Jess Phillips hits back at Elon Musk and says he should ‘crack on with getting to Mars’

Published

3 months ago

January 7, 2025

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Jess Phillips has said she has “more important things to be thinking about” than Elon Musk after he accused her of being a “rape genocide apologist”.

The safeguarding minister has hit back at the billionaire’s criticism of her for the first time, telling Sky’s political editor Beth Rigby on the Electoral Dysfunction podcast that his claims are “ridiculous” and she will be led by what victims have to say, not him.

Politics Live: Elon Musk attacks ‘evil’ Starmer

Mr Musk made the comments after Ms Phillips denied a request for the Home Office to lead a public inquiry into child sexual exploitation in Oldham, saying it should be done at a local level.

The town in Greater Manchester was one of a number of areas where girls as young as 11 were groomed and raped over a decade ago in a national scandal that was exposed in 2013.

Mr Musk’s comments have sparked a political row – with the Tories and Reform UK now calling for a new public inquiry into grooming gangs.

Ms Phillips said that the world’s richest man, who owns SpaceX and is the CEO of Tesla, should “crack on with this ‘getting to Mars'” instead of wading into UK politics.

“You know, Elon Musk is going to [do] Elon Musk. I’ve got bigger and more important things to be thinking about,” she added.

She said she has dedicated her working life to combating child exploitation and it was “painful” to watch it become a “political football”.

There has already been a seven-year national inquiry into child abuse in England and Wales, which the Conservatives commissioned in 2015 and which looked at grooming gangs, as well as abuse in places like schools and the church.

The investigation, chaired by Professor Alexis Jay, concluded in 2022 but none of its recommendations have been implemented.

Child exploitation becoming ‘political football’

Ms Phillips, who has sat in courtrooms with girls who were groomed, said she was “really angry” at people “now claiming to be the virtuous flag bearers of these victims”, having not spoken on the issue before.

“These sudden demands by the Tories, ridiculous statements made about me and my government by a man thousands of miles away, it’s really painful when you know what I know,” she said.

“It’s painful to watch it become a political football rather than an actual attempt to really do something.”

She specifically called out Tory leader Kemi Badenoch for declaring 2025 as the year victims should get justice, given her party spent the past 14 years in government.

“Funnily enough, this all started about an Oldham inquiry, which a government she was part of also said should be done locally.

“And the fact that Kemi Badenoch is reacting to something that Elon Musk has said… I am reacting to things that victims say to me.”

Taking aim at other senior Tories pushing for a national inquiry, she added: “I’ve never seen Kemi Badenoch, Chris Philp, Robert Jenrick in any of the meetings that I’ve been in over the years trying to advance policy on this.”

Summit of council leaders announced

Ms Phillips went on to announce that the Labour government is planning to hold a summit of council leaders in areas where a local inquiry on child exploitation, such as that which happened in Telford, may be needed.

The Birmingham Yardley MP said this would “ensure that what I saw that worked [in Telford] can happen everywhere”.

“I’m interested in children being safe tomorrow, not whether my political seat is safe,” she added.

On the government announcing a new victims and survivors panel to sit within the Home Office, Ms Phillips said this was always part of their plan but the Musk “furore” has elevated it.

It was among a package of measures unveiled by Home Secretary Yvette Cooper on Monday, including making it a criminal offence if professionals who work with children fail to report claims of abuse.

This will be introduced in the spring as part of the Crime and Policing Bill, and was a key recommendation of the Jay Review.

Other suggestions from the review to be implemented include making grooming an aggravating factor in the sentencing of child sexual offences and creating a new performance framework for policing exploitation.

However, there is no timeline for when all 20 recommendations will be put in place, Number 10 admitted today.

The prime minister’s official spokesperson said the final 2022 report was “not acted on by the last government” so this one is “working at pace” and “will provide any updates in due course”.

Prof Jay earlier told the BBC that victims “clearly want action” and do not need a new national inquiry into grooming gangs, as she too hit out at the “politicisation of child sexual exploitation”.

