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Fresh from Donald Trump’s victory party at his Mar-a-Lago estate in Florida, it is an emboldened Nigel Farage who meets us at his latest Reform conference in Newport, South Wales.

“What a win!” He chirps, as the cameras are set up.

To be clear: Nigel Farage is not on the brink of becoming the next British prime minister, but there are undoubtedly parallels between the Reform leader and the US president-elect.

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Both men are trying to tap into disillusioned “left behind” voters, both men are cutting through in rural communities and former industry heartlands. There are red MAGA hats on show at the Reform conference on Friday.

But once the cameras are rolling, and I ask about criticism that he is not spending enough time in his constituency of Clacton, Mr Farage’s mood shifts.

He is undeniably testy. “How much time does Keir Starmer spend in his constituency?” he shoots back, when I ask about missed budget votes while he was in the US.

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I remind him he is not yet prime minister.

“I have bought a house in Clacton! What more do you want!”

Behind the scenes though, someone close to Mr Farage tells me he is struggling with the balance of being a constituency MP, leading Reform and pre-agreed (paid) commitments in the US.

“I honour the commitments, they were already there” he tells me, “I’ve taken far less on for next year”.

Nigel Farage at the Reform UK Welsh Conference at the Celtic Manor hotel in Newport. Pic: PA
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Nigel Farage at the Reform UK Welsh Conference at the Celtic Manor hotel in Newport. Pic: PA

After our interview, a source close to him said: “Nigel has been to Clacton more than 10 times since being elected. Has kept his promise to have a property in the constituency. Writes a weekly column for the Clacton Gazette (10 weeks in a row). And is having two further visits next week.”

Another interesting, and at times uncomfortable, part of the interview is when I ask about Donald Trump’s position on Ukraine.

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Trump shouts out to ‘friend’ Nigel Farage

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Mr Farage tells me there need to be “concessions on both sides”.

When I push on whether that means Ukrainians making territorial concessions he tells me: “I’m not playing your silly game.”

He may well be wary of the backlash he faced in the election campaign for suggesting the West “provoked” Russia’s invasion of Ukraine by expanding eastwards. He did say the war was “of course” President Putin’s fault.

But in truth it is not Mr Farage’s foreign, but his domestic policy that is what has brought people here on Friday.

The NHS, cost of living and immigration are the issues that come up again and again, and people here think the Reform leader has the answers: “He is just different,” one member says.

The Reform party clearly spots an opportunity in Wales. It won 16.9% of the vote share here, and launched its manifesto (or what it calls its “contract”) in Merthyr Tydfil.

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Despite winning no seats, they received a greater share of the vote than the Liberal Democrats and Plaid Cymru.

Mr Farage’s team tell me he could win “20-plus” seats at the Senedd elections in 2026.

The elections for the Welsh parliament are part of Reform’s masterplan, a spring board for more coverage and ultimately more power.

After the interviews he bounces up for his seat and heads out to address the conference rally. The thousand or so members here can’t contain their excitement: for all the warm up acts, they’ve come here for one man.

In the confines of the Newport conference hall, Nigel Farage is preaching to the choir. His base has always been solid, whether he can really replicate something similar to Trump’s success is a very different question.

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

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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

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Coinbase Institutional files for XRP futures trading with CFTC

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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

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

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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.

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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.

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