Veteran cabinet minister Michael Gove has been awarded a peerage in Rishi Sunak’s resignation honours list.
Mr Gove – now editor of The Spectator magazine – was first elected to parliament in 2005 and immediately joined then-Conservative leader David Cameron’s shadow cabinet.
He was appointed education secretary when the party entered government in 2010 and held multiple cabinet posts until the 2024 general election, when he stood down from parliament.
Mr Sunak elevated seven allies to the House of Lords, including former cabinet ministers Mark Harper, Victoria Prentis, Alister Jack, and Simon Hart. Former chief executive of the Conservative Party, Stephen Massey, also becomes a peer, as well as Eleanor Shawcross, former head of the No10 policy unit. He also awarded a number of honours.
It is traditional for prime ministers to award peerages and other gongs upon their resignation from office – with key political allies, donors and staff often rewarded.
An outgoing prime minister can request that the reigning monarch grants peerages, knighthoods, damehoods or other awards in the British honours system to any number of people.
In the case of peerages, the House of Lords Appointments Commission vets the list, and for other honours, the Cabinet Office conducts checks.
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Resignation honours are separate from dissolution honours, which are awarded by the incumbent prime minister and opposition leaders after the dissolution of parliament preceding a general election.
Here are the biggest names given honours by Mr Sunak:
Michael Gove – peerage
Image: Former cabinet minister Michael Gove. Pic: PA
From when the Conservatives returned to government in 2010, Michael Gove spent almost the whole time in a ministerial role.
After reforming the education system, he went on to hold roles like chief whip, environment secretary, justice secretary and housing secretary.
He led the pro-Brexit side of the 2016 referendum alongside Boris Johnson, and famously sunk the latter’s leadership bid with his own.
However, both failed at that juncture, and Mr Gove’s reputation never recovered to allow him another go at the top job.
The debt was repaid when Mr Johnson fired Mr Gove as his administration collapsed in 2022.
Mr Gove returned to government under Rishi Sunak, and ultimately retired from the Commons at the 2024 election.
James Anderson – knighthood
Image: Lancashire bowler James Anderson. Pic: PA
One of England’s most successful cricketers, Jimmy Anderson, has been awarded a knighthood in avid cricket fan Rishi Sunak’s resignation honours list.
He is regarded as one of the greatest bowlers in the history of the sport, and holds the record for the most wickets taken by a fast bowler in Test cricket.
Jeremy Hunt – knighthood
Image: Jeremy Hunt.
Pic: Reuters
A former chancellor and serial runner-up in Tory leadership competitions, Jeremy Hunt was ever present in Conservative cabinets while the party was in government.
He was both foreign secretary and defence secretary before failing to take over the party after Theresa May stood aside.
Following a stint on the backbenches, Mr Hunt returned as chancellor under Liz Truss in a bid to stabilise markets – retaining this position under Rishi Sunak.
Despite persistent speculation he was set to be ditched in favour of Claire Coutinho, Mr Hunt kept his job until the 2024 general election – where he won his seat and now sits as a backbencher.
James Cleverly – knighthood
Image: James Cleverly.
Pic: PA
A former leader of the Conservatives in the London Assembly, James Cleverly entered parliament at the 2015 general election as the MP for Braintree.
In 2018, he was appointed deputy chairman of the party, and in April 2019, was appointed a minister in the Brexit department.
Boris Johnson appointed him as party chairman after taking over the top job, and he took on a succession of junior ministerial posts before becoming education secretary following Mr Johnson’s resignation as prime minister.
Liz Truss appointed him as foreign secretary – a post he held until November 2023 when Rishi Sunak brought back David Cameron for the role, and he took over as home secretary – a post he held until the general election.
Mr Cleverly was one of the lucky cabinet ministers to survive the Labour landslide and retained his seat. But he was less successful in the Conservative Party leadership contest, losing out in the final round of MP voting.
Andrew Mitchell – knighthood
Image: Andrew Mitchell.
Pic: PA
The former deputy foreign secretary has been a fixture in Westminster since 1987, when he was first elected as the MP for Gedling. He was appointed to the government in 1994, but lost his seat in the 1997 Tony Blair landslide.
He returned to parliament in 2001 as the MP for Sutton Coldfield, and took on a number of shadow cabinet and then cabinet roles, culminating in his appointment to the Foreign Office in 2022, before becoming deputy foreign secretary to David Cameron in 2024.
He rose to public prominence in September 2012 when he allegedly swore when a police officer told him to dismount his bicycle and leave Downing Street through the pedestrian gate rather than the main gate. The incident became known as “Plebgate”.
Mel Stride – knighthood
Image: Shadow chancellor Mel Stride.
Pic: PA
One of Rishi Sunak’s closest aides, he chaired his campaign to be Tory leader against Liz Truss and was rewarded with the Work and Pensions brief when his man finally entered Number 10.
