It’s a rainy day in Birmingham and, perhaps unsurprisingly, the vote tonight in the House of Commons over support for a ceasefire in Gaza is not the first thing on people’s minds.
But make no mistake, this is a huge issue here for voters of all stripes – and particularly important to the Muslim community.
Ever since the Hamas attack on Israel on 7 October last year, interested parties have been watching not only the UK government’s response to Israel and Gaza, but the opposition’s stance too.
This is partly because the Muslim community is one of Labour’s most loyal voter bases, which has almost exclusively stuck with the party in recent elections.
But potentially, no more.
I’m invited into the Green Lane mosque where there are several events going on in the expansive and beautifully preserved Victorian building.
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There’s a cancer support awareness event in the basement, and in one wing of the building, a coffee morning for women to gather and chat.
Mustafa Hussain, the imam here, says the issue has been coming up repeatedly at the mosque. They’ve even had fundraising events and collections for donations towards aid going to Gaza.
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But he says there’s only so much he can do, and he believes it is leaders who have the biggest responsibility.
Image: Birmingham city centre
“What we’re doing is to make our voices loud enough so they can make the right decisions,” he told me.
“You saw how the streets were filled all over Europe, in London, you would think that with that amount of noise being made on a local level, or a community level, the decision to help save lives would have been made earlier?”
But while Imam Mustafa says he believes this should have come earlier, he will take Labour at its word.
“When I hear Labour is going to be calling for a humanitarian ceasefire, I mean, great,” he said. “But I hope this is not just optics and will lead to actual change.”
Labour has been reportedly worried about losing voters in their stronghold with a high Muslim population for some time.
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A recent survey by Survation added to that fear when it indicated only 60% of British Muslims who voted Labour in the last election would back the party again.
The politically active organisations in Birmingham say that figure could even be an underestimate.
Azhar Qayum, chief executive of the Muslim Engagement and Development organisation, worries about the wording of the Labour amendment.
He said the addition of the word “humanitarian” in “immediate humanitarian ceasefire” allows for “further quibbles” and even some “wiggle room”.
Mr Qayum added: “What does it even mean? It’s too much politicising this, it should be simple. The fighting needs to stop.”
So it seems this could be about a lack of trust for him and the delay from Labour to come to this position means he’s unable to take Labour leader Sir Keir Starmer at his word.
He will be watching closely at which Labour MPs vote for what he says is a “simpler” SNP amendment, calling for an immediate ceasefire, and he says this will “undoubtedly” have an impact on the Labour vote from British Muslims.
‘Do the right thing’
Back in the mosque, a community organiser named Sidrah tells me why she welcomes Labour’s position today.
Calling for a ceasefire was important because of what she hopes for next: more aid into Gaza, more medics allowed inside and more equipment for hospitals.
“It has been a lot for the community to deal with,” she said.
It’s clear Labour has work to do to retain support among Muslim voters, but today at the Green Lane mosque, Imam Mustafa accepts this is a start.
“Lest we start assuming that decisions are being made for voters,” he said. “I’d like to believe decisions are being made to save lives.
“At the end of the day I don’t want you to win my vote, I want you to do the right thing and I think that’s the message from our community. Do the right thing.”
The US Nasdaq stock exchange is making SEC approval of its proposal to offer tokenized versions of stocks listed on the exchange a top priority, according to the exchange’s crypto chief.
“We’ll just move as fast as we can,” Nasdaq’s head of digital assets strategy, Matt Savarese, said during an interview with CNBC on Thursday, when asked whether the SEC could approve the proposal this year.
“I think what we have to really evaluate where the public comments come back in and then answer and respond to the SEC questions as they come through,” Savarese said. “We hope to kind of work with them as quickly as possible,” Savarese said.
Savarese says Nasdaq isn’t “upending the system”
The proposal, submitted by Nasdaq on Sept. 8, is requesting to allow investors to buy and sell stock tokens — digital representations of shares in publicly traded companies — on the exchange.
Savarese emphasized that Nasdaq is not trying to overhaul the way stocks are invested in when asked whether he expects other major exchanges to follow suit.
Nasdaq’s head of digital assets, Matt Savarese, spoke to CNBC on Thursday. Source: CNBC
“We’re not looking at upending the system; we want everyone to come along for that ride and bring tokenization more into the mainstream,” he said.
“We want to do it in that responsible investor-led way first, under the SEC rules themselves,” he added.
It was only in October that Robinhood CEO Vlad Tenev said that tokenization will “eventually eat the whole financial system.”
