Starmer to put Labour’s position on Israel-Hamas war to potential vote amid rebellion concerns
Labour will put forward an amendment to parliament on Wednesday that will give MPs a vote on the Israel-Hamas war, the party has said.
The amendment will condemn the Hamas attacks on Israel on October 7, call for the immediate release of all hostages and “reaffirm Israel’s right to defend its citizens from terrorism”.
But it will also say there has been “far too many deaths of innocent civilians and children” in Gaza and call on Israel to protect hospitals and lift its blockade of the 25-mile strip.
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The amendment will call for “longer humanitarian pauses” to deliver humanitarian assistance “on a scale that begins to meet the desperate needs of the people of Gaza”, calling this “a necessary step to an enduring cessation of fighting as soon as possible”.
It comes amid concerns some Labour MPs could be tempted to vote for a rival SNP amendment that would expose divisions within the party by going further and calling for a ceasefire.
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Why does SNP want a ceasefire?
So far, Labour leader Sir Keir Starmer has consistently called for a humanitarian pause in the war for aid to reach Palestinians, but has rejected calls for him to demand a ceasefire.
A Labour spokesperson said their amendment “reaffirms the position” set out by Sir Keir and reflected the party’s concerns regarding the status of Israeli hostages, the “insufficient” amount of aid and utilities entering and being distributed in Gaza, the scale of civilian casualties and the amount of violence on the West Bank.
The spokesperson hinted that if the House of Commons Speaker selects the party’s amendment, Labour MPs will be ordered to abstain on the SNP amendment.
“We’re not going to be engaging with the party political game-playing by the SNP in parliament,” they said.
Labour has been divided over its approach to the conflict, with numerous backbenchers and shadow ministers calling for a ceasefire.
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‘Is ceasefire issue tearing Labour apart?’
But the leadership has stood by its own calls for so-called humanitarian pauses to allow aid and supplies to get into the Gaza Strip – echoing the position of the government.
The discord within Labour has been ramped up by the prospect of the SNP amendment being presented to parliament on Wednesday, giving all MPs an opportunity to vote in favour of a ceasefire – if it is selected by the Speaker.
Such a vote could highlight the level of upset on Sir Keir’s backbenches, with rumours even shadow ministers could rebel against Labour’s official position.
Labour insiders made it clear to Sky News’ political editor Beth Rigby that if frontbenchers defied the party position and voted with the SNP, they would have to stand down.
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Shadow business secretary Jonathan Reynolds effectively confirmed this on Tuesday evening, telling the Politics Hub with Sophy Ridge: “We would expect people to vote for the Labour position. That’s why we’re putting the Labour position forward.
“Disciplinary issues are obviously for the chief whip and not for me to announce on television, but we would expect Labour frontbenchers to support the Labour position.”
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‘We would expect Labour frontbenchers to support the Labour position’
One Labour source also told Sky News: “The order at the moment is if you’re on the frontbench and you vote for [the SNP amendment] you won’t be on the frontbench anymore.”
Another party source said a number of shadow ministers may resign in advance, adding: “Maybe [a Labour amendment] will be enough for some, but it won’t be enough for a lot.”
But it doesn’t appear to be stopping backbenchers from offering their support to the SNP motion.
Former shadow chancellor John McDonnell told Sky News: “I will be voting along with several colleagues for a ceasefire and therefore for the SNP amendment if no other is called by the Speaker.
“I don’t think he will call any other but the SNP’s so I will be voting for that.”
SNP sources have said Wednesday’s vote would not be a one-off, and they would keep up the pressure on Sir Keir and his MPs to back a ceasefire – drawing a dividing line between the two parties.
Bitcoin’s latest pullback may already be bottoming out, with asset manager Grayscale arguing that the market is on track to break the traditional four-year halving cycle and potentially set new all-time highs in 2026.
Some indicators are already pointing to a local bottom, not a prolonged drawdown, including Bitcoin’s (BTC) elevated option skew rising above 4, which signals that investors have already hedged “extensively” for downside exposure.
Despite a 32% decline, Bitcoin is on track to disrupt the traditional four-year halving cycle, wrote Grayscale in a Monday research report. “Although the outlook is uncertain, we believe the four-year cycle thesis will prove to be incorrect, and that Bitcoin’s price will potentially make new highs next year,” the report said.
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Still, Bitcoin’s short-term recovery remains limited until some of the main flow indicators stage a reversal, including futures open interest, exchange-traded fund (ETF) inflows and selling from long-term Bitcoin holders.
US spot Bitcoin ETFs, one of the main drivers of Bitcoin’s momentum in 2025, added significant downside pressure in November, racking up $3.48 billion in net negative outflows in their second-worst month on record, according to Farside Investors.
More recently, though, the tide has started to turn. The funds have now logged four consecutive days of inflows, including a modest $8.5 million on Monday, suggesting ETF buyer appetite is slowly returning after the sell-off.
While market positioning suggests a “leverage reset rather than a sentiment break,” the key question is whether Bitcoin can “reclaim the low-$90,000s to avoid sliding toward mid-to-low-$80,000 support,” Iliya Kalchev, dispatch analyst at digital asset platform Nexo, told Cointelegraph.
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Fed policy and US crypto bill loom as 2026 catalysts
Crypto market watchers now await the largest “swing factor,” the US Federal Reserve’s interest rate decision on Dec. 10. The Fed’s decision and monetary policy guidance will serve as a significant catalyst for 2026, according to Grayscale.
Markets are pricing in an 87% chance of a 25 basis point interest rate cut, up from 63% a month ago, according to the CME Group’s FedWatch tool.