And on Monday Prime Minister Sir Keir Starmer accused Mr Musk and others of “spreading lies and misinformation”, about grooming gangs, saying “a line has been crossed” with the attacks on Ms Phillips, who has received threats.

Later in the podcast interview, Ms Phillips said Mr Musk’s comments had put her safety at risk, saying there was a difference between “robust debate” and spreading misinformation.

“If you have misinformation, you have to think about the consequences of what that does. And one of those consequences is a risk to members of parliament.”

You can listen to Beth’s full interview with Jess Phillips in Electoral Dysfunction on Friday.

Politics

Crypto industry is not experiencing regulatory capture — Attorney

Published

5 hours ago

April 19, 2025

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Crypto industry is not experiencing regulatory capture — Attorney

Brandon Ferrick, general counsel at Douro Labs, said that the Securities and Exchange Commission’s (SEC) openness to public input on crypto policy and their roundtable discussions are positive signs that the crypto industry is not currently experiencing regulatory capture.

In an interview with Cointelegraph, Ferrick identified signs of regulatory capture including, a public-to-private sector revolving door of employees, the same roster of attendees at regulatory events, and special treatment given to certain crypto projects. However, Ferrick added:

“The reason why I am not worried today is that a lot of what you’re seeing from the regulatory side, like the SEC, for example, is totally open, public, and there are available opportunities to have conversations with the regulators about changing or thinking about the regulatory structures.”

“[The SEC] has a public portal where you can just submit written commentary on your thoughts for the crypto regulatory environment, and you can schedule meetings with them,” the attorney continued.

As the crypto industry becomes more integrated with the traditional financial system and engages state regulators more, some analysts and executives are worried that the industry is experiencing regulatory capture that will skew incentives and politicize the burgeoning crypto sector.

SEC hosts several roundtable discussions on crypto policy

The SEC has hosted several crypto roundtable discussions and panels, with more slated in the coming months — a sharp contrast from the agency’s regulation-by-enforcement approach under former SEC chairman Gary Gensler.

On March 21, the regulatory agency hosted its first crypto roundtable, which featured crypto industry executives, SEC officials, and even opponents of the crypto industry.

Former SEC official John Reed Stark was highly critical of the industry and opposed comprehensive regulatory reform, arguing that digital assets must comply with existing securities laws.

The SEC’s April 11 roundtable focused on trading rules and included a different set of panelists, including representatives from Uniswap and Coinbase.

The next SEC panel will occur on April 25 and focus on establishing guidelines for crypto custodians and other firms holding crypto on behalf of customers.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered

Politics

UK firm buys $250M Bitcoin as analysts eye quiet Easter weekend

Published

8 hours ago

April 19, 2025

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UK firm buys 0M Bitcoin as analysts eye quiet Easter weekend

Whales and institutions are increasing their Bitcoin holdings ahead of Easter, as market analysts predict a weekend with less volatility after two weeks of heightened volatility driven by escalating global trade tensions.

London-based investment firm Abraxas Capital acquired 2,949 Bitcoin (BTC) worth more than $250 million during the four days leading up to April 19.

In the latest transaction, the firm bought over $45 million worth of Bitcoin from Binance on April 18, according to crypto intelligence firm Lookonchain, citing Arkham Intelligence data.

UK firm buys $250M Bitcoin as analysts eye quiet Easter weekend — *Source: Arkham Intelligence,* *Lookonchain*

The investment came days after Michael Saylor’s Strategy bought $285 million worth of Bitcoin at an average price of $82,618 per BTC, as the world’s largest corporate Bitcoin holders signal continued confidence in Bitcoin, amid global tariff uncertainty.

Large Bitcoin investors, or whales, continue accumulating, absorbing over 300% of Bitcoin’s yearly issuance as exchanges continue losing coins at a historic pace, Cointelegraph reported on April 18.

Crypto analysts eye quiet Easter weekend after weeks of turmoil

Despite continued accumulation from whales and institutions, volatility concerns were raised by significant movements from the medium-term Bitcoin cohort, which holds coins for an average of three to six months.

Over 170,000 Bitcoin entered circulation from the medium-term cohort, a development that may signal “imminent” crypto market volatility, according to pseudonymous CryptoQuant analyst Mignolet.

