Robert Jenrick ‘prepared’ to vote down Rwanda bill as Tory divide deepens

Published

1 year ago

January 16, 2024

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Robert Jenrick says he is “prepared” to vote against the Rwanda bill if the government does not adopt “robust” changes to the proposed legislation.

The proposed law is heading back to the Commons for two days of debate this afternoon, with the aim of deterring asylum seekers from coming to the UK via small boat crossings.

Rishi Sunak has said the new bill, which includes clauses to define Rwanda as a “safe country” and reduces the ability for people to appeal, answers the concerns of the the UK Supreme Court – which ruled the plan unlawful – while also ensuring deportations will take place.

But many on the right of the party – including Mr Jenrick, who resigned as immigration minister over the issue – want the prime minister to toughen up the legislation with a raft of amendments, including one that would block injunctions on flights taking off.

Make this move, however, and Mr Sunak risks upsetting the centrist wing of his party, with the One Nation faction already concerned the bill goes too far from the UK’s international obligations.

Politics live:
Johnson tells PM to accept rebel amendments

Speaking to Sky News’s political editor Beth Rigby, Mr Jenrick said he did not want to get to the “situation” where he would have to rebel against the government, but added: “I am prepared to vote against the bill… because this bill doesn’t work, and I do believe that a better bill is possible.

“So the government has a choice. It can either accept my amendments… or it can bring back a new and improved bill, and it could do that within a matter of days because we know the shape of that bill.”

He added: “The opportunity here is immense. Let’s not waste it by creating a scheme that is like a bucket riddled with holes.”

Jenrick: ‘Tens of thousands more’ will come if bill not ‘fixed’

The former immigration minister said he “didn’t accept” that if the bill failed in the Commons, Mr Sunak’s premiership would be in crisis – despite two deputy Tory chairmen now risking the sack to vote for the rebel amendments.

“This isn’t about the prime minister or his leadership of the Conservative Party,” Mr Jenrick said. “This is about fixing one of the biggest problems facing not just this country, but countries all over the world.

“And as I’ve set out in great detail since I resigned on principle last month, if we don’t fix this problem, we’ll see tens of thousands more people coming to our country.

“I don’t want to see the bill either fail or proceed in its current state. Neither is a satisfactory outcome. But I do know that a better bill is possible and the ball is in the government’s court here.”

He added: “The point is that there’s no point having a moment of unity in passing a bill that doesn’t work – that’s an illusion.

“What matters is whether it works. And if we’re celebrating this week, but in August there are still thousands of people coming across in small boats, no one will remember the events of this week.”

Govt ‘risks clogging up the courts’

Sky News understands the government still doesn’t plan to accept any of the amendments from right-wing MPs, but will instead announce measures to free up courtrooms and bring in judges to fast-track appeals against deportations, in an attempt to appease their hard-line critics.

But this was dismissed by Mr Jenrick, who said: “Adding more judges into the mix simply accepts my central argument that there will be an absolute cascade of individual claims from migrants as they arrive into the country and [that] will clog up the courts.

“It will delay things and the scheme will become completely inoperable.”

The former minister also rejected the government’s argument that any strengthening of the law would lead to the Rwandan government pulling out of the scheme altogether, rather than risk being linked with breaches of international law.

“It is quite an implausible suggestion from the government, which was raised at the 11th hour,” he said.

“I think it’s a highly convenient argument… you weren’t born yesterday, neither was I. I don’t think that is going to wash with parliamentary colleagues.”

Mr Jenrick continued: “All we care about is what works. It is absolutely critical for the country not to talk about the government, but to actually get the Rwanda scheme up and running.

“Illegal migration is doing untold damage to our country. I won’t allow that to continue.

“I said, as did the prime minister, that we would do whatever it takes. And the bill before parliament this week is not that.

“That is why we need to amend it, to toughen it and to ensure those flights do truly get off to Rwanda.”

Politics

EU could fine Elon Musk’s X $1B over illicit content, disinformation

Published

3 hours ago

April 4, 2025

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EU could fine Elon Musk’s X B over illicit content, disinformation

European Union regulators are reportedly mulling a $1 billion fine against Elon Musk’s X, taking into account revenue from his other ventures, including Tesla and SpaceX, according to The New York Times.

EU regulators allege that X has violated the Digital Services Act and will use a section of the act to calculate a fine based on revenue that includes other companies Musk controls, according to an April 3 report by the newspaper, which cited four people with knowledge of the plan.

Under the Digital Services Act, which came into law in October 2022 to police social media companies and “prevent illegal and harmful activities online,” companies can be fined up to 6% of global revenue for violations.

A spokesman for the European Commission, the bloc’s executive branch, declined to comment on this case to The New York Times but did say it would “continue to enforce our laws fairly and without discrimination toward all companies operating in the EU.”

In a statement, X’s Global Government Affairs team said that if the reports about the EU’s plans are accurate, it “represents an unprecedented act of political censorship and an attack on free speech.”

“X has gone above and beyond to comply with the EU’s Digital Services Act, and we will use every option at our disposal to defend our business, keep our users safe, and protect freedom of speech in Europe,” X’s global government affairs team said.

European Union, Elon Musk — *Source:* *Global Government Affairs*

Along with the fine, the EU regulators could reportedly demand product changes at X, with the full scope of any penalties to be announced in the coming months.

Still, a settlement could be reached if the social media platform agrees to changes that satisfy regulators, according to the Times.

One of the officials who spoke to the Times also said that X is facing a second investigation alleging the platform’s approach to policing user-generated content has made it a hub of illegal hate speech and disinformation, which could result in more penalties.

