Connect with us

Published

on

There was general agreement at the Institute for Government’s Annual conference last week that it would be a good thing for Britain if this year’s election campaign is not “dirty”.

This highfalutin notion was shot down in seconds with equally universal assumption by the assembled politicians and policy wonks that “that is not going to happen”.

A clean campaign would concentrate on policies and competence.

A dirty campaign is built around slurs, distortions and untruths, with those competing for votes slinging mud at each other.

A lot of factors, headed by booming social media, are coming together to suggest that this year we may see one of the dirtiest election campaigns ever.

The IFG delegates had to wait less than a day for their forebodings to come true. There might have been a lot to talk about at Prime Minister’s Questions.

The Rwanda (Asylum and Immigration) bill struggling through parliament. The world order threatened by ongoing conflicts in Ukraine, Gaza, Israel and the Red Sea.

Record NHS waiting lists are the public’s number one concern. The chancellor is contemplating two rounds of tax cuts.

But no, the leader of the opposition chose to exchange personal insults, much of it based on dubious content circulating on smartphones.

Rishi Sunak  during PMQs
Image:
Rishi Sunak responds to Sir Keir Starmer during PMQs

Fair’s fair, Sir Keir Starmer started it this time, but Rishi Sunak had a well-stocked pile to fling back.

Starmer opened up referring to a couple of brief unofficial clips posted online. One showing the prime minister “collapsing in laughter when he was asked by a member of the public about the NHS waiting lists”.

The other “accidentally record[ing] a candid video for Nigel Farage“.

Sunak, who seldom passes up a chance to brand Starmer as a lefty London lawyer, shot back that he is “the man who takes the knee, who wanted to abolish the monarchy, and who still does not know what a woman is”.

Previously Starmer “chose to represent a now-proscribed terrorist group” Hizb ut-Tahrir, and “served” Jeremy Corbyn.

Keir Starmer during PMQs
Image:
Sir Keir Starmer during PMQs

Both men knew that the insults they were sticking on each other were essentially unjustified distortions of the other, but that was what they chose to put on the national agenda at the most scrutinized moment of the political week.

Starmer has explicitly changed his party and his previous positions.

Under scrutiny, he has clarified and explained each of the specific acts detailed. It is a core principle of British justice that advocates are not surrogates for their clients.

Sunak was not laughing at the people he was talking to and spoke to them properly after the end of the clip.

The alleged greeting to Farage was repurposing an online meme which allows any name, in this case “Nigel”, to be put into the prime minister’s mouth.

Neither Sunak nor Starmer are classic alpha males.

Sunak comes across as a whiny or petulant geek, Starmer seems hesitant, overcautious and inclined to blame others.

Please use Chrome browser for a more accessible video player

Starmer pushes PM on childcare

Perhaps this is why they feel the need to overcompensate by acting rough and tough. Sir Ed Davey, the Liberal Democrat leader, also has his moments of fabricated machismo.

The leaders set the tone and their petulance has been picked up in the campaigning efforts of their underlings and supporters.

Prime minister Boris Johnson took up an online distortion that Starmer had failed, when he was director of public prosecutions, to take action against Jimmy Savile.

This prompted the senior Downing Street aide Munira Mirza to resign protesting that this was “not the normal cut and thrust of politics”.

It soon would be. Labour cited Johnson’s attack as justification for their later personalised digital poster attacks on Rishi Sunak including the smear that he “doesn’t think adults convicted of sexually abusing children should go to prison”.

Labour attack ad on Rishi Sunak
Image:
Labour published an attack advert on social media targeting Rishi Sunak last year. Pic: Labour/X

Since then Keir Starmer has gone out of his way not to back down or apologise; following the code of the playground he promises to punch back hard against any attacks.

At the start of election year he rejected an invitation from Beth Rigby to take up Michelle Obama’s famous recommendation: “When they go low, we go high”.

Instead, he told Sky News’ political editor: “If they want to go with fire, we will meet their fire with fire”.

Please use Chrome browser for a more accessible video player

‘We will meet their fire with fire’

Donald Trump crafts insults – Lyin’ Ted, Sleepy Joe, Ron DeSanctimonious – with cruel genius and gets away with fabulations.

There is only one Trump; honest political strivers should not try to copy him.

Opinion polls after personalised attacks usually show that support for both sides goes down, though more for the target than the attacker.