Later in 2026, Grayscale said continued progress toward the Digital Asset Market Structure bill may act as another catalyst for driving “institutional investment in the industry.” However, for more progress to be made, crypto needs to remain a “bipartisan issue,” and not turn into a partisan topic for the midterm US elections.
That effort effectively began with the passage of the CLARITY Act in the House of Representatives, which moved forward in July as part of the Republicans’ “crypto week” agenda. Senate leaders have said they plan to “build on” the House bill under the banner of the Responsible Financial Innovation Act, aiming to set a broader framework for digital asset markets.
The bill is currently under consideration in the Republican-led Senate Agriculture Committee and the Senate Banking Committee. Senate Banking Chair Tim Scott said in November that the committee planned to have the bill ready for signing into law by early 2026.
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Poland’s President Karol Nawrocki declined to sign a bill imposing strict regulations on the crypto asset market, drawing praise from the crypto community and sharp criticism from others in the government.
Nawrocki vetoed Poland’s Crypto-Asset Market Act, saying its provisions “genuinely threaten the freedoms of Poles, their property, and the stability of the state,” according to a statement by the president’s press office on Monday.
Introduced in June, the bill has drawn criticism from industry advocates such as Polish politician Tomasz Mentzen, who had anticipated the president’s refusal to sign it as it cleared parliamentary approval.
Although crypto advocates welcomed the veto as a win for the market, several government officials condemned the move, claiming the president had “chosen chaos” and must bear full responsibility for the outcome.
Why the president vetoed the bill
One of the main reasons cited for the veto was a provision allowing authorities to easily block websites operating in the crypto market.
“Domain blocking laws are opaque and can lead to abuse,” the president’s office said in an official news release.
The president’s office also cited the bill’s widely criticized length, saying its complexity reduces transparency and would lead to “overregulation,” especially when compared with simpler frameworks in the Czech Republic, Slovakia and Hungary.
“Overregulation is an easy way to drive companies to the Czech Republic, Lithuania or Malta, rather than create conditions for them to operate and pay taxes in Poland,” the president said.
Nawrocki also highlighted the excessive amount of supervisory fees, which may prevent startup activity and favor foreign corporations and banks.
“This is a reversal of logic, killing off a competitive market and a serious threat to innovation,” he said.
Critics jump in: “The president chose chaos”
Nawrocki’s veto has triggered a strong backlash from top Polish officials, including Finance Minister Andrzej Domański and Deputy Prime Minister and Minister of Foreign Affairs Radosław Sikorski.
Domański warned on X that “already now 20% of clients are losing their money as a result of abuses in this market,” accusing the president of having “chosen chaos” and saying he bears full responsibility for the fallout.
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Sikorski echoed the concern, saying that the bill was supposed to regulate the crypto market. “When the bubble bursts and thousands of Poles lose their savings, at least they will know who to thank,” Sikorski argued on X.
Crypto advocates, including Polish economist Krzysztof Piech, quickly pushed back, arguing that the president cannot be held responsible for authorities failing to pursue scammers.
He also noted that the European Union’s Markets in Crypto-Assets Regulation (MiCA) is set to provide investor protections across all EU member states starting July 1, 2026.
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The US Federal Deposit Insurance Corporation will propose a framework for implementing US stablecoin laws later this month, according to its acting chair, Travis Hill.
“The FDIC has begun work to promulgate rules to implement the GENIUS Act; we expect to issue a proposed rule to establish our application framework later this month,” Hill said in prepared testimony to be delivered on Tuesday to the House Financial Services Committee.
He added the agency will also have a “proposed rule to implement the GENIUS Act’s prudential requirements for FDIC-supervised payment stablecoin issuers early next year.”
President Donald Trump signed the GENIUS Act in July, which created oversight and licensing regimes for multiple regulators, with the FDIC to police the stablecoin-issuing subsidiaries of the institutions it oversees.
The FDIC insures deposits in thousands of banks in the event that they fail, and under the GENIUS Act, it will also be tasked with making “capital requirements, liquidity standards, and reserve asset diversification standards” for stablecoin issuers, said Hill.
Federal agencies, such as the FDIC, publish their proposed rules for public feedback, and they then review and respond to the input, if necessary, before publishing a final version of the rules, a process that can take several months.
Related: Republicans urge action on market structure bill over debanking claims
The Treasury, which will also regulate some stablecoin issuers, including non-banks, began its implementation of the GENIUS Act in August and finished a second period of public comment on its implementation proposal last month.
FDIC is working on tokenized deposit guidelines
Hill said in his remarks that the FDIC has also considered recommendations published in July by the President’s Working Group on Digital Asset Markets.
“The report recommends clarifying or expanding permissible activities in which banks may engage, including the tokenization of assets and liabilities,” Hill said.
“We are also currently developing guidance to provide additional clarity with respect to the regulatory status of tokenized deposits,” he added.
Fed helping regulators with stablecoin rules
The Federal Reserve’s vice supervision chair, Michelle Bowman, will also testify on Tuesday that the central bank is “currently working with the other banking regulators to develop capital, liquidity, and diversification regulations for stablecoin issuers as required by the GENIUS Act.”
Bowman added, according to her prepared remarks, that “we also need to provide clarity in treatment on digital assets to ensure that the banking system is well placed to support digital asset activities.”
“This includes clarity on the permissibility of activities, but also a willingness to provide regulatory feedback on proposed new use cases,” she said.
The House Finance Committee’s hearing on Tuesday will also see remarks from the heads of the Office of the Comptroller of the Currency and the National Credit Union Administration, which will both have a role in implementing stablecoin rules.
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