X EU investigation ongoing since 2023

The EU investigation began in 2023. A preliminary ruling in July 2024 found X had violated the Digital Services Act by refusing to provide data to outside researchers, provide adequate transparency about advertisers, or verify the authenticity of users who have a verified account.

X responded to the ruling with hundreds of points of dispute, and Musk said at the time he was offered a deal, alleging that EU regulators told him if he secretly suppressed certain content, X would escape fines.

Thierry Breton, the former EU commissioner for internal market, said in a July 12 X post in 2024 that there was no secret deal and that X’s team had asked for the “Commission to explain the process for settlement and to clarify our concerns,” and its response was in line with “established regulatory procedures.”

Musk replied he was looking “forward to a very public battle in court so that the people of Europe can know the truth.”

Magazine: XRP win leaves Ripple a ‘bad actor’ with no crypto legal precedent set

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Coinbase Institutional files for XRP futures trading with CFTC

Published

3 hours ago

April 4, 2025

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Coinbase Institutional files for XRP futures trading with CFTC

US crypto exchange Coinbase has filed with the US Commodity Futures Trading Commission (CFTC) to launch futures contracts for Ripple’s XRP token.

“We’re excited to announce that Coinbase Derivatives has filed with the CFTC to self-certify XRP futures — bringing a regulated, capital-efficient way to gain exposure to one of the most liquid digital assets,” stated Coinbase Institutional on April 3.

The firm added that it anticipates the contract going live on April 21.

According to the certification filing, the XRP (XRP) futures contract will be a monthly cash-settled and margined contract trading under the symbol XRL.

The contract tracks XRP’s price and is settled in US dollars. Each contract represents 10,000 XRP, currently worth about $20,000 at $2 per token.

Contracts can be traded for the current month and two months ahead, and trading will be paused as a safety measure if spot XRP prices move more than 10% in an hour.

“The exchange has spoken with FCMs (Futures Commission Merchants) and market participants who support the decision to launch a XRP contract,” the firm stated.

Coinbase is not the first to launch XRP futures in the United States. In March, Chicago-based crypto exchange Bitnomial announced the launch of the “first-ever CFTC-regulated XRP futures in the US.”

XRP futures trading is available on many of the world’s leading centralized crypto exchanges, such as Binance, OKX, Bybit and BitMEX.

Funding rates remain negative

In late March, Cointelegraph reported that XRP derivatives’ funding rates had flipped negative as investor sentiment turned bearish.

Funding rates are periodic payments between traders in perpetual futures markets that help keep the futures price aligned with the spot price. Positive funding rates mean that long traders (buyers) pay short traders, while negative funding rates mean short traders (sellers) pay long traders.

When funding rates go negative, it means short traders are willing to pay a premium to maintain their positions, indicating strong conviction from bearish derivatives traders.

XRP funding rates remained negative on major derivatives exchanges as of April 4, according to CoinGlass.

Magazine: XRP win leaves Ripple a ‘bad actor’ with no crypto legal precedent set

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Binance co-founder Changpeng Zhao to advise Kyrgyzstan on blockchain tech

Published

7 hours ago

April 4, 2025

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Binance co-founder Changpeng Zhao to advise Kyrgyzstan on blockchain tech

Former Binance CEO Changpeng “CZ” Zhao will begin advising the Kyrgyz Republic on blockchain and crypto-related regulation and tech after signing a memorandum of understanding with the country’s foreign investment agency.

“I officially and unofficially advise a few governments on their crypto regulatory frameworks and blockchain solutions for gov efficiency, expanding blockchain to more than trading,” the crypto entrepreneur said in an April 3 X post, adding that he finds this work “extremely meaningful.”

His comments came in response to an earlier X post from Kyrgyzstan President Sadyr Zhaparov announcing that Kyrgyzstan’s National Investment Agency (NIA) had signed a memorandum with CZ to provide technical expertise and consulting services for the Central Asian country.

The NIA is responsible for promoting foreign investments and assisting international companies in identifying business opportunities within the country.

“This cooperation marks an important step towards strengthening technological infrastructure, implementing innovative solutions, and preparing highly qualified specialists in blockchain technologies, virtual asset management, and cybersecurity,” Zhaparov said.

The Kyrgyzstan president added: “such initiatives are crucial for the sustainable growth of the economy and the security of virtual assets, ultimately generating new opportunities for businesses and society as a whole.”

Kyrgyzstan, which officially changed its name from the Republic of Kyrgyzstan to the Kyrgyz Republic in 1993, is a mountainous, land-locked country.

It is considered well-suited for crypto mining operations due to its abundant renewable energy resources, much of which is underutilized.

Over 30% of Kyrgyzstan’s total energy supply comes from hydroelectric power plants, but only 10% of the country’s potential hydropower has been developed, according to a report by the International Energy Agency.

CZ has met with several other state officials in Asia

Malaysia also recently tapped CZ for guidance on crypto-related matters, with Prime Minister Anwar Ibrahim meeting him personally in January.

CZ has also met with officials in the UAE and Bitcoin-stacking country Bhutan — however, it isn’t clear what those meetings entailed.

CZ’s latest pursuits come a little over six months after he was released from a four-month prison sentence in the US for violating several anti-money laundering laws.

Since being released, CZ has made investments in blockchain tech, artificial intelligence and biotechnology companies.

CZ also recently donated 1,000 BNB (BNB) — worth almost $600,000 — to support earthquake relief efforts in Thailand and Myanmar after the natural disaster in late April.

Magazine: Financial nihilism in crypto is over — It’s time to dream big again