.
It means the now Lord Cameron will be back around the Cabinet table on Tuesday for the first time since he stood down as prime minister and quit as an MP after losing the Brexit referendum in 2016.
Ms Braverman was purged after she accused the Metropolitan Police of left-wing bias in its handling of protests in an article for The Times which was not fully authorised by Number 10. She had also come under criticism in previous weeks for saying that homeless people living in tents was a “lifestyle choice”.
Image: Pic: Simon Dawson / No 10 Downing Street
Image: David Cameron with permanent under secretary Sir Philip Barton. Pic:Ben Dance / FCDO
Former minister Andrea Jenkyns submitted a furious letter of no confidence in Mr Sunak to the Tory backbench 1922 Committee in the wake of the decision.
She argued that Ms Braverman “was the only person in the cabinet with the balls to speak the truth of the appalling state of our streets and a two-tier policing system that leaves Jewish community in fear for their lives and safety”.
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“If it wasn’t bad enough that we have a party leader that the party members rejected, the polls demonstrate that the public reject him, and I am in full agreement. It is time for Rishi Sunak to go,” the MP added.
The letter does not in itself threaten to provoke a vote of no confidence in the Conservative leader, as the threshold stands at 15% of sitting Tory MPs.
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But Number 10 may be wary of more to come after a group of hardline Tory MPs held a meeting in parliament on Monday where concerns were shared about the reshuffle.
Image: Suella Braverman leaves her home before the reshuffle
Around 12 MPs, including Tory deputy chairman Lee Anderson and former cabinet minister Simon Clarke attended in person at the New Conservatives grouping led by Danny Kruger and Miriam Cates.
Other MPs to criticise Ms Braverman’s removal include Sir Jacob Rees Mogg, who warned that the Conservatives “are in danger” of losing votes to the right-wing Reform party.
The former Brexit minister said while Ms Braverman was prepared to leave the European Convention on Human Rights (EHRC) to enact the controversial Rwanda deportation plan, currently held up in the courts, her successor James Cleverly has signalled he does not want to do this.
“There is a distinct watering down on the migration policy,” he told BBC Newsnight.
Ms Braverman has said little about her departure so far but in a potentially ominous warning to Mr Sunak, said she would have more to say “in due course”.
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PM ‘pleased’ to appoint Cameron
Mr Cleverly, the former foreign secretary, has insisted he will be just as committed to the government’s “stop the boats pledge” in his new role.
His appointment is likely to face more scrutiny in the coming days, with a Supreme Court judgement due on Wednesday on whether the much-delayed Rwanda plan is lawful.
But for the moment it has largely been overshadowed by the political comeback of Lord Cameron.
Cameron comeback massive shock
The appointment was a massive shock in Westminster, not just because of the return of a former prime minister to government – the first since Alec Douglas-Home in the 1970s – but also because of his views on China.
During the Cameron administration there was a “golden era” of UK-China co-operation, something Mr Sunak described as “naive” last year following growing tensions with Beijing.
Lord Cameron has also been critical of Mr Sunak’s decision to scrap the northern leg of HS2, while the prime minister used his Tory conference speech to distance himself from the legacy of his predecessors.
But the former prime minister made it clear he backs Mr Sunak and will work with him to help the Tories win the general election, which is expected next year.
The new foreign secretary said: “Though I may have disagreed with some individual decisions, it is clear to me that Rishi Sunak is a strong and capable prime minister, who is showing exemplary leadership at a difficult time.”
The appointment has raised questions about how he will be held to account if he can’t answer to MPs in the Commons.
He also faces questions over the Greensill affair, in which he privately lobbied ministers in an attempt to win Greensill Capital access to an emergency coronavirus loan scheme.
This was seized on by opposition MPs who criticised the “clown show” reshuffle, which also saw Steve Barclay take Therese Coffey’s job as environment secretary, while Victoria Atkins became health secretary.
In another key appointment, GB News presenter and former work and pensions secretary Esther McVey was brought back into government as a minister without portfolio, reportedly to “speak common sense” on behalf of the government and push forward its “anti-woke” agenda, in a conciliatory move to the Tory right.
However many of the party’s One Nation MPs – closer to the centre of politics – may welcome the return of Lord Cameron, who secured them two victories at general elections and is well known internationally.
Former health secretary Matt Hancock said of the reshuffle: “Excellent for the Conservatives, showing Rishi Sunak will fight the election on the centre ground.”
Brazil is reportedly weighing a tax on the use of cryptocurrencies for international payments as it moves to adopt a global crypto tax reporting data exchange framework.
A Tuesday Reuters report, citing “officials with direct knowledge of the discussions,” claims that the Brazilian government aims to tax cryptocurrency use for international payments.
During the confidential talks, representatives of the country’s finance ministry reportedly expressed interest in expanding the Imposto sobre Operações Financeiras (IOF) tax to include some digital asset-based cross-border transactions.
Brazil’s Federal Revenue Service also announced yesterday that its reporting rules for crypto-asset transactions will be aligned with the global Crypto-Asset Reporting Framework (CARF), in a legal act dated Nov. 14.
This would provide the tax department with access to citizens’ foreign crypto account data through the Organisation for Economic Co-operation and Development’s global reporting and data-sharing standard. The move comes as no surprise, with Brazil having signed a statement in favor of CARF in late 2023.
Cryptocurrencies are currently exempt from the IOF tax; however, crypto capital gains are subject to a 17.5% flat tax. IOF is a federal tax charged on financial transactions — mainly foreign exchange, credit, insurance and securities operations.