“The effect of this metric on LTF moves is overstated as large onchain movement of coins hardly ever affects weekend price action since it’s not on liquid markets or CEX markets,” analysts at Bitfinex exchange told Cointelegraph, adding:

“It is important to note that funding rates remain relatively flat currently. Moreover, US markets are closed as we have a long weekend for Easter, so volatility could be suppressed barring headlines from the White House.”

Marcin Kazmierczak, chief operating officer of RedStone Oracles, added that the recent movements may be operational transfers, not necessarily signs of imminent selling pressure.

Still, concerns over weekend volatility have been amplified over the past two weeks after the Mantra (OM) token’s price collapsed by over 90% on Sunday, April 13, from roughly $6.30 to below $0.50, triggering market manipulation allegations and highlighting “critical” liquidity issues in the industry.

Two weeks ago, on April 6, Bitcoin fell below $75,000 on Sunday, as investor concerns spread from a record-breaking $5 trillion sell-off from the S&P 500, its largest on record.

The correction was caused by Bitcoin’s 24/7 trading availability, which made it the only large liquid asset available for de-risking on Sunday, Blockstream CEO Adam Back told Cointelegraph.

“On a weekend, there’s not much volume. So you have a worse risk of rapid sort of flash crashes or flash dips that get filled in again,” he said.

Magazine: Bitcoin ATH sooner than expected? XRP may drop 40%, and more: Hodler’s Digest, March 23 – 29

Politics

Crypto, DeFi may widen wealth gap, destabilize finance: BIS report

Published

10 hours ago

April 19, 2025

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Crypto, DeFi may widen wealth gap, destabilize finance: BIS report

The growing adoption of cryptocurrencies may pose risks to the traditional financial system and exacerbate wealth inequality, according to the Bank for International Settlements (BIS).

In an April 15 report, the BIS warned that the number of investors and amount of capital in crypto and decentralized finance (DeFi) have “reached a critical mass,” with investor protection becoming a “significant concern for regulators.”

The size of the crypto market signals that authorities should be worried about the “stability of crypto over and above the role it may have for TradFi and the real economy,” the report states, highlighting the role of stablecoins, which the BIS said have “become the means through which participants transfer value within crypto.”

The report calls for targeted stablecoin regulation on stability and reserve asset requirements that will guarantee the redemption of stablecoins for US dollars during “stressed market conditions.”

The report comes two weeks after the US House Financial Services Committee passed the Stablecoin Transparency and Accountability for a Better Ledger Economy, or STABLE Act, with a 32–17 vote on April 2.

Cryptocurrencies, Banking, Banks, Central Bank, Bitcoin Price, Investments, Bitcoin Regulation, United States, BIS, Stablecoin, Cryptocurrency Investment, Bitcoin Adoption — *Source:* *Financial Services GOP*

The STABLE Act aims to create a clear regulatory framework for dollar-denominated payment stablecoins, emphasizing transparency and consumer protection.

On March 13, the GENIUS Act, short for Guiding and Establishing National Innovation for US Stablecoins, passed the Senate Banking Committee by a vote of 18–6. The act aims to establish collateralization guidelines and require full compliance with Anti-Money Laundering laws from stablecoin issuers.

Crypto may exacerbate wealth gap

The BIS also raised concerns about how crypto markets may worsen income inequality by enabling larger investors to capitalize on the emotions of less sophisticated retail participants, as seen during the FTX collapse in 2022.

“As prices tumbled in 2022, users actually traded more,” the BIS report noted. “Most disturbingly, large bitcoin holders (“whales”) were selling as ordinary retail investors (“krill”) were buying.” It added:

“This implies that the crypto market, which is often presented as an opportunity for inclusive growth and financial stability, can be a means for redistributing wealth from the poorer to the wealthier.”

The report concludes that DeFi and TradFi have similar underlying economic drivers, but DeFi’s “distinctive features,” like “smart contract and composability,” present new challenges that need proactive regulatory interventions to “safeguard financial stability, while fostering innovation.”