The crypto industry is divided on tokenized equities
Savarese emphasized that Nasdaq is aiming to be an innovator in the ecosystem, noting that the exchange was the first to transition markets from paper-based trading to electronic systems.
Tokenizing stocks has been one of the most significant talking points in the crypto industry this year.
On Sept. 3, Galaxy Digital CEO Mike Novogratz said the company became the first Nasdaq-listed company to tokenize its equity on a major blockchain following its launch on the Solana network.
The conversation around tokenized equities has also drawn skepticism from the crypto industry.
On Oct. 1, Rob Hadick, general partner at crypto venture firm Dragonfly, told Cointelegraph that tokenized equities will be a significant benefit to traditional markets, but may not be a boon to the crypto industry as others have predicted.
Hadick said that if tokenized stocks use layer-2 networks, it creates “leakage” as value and may not flow back to Ethereum or the broader crypto ecosystem as much as hoped.
Hester Peirce, a commissioner of the United States Securities and Exchange Commission (SEC) and head of the SEC’s Crypto Task Force, reaffirmed the right to crypto self-custody and privacy in financial transactions.
“I’m a freedom maximalist,” Peirce told The Rollup podcast on Friday, while saying that self-custody of assets is a fundamental human right. She added:
“Why should I have to be forced to go through someone else to hold my assets? It baffles me that in this country, which is so premised on freedom, that would even be an issue — of course, people can hold their own assets.”
SEC commissioner Hester Peirce discusses the right to self-custody and financial privacy. Source: The Rollup
Peirce added that online financial privacy should be the standard. “It has become the presumption that if you want to keep your transactions private, you’re doing something wrong, but it should be exactly the opposite presumption,” she said.
Many large Bitcoin (BTC) whales and long-term holders are pivoting from self-custody to ETFs to reap the tax benefits and hassle-free management of owning crypto in an investment vehicle.
“We are witnessing the first decline in self-custodied Bitcoin in 15 years,” Dr. Martin Hiesboeck, the head of research at crypto exchange Uphold, said.
Hiesboeck attributed the shift to the SEC approving in-kind creations and redemptions for crypto ETFs in July, which allowed authorized holders to exchange crypto for ETF shares and vice versa without triggering a taxable event, unlike cash-settled ETFs.
“A move away from the self-custody mantra of ‘not your keys, not your coins’ is another nail in the coffin of the original crypto spirit,” Hiesboeck added.
Jeremy Corbyn has declined to say his Your Party co-founder Zarah Sultana is a friend as supporters of the new grouping gather in Liverpool.
Speaking to Sky News on the eve of the conference, Mr Corbyn acknowledged “stresses and strains” in the set-up of the party but said it had become “a lot better in the last few days and weeks and we’re going to get through this weekend”.
The former Labour leader has publicly clashed with Ms Sultana, the MP for Coventry South, over the launch and structure of the new party.
Asked if they were friends, Mr Corbyn said they were “colleagues in parliament, and we obviously communicate and so on”.
The pair appeared at separate events on the eve of the party’s inaugural gathering.
Ms Sultana had previously claimed she was being “sidelined” by a “sexist boys’ club” within the fledgling party.
Mr Corbyn said her comments were an “unfortunate choice of words” but added that he had been more involved in the organisation of the conference than she had.
Image: The co-founders have had a strained relationship since setting up the party. Pic: Your Party
The Islington North MP also said that Your Party was still waiting for Ms Sultana to transfer all of the funds she had raised from supporters.
“Obviously having money up front for a conference is a big help,” he said.
Ms Sultana has insisted she is transferring the donations in stages.
The weekend gathering in Liverpool will see supporters choose between four options for a permanent party name: Your Party, Our Party, Popular Alliance, For the Many.
The preferred choice of Ms Sultana – The Left – did not make the ballot.
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Similarly, the Coventry MP had said she favoured a co-leader approach, but members will only be able to pick between single leadership or collective leadership models.
Speaking at her own pre-conference rally, Ms Sultana blamed a “nameless, faceless bureaucrat” for restricting the choices.
The meeting also risked being disrupted by a series of member expulsions. One of those ejected, Lewis Nielsen, accused a “clique” of trying to “take over”.
Your Party sources said expulsions related to members of the Socialist Workers Party and that holding another national party membership was not allowed.
Ms Sultana blamed a “culture of paranoia at the top” and said she believed the same people who had been briefing against her were now also expelling members.
Mr Corbyn will open the conference on Saturday, while the results of the main decision-making votes will be announced on Sunday.