He was also a prominent figure in the downfall of Ms Truss as chair of the Treasury select committee – regularly requesting information from the Treasury and Bank of England that highlighted damaging information.
A capable media performer, he was ever present during the general election as he tried unsuccessfully to get Mr Sunak back into office.
Mr Stride kept his seat after the vote, and was rewarded by Kemi Badenoch with a role as shadow chancellor of the exchequer.
Stephen Massey – peerage
Image: Stephen Massey
Described as a “sensible man” by former chancellor George Osborne, Stephen Massey was appointed chief executive of the Conservative Party in November 2022 after Rishi Sunak took over as leader in the coronation leadership contest following the collapse of the Truss government.
Having spent his career as a financial adviser, Mr Sunak probably thought he was a safe pair of hands in which to entrust the leadership of the party machinery as they built their war chest ahead of the general election to come.
The personal donations of £343,000 to the party and £25,000 to Mr Sunak’s leadership campaign also likely made him an attractive candidate for the job.
Has Rishi Sunak previously awarded honours?
Mr Sunak previously granted peerages to former prime minister Theresa May, Sir Graham Brady, the former chairman of the influential Conservative backbench 1922 committee, as well as his right-hand man Liam Booth-Smith on 4 July 2024 – the day of the general election.
He lost the election by a landslide to Sir Keir Starmer’s Labour Party, and resigned as prime minister that day. He remains in parliament as the MP for Richmond and Northallerton.
Arjun Sethi, the co-CEO of major crypto exchange Kraken, criticized the United Kingdom’s crypto regulations, which he believes hinder services for their customers.
In an interview with the Financial Times, Sethi said that “in the UK today, if you go to any crypto website, including Kraken’s, you see the equivalent to a cigarette box.” He suggested that the disclaimers have a significant impact on customer experience.
Sethi suggested that disclosures slow users down and that, because of the importance of speed in crypto trading, “it’s worse for customers.” He concluded that “disclosures are important […] but if there are 14 steps, it’s worse.”
The UK Financial Conduct Authority’s (FCA) updated financial promotion regime came into force in October 2023. It introduced a “cooling-off” period for first-time crypto investors and requires firms to assess whether users have sufficient knowledge and experience before trading.
Sethi said that the rules may prompt customers to avoid investing in crypto altogether, potentially leading to missed potential gains. The FCA defended the rules, noting that “some consumers may make an informed decision that investing in crypto is not right for them — that is our rules working as intended.”
Example of disclaimer from the Kraken website. Source: Kraken
Despite frustrations with the FCA, the UK appears to be moving toward a broader alignment with the United States on digital-asset oversight.
Lisa Cameron, a former United Kingdom Member of Parliament and founder of the UK-US Crypto Alliance, said she believes a joint “sandbox” between the UK and the US is in development to align their crypto markets.
She came to this conclusion after discussion with US Senators and regulators and expects the sandbox’s purpose to be to “iron out some of this in terms of passporting” for crypto licenses between the UK and the US.
On Monday, the Bank of England published a consultation paper proposing a regulatory framework for stablecoins. The new legislation is focused on sterling-denominated “systemic stablecoins” widely used in payments, similar to the US’s GENIUS Act.
A crypto collaboration between the UK and the US is not a new phenomenon. September reports noted that treasury authorities in the US and UK created a transatlantic task force to explore “short-to-medium term collaboration on digital assets.” Also in September, UK Chancellor Rachel Reeves and US Treasury Secretary Scott Bessent discussed how the two nations could strengthen their coordination on crypto.
September also saw UK trade groups urge the UK government to include blockchain technology in a technology collaboration with the US program known as “Tech Bridge.” A joint letter by the organization warned that “excluding digital assets from the UK-US Tech Bridge would be a missed opportunity,” and that it “risks leaving Britain on the sidelines.”
Japan’s first domestic stablecoin issuer said digital asset companies may soon become significant players in the country’s sovereign debt market, potentially reshaping monetary policy.
JPYC, the Tokyo-based company behind Japan’s first yen-pegged stablecoin, said issuers may evolve into major buyers of Japanese government bonds (JGBs) as their reserves increase.
In comments reported by Reuters, JPYC founder and CEO Noritaka Okabe said stablecoin reserves could fill the gap left by the Bank of Japan (BOJ) as it slows its bond purchases.
The Tokyo-based startup started issuing its yen-backed token, also dubbed JPYC, on Oct. 27, under the country’s revised Payment Services Act, its first legal framework for stablecoins. The company has issued about $930,000 worth of tokens to date and aims to reach a circulation of $66 billion within the next three years.
The token is backed by a combination of bank deposits and JGBs and is fully convertible to yen. It’s also designed to move seamlessly across blockchain rails.
Stablecoin issuers as new bond buyers
Okabe said JPYC plans to invest 80% of its issuance proceeds in JGBs and keep the remaining 20% in bank savings, initially focusing on short-term securities. He added that the company may consider longer-term JGBs in the future as demand grows and the yields remain attractive.