The two sources cited by Reuters said the move aims to close a loophole while also boosting public revenue. The current exclusion of digital assets from IOF is viewed as a loophole, as those assets — especially stablecoins — can be used as a de facto foreign-exchange or payment rail while skirting the taxes imposed on traditional means to do so.
The officials said the rules aim to “ensure that the use of stablecoins does not create regulatory arbitrage vis-a-vis the traditional foreign-exchange market.”
The move is in line with the Brazilian central bank’s introduction this month of new rules treating some stablecoin and crypto wallet operations as foreign exchange operations. The new rules extend existing rules on consumer protection, transparency and Anti-Money Laundering to crypto brokers, custodians and intermediaries.
In April, Brazilian judges were authorized to seize cryptocurrency assets from debtors, closing another loophole. “Although they are not legal tender, crypto assets can be used as a form of payment and as a store of value,” a translated version of the Superior Court of Justice’s memo read.
El Salvador, the first country to adopt Bitcoin as legal tender, says it has bought more than $100 million in BTC despite pledging to the International Monetary Fund (IMF) to limit public exposure to the asset as part of a loan agreement.
According to data from El Salvador’s Bitcoin Office, the government acquired 1,090 Bitcoin (BTC) worth more than $100 million on Tuesday. The purchase comes after the IMF said in a July report that the Central American nation had not bought any new Bitcoin since the organization approved a $1.4 billion loan program at the end of 2024.
According to El Salvador’s Bitcoin reserve data, the country’s Bitcoin holdings went from 5,968 BTC on Dec. 18, 2024 — when the government inked a deal with the IMF — to over 7,474 BTC following its latest purchase announcement.
El Salvador’s reserves were valued at roughly $683 million at the time of writing, despite Bitcoin losing ground after falling 28% from an all-time high of over $126,000 in early October to $96,000 at the time of writing.
The move follows comments in July from Quentin Ehrenmann, general manager at My First Bitcoin — a non-governmental organization focused on Bitcoin adoption — who said that El Salvador’s Bitcoin reserve had a limited impact on the broader population. He said that “since the government entered into this contract with the IMF, Bitcoin is no longer legal tender, and we haven’t seen any other effort to educate people.”
“The government, apparently, continues to accumulate Bitcoin, which is beneficial for the government — it’s not directly good for the people.“
The IMF and the Salvadoran government did not respond to Cointelegraph’s requests for comment by publication.
Data from El Salvador’s Bitcoin Office appears to show that the government has continued to accumulate BTC since signing the IMF agreement. The IMF also requested that the country restrict Bitcoin purchases in early March, in accordance with the terms of the previous loan agreement.
Still, a letter of intent signed by El Salvador’s central bank president and Minister of Finance — quoted in the aforementioned July IMF report — claims that the Central American country bought no Bitcoin since the 2024 loan.
The IMF report explained that Chivo “does not adjust its Bitcoin reserves to reflect changes in clients’ Bitcoin deposits,” which led to “minor” discrepancies that made it appear that El Salvador’s public sector was accumulating BTC.
The letter, signed by Salvadoran officials, further stated that “in line with commitments under the program, the stock of Bitcoins held by the public sector remains unchanged.” It also promised that steps to reduce exposure are being taken.
“We are taking steps to mitigate fiscal risks by reducing the public sector’s role in the Chivo wallet and reframing the Bitcoin project.”
Those assurances came before the latest — and unusually large — Bitcoin purchase. Even so, the government has continued to suggest it was steadily accumulating BTC before this week’s buy, raising fresh questions over how closely it is adhering to the IMF deal and how its Bitcoin reserves are being reported.
The US Securities and Exchange Commission’s latest document on its examination priorities for 2026 has noticeably omitted its regular section on crypto, seemingly in line with US President Donald Trump’s embrace of the industry.
On Monday, the SEC’s Division of Examinations released its examination priorities for the fiscal year ending Sept. 30, 2026, which made no specific mention of crypto or digital assets.
However, the SEC said that its stated priorities are not “an exhaustive list of all the areas the Division will focus on in the upcoming year.”
The US crypto industry has boomed under Trump, who has largely worked to deregulate the sector while his family has expanded their footprint into crypto with a trading platform, mining business, stablecoin and token.
“Examinations are an important component to accomplishing the agency’s mission, but they should not be a ’gotcha’ exercise,” SEC Chair Paul Atkins said in a statement.
Paul Atkins giving remarks at an SEC meeting in September. Source: Paul Atkins
“Today’s release of examination priorities should enable firms to prepare to have a constructive dialogue with SEC examiners and provide transparency into the priorities of the agency’s most public-facing division,” he added.
The Division of Examinations is responsible for probing organizations, including investment advisers, broker-dealers, clearing agencies, and stock exchanges, for compliance with federal securities laws.
Last year, under outgoing SEC Chair Gary Gensler, the Division said it would focus on the “offer, sale, recommendation, advice, trading, and other activities involving crypto assets,” explicitly naming spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds as a priority.
“Given the volatility and activity involving the crypto asset markets, the Division will continue to monitor and, when appropriate, conduct examinations of registrants offering crypto asset-related services,” the Division said last year.
The examination division also wrote a section dedicated to crypto assets and emerging financial technology in 2023.
In its latest priorities list, the SEC said it was focusing on “core areas,” including fiduciary duty, custody and customer information protection.
The SEC said in its report that it will focus on “the risks associated with the use of emerging technologies,” and made particular mention of artificial intelligence and automated investment tools.
A section of the agency’s report outlines that it will also give “particular attention” to firms’ ability to react and recover from cyber incidents, “including those related to ransomware attacks.”