This should give all the party leaders something to think about, especially since public respect for politicians is at a record low and a low or differential turnout could be a major factor.

Starmer needs to mobilise enthusiasm for his leadership, not dent it. Sunak’s standing is already low and doesn’t want to drop further.

Labour's latest Sunak attack ad
Image:
Labour’s attack advert targeting Sunak was published on the Conservative Home website earlier this year. Pic: Conservative Home

This government raised spending limits for the election campaign to £35m. Much of it will go on direct messaging to voters – which is harder to police than election broadcasts and billboards.

During the 2019 campaign, the Conservatives spent over a million on Facebook, much of it on messages disparaging Jeremy Corbyn.

Both Labour and Conservatives are already spending over a million a month on Facebook advertising.

Then there is what partisan supporters choose to put up on social media independently.

Labour has already advised its supporters to use humour.

Click to subscribe to the Sky News Daily wherever you get your podcasts

Even without explicitly taking sides humourists such as Coldwar Steve and Trumpton, liked and retweeted, can make some political weather, often by lowering the tone.

Political propagandising is much more equal opportunity than it used to be. Anyone can post.

On the other hand, the newspapers and other mainstream media no longer have a near monopoly.

In 1997 when The Sun ran its famous “Nightmare on Kinnock Street” and “Will the Last Person to Leave Britain Please Turn Off the Lights” attacks on Labour, the paper’s circulation was 3.9 million.

The Conservative Party display their new poster campaign by driving them past the Houses of Parliament in central London.
Image:
The Conservative Party’s poster campaign attacking Gordon Brown during the 2010 election. Pic: PA

Read more from Sky News:
No clear alternative to Sunak as party leader among 2019 Tory voters, poll suggests
Post-Brexit trade talks with Canada paused amid row over beef and cheese

The last official figures released were 1.2 million in 2020.

Poster launches used to be major events in political campaigning, but who would bother with them today?

There are some worthwhile lessons to be learned from the classics.

The Saatchi brothers are celebrated for their attacking of billboards: Labour isn’t working, Labour’s tax bombshell and Labour’s Policy on Arms (showing a combat soldier surrendering hands up).

Each of these were masterpieces of wit and effort compared to the Conservatives’ adoption of the BBC newsreader caught giving the finger for “Labour when you ask for their plans to tackle immigration”.

The Saatchis’ best work riffed with precision on policy rather than personal insults.

When the Conservatives tried that with their “New Labour, New Danger” demon eyes poster it misfired; it was difficult to convincingly portray Blair as a devil when other Conservative sources were attacking him as an inexperienced Bambi.

The Conservative Central Office unveiled their latest pre-election campaign weapon, a poster depicting Tony Blair with demonic eyes.
Image:
The Conservative Central Office’s 1996 poster depicting Tony Blair with demonic eyes. Pic: Conservative Central Office

Labour boobed depicting Cameron as a cute bicycling chameleon.

The most effective attacks at PMQs cut directly to the political issues facing the voters, rather than scuffling around in their past record for something compromising.

Mrs Thatcher struck directly and seemingly spontaneously at Michael Foot: “Afraid of an election is he? Afraid? Frightened? Frit?”.

“Weak, weak, weak,” Tony Blair gutted John Major. “You were the future once.”

Sunak, Starmer and their teams of advisors have yet to produce anything as authentic.

Something which would crystallise the political moment.

Instead, they and we can look forward to a year in the dirt as they scrabble around trying to find it.

Continue Reading

Politics

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

Published

on

By

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

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.

Related: Musk says he found ‘magic money computers’ printing money ‘out of thin air’

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.”

European Union, Elon Musk

Source: Thierry Breton

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

Continue Reading

Politics

Coinbase Institutional files for XRP futures trading with CFTC

Published

on

By

Coinbase Institutional files for XRP futures trading with CFTC

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. 

Related: XRP funding rate flips negative — Will smart traders flip long or short?

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. 

Coinbase Institutional files for XRP futures trading with CFTC

XRP OI-weighted funding rates. Source: CoinGlass

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

Continue Reading

Politics

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

Published

on

By

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

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.

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

Source: Changpeng Zhao

“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.

Related: Is Bitcoin’s future in circular economies or national reserves?

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

Continue Reading

Trending