This type of allocation could give stablecoin issuers a significant role in Japan’s debt market, where the BOJ still holds about half of the $7 trillion JGB market. As the central bank slows bond purchases, new buyers need to absorb the issuance.
Because of this, Okabe floated the idea that stablecoin reserves could naturally fill part of the vacuum, linking blockchain adoption to fiscal financing.
“The volumes of JGBs stablecoin issuers buy will be swayed by the balance of supply and demand for stablecoins,” he said, noting that this trend “will happen around the world” and that Japan will not be an exception.
Okabe’s comments came as stablecoins continue to see adoption in Japan’s traditional finance sector.
On Friday, the Financial Services Agency (FSA), the country’s financial regulator, endorsed a yen-pegged stablecoin project led by Japan’s biggest financial institutions.
The FSA announced the “Payment Innovation Project,” an initiative that involves Mizuho Bank, Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, Mitsubishi Corporation and its financial arm and Progmat, MUFG’s stablecoin issuance platform.
The regulator said that the companies will begin issuing payment stablecoins this month.
As the crypto industry matures, pragmatism and common sense are slowly creeping into the idealistic, messy business of blockchain tech.
For years, crypto founders have declared that they’re reinventing the financial system. And although the focus has been on big ideas and innovative financial engineering, many crypto products and services remain off-limits to regulated organizations.
As banks, OTC desks, and institutional investors enter the space, they find the basic infrastructure of serious finance either missing, or lacking in the compliance tools that allow them to fully participate.
Telegram and X may be the preferred communication channels of the crypto native, but institutions need more than disposable messages, constant phishing attempts, and managing countless channels with eminently hackable addresses. JPMorgan was fined $200 million by regulators in 2021 for using these platforms and personal accounts, while scammers have become proficient at using them for thefts.
Crypto communications platforms are unfit for compliance
The Tie, a provider of institutional-class digital asset data, has set about solving the issue of secure crypto communication, integrating with systems such as Global Relay that are already used for back office compliance between financial players.
“We’ve been so busy addressing the huge pain points in the system that we sometimes forget about the basics,” said Josh Frank, CEO of The Tie. “Institutions don’t get to opt in to compliance, they don’t get to hope that the person they’re talking to in a Telegram chat is actually the person they say they are. They have rules, they have a duty to preserve, and existing comms channels in crypto were never built with those requirements in mind.”
According to Frank, the new messaging solution, Bridge, addresses all the needs of institutions looking to be part of the digital asset economy.
“There’s nothing wrong with WhatsApp or Telegram for most users so long as they’re careful, but for institutions we had to build a communication platform that doesn’t suck at compliance.”
Melvin Deng, CEO of QCP in Singapore, told Cointelegraph that “Every regulated institution operates under clear obligations – to know who they’re dealing with, to preserve records, and to ensure that communications are both compliant and auditable. In crypto, those basics have long been missing. A platform like Bridge restores that integrity. It brings the standards of institutional finance into a digital-native environment, where identity verification and compliant record-keeping aren’t afterthoughts but defaults.”
Starting with email domain verification, strict Know Your Business (KYB) rules and verified identities to eliminate bad actors, Bridge is designed to open up B2B messaging for industry participants across the globe.
Frank notes that managing teams across multiple communication channels has proven a huge headache for compliant organizations. “You have 50 channels to each of your counterparties,” he says, “And each one of those has to be depopulated and repopulated every time someone leaves your business. Every one is a potential liability, so we’ve built a solution that allows for centralized team management, including bulk reassignment of old team members’ channels including their history, straight to new members.”
An audit log for all blockchain transactions
Included in that history is automatic auditing of transactions between counterparties. “The platform maintains a complete log of transactions, and includes verified and timestamped notifications of completion, confirmations of arrival – the whole process is designed for compliance,” says Frank. “And that persists immutably at the organization level, so that individual users’ events feed directly into a main dataset tracking all transactions.”
He also notes that Bridge allows for privacy-focused access to The Tie’s data platform directly within the app, allowing users to search for contextual information using AI. “Imagine you’re traveling to Singapore for Token2049. You can ask Bridge to load custodians, OTC desks, and prime brokers based in Singapore that have raised money in the last two years, and have at least $10M in total funding. Then you can message those parties directly within the app.”
“You can also use the AI to access real-time market sentiment, or to discover developer statistics – essentially all of our institutional-grade data is available.”
Bridge launches in early 2026 as both a web and desktop app, as well as native iOS and Android apps, and Frank claims The Tie will offer the service at just $5 per month, per user.
“It’s designed to be a no-brainer,” he says. “If you operate in crypto, you need this, so the goal isn’t to put up more hurdles. It’s simply to make the space safer, welcome new participants, and keep building the tools that make this the backbone of tomorrow’s global financial system.”