They may not be as numerous as Muslim voters, and there are no rebel candidates stealing them away from Labour over conflicts abroad, but Punjabis are a specific electorate with their own concerns, and some of their communities happen to be highly concentrated in key target seats for Sir Keir Starmer’s party.
The Sikh Federation UK estimates their community could have an impact in up to 80 constituencies, and so we’ve taken our parliamentary people’s bench to two seats in South East England, to find out what Sikh voters are looking for in the next government.
First, we visit a Punjabi sporting event – the ancient game of Kabaddi.
Described as Sikh sumo wrestling, and played in teams, it originated as a military training exercise on how to take captives and win ground.
In a circular arena, teams of well-stacked men send players to “raid” the opposition territory and touch their opponents without being pinned down or shoved out of the circle.
The event is taking place in the constituency of Ealing Southall, known as The Little Punjab.
Image: Dabinderjit Singh from the Sikh Federation UK
Fuel, shopping and rent
Sikhs make up 30% of the population here but spectators come to the event from across the country – and sharing their thoughts, seated on our parliamentary bench at the edge of the kabaddi pitch, they expressed views similar to those we’ve heard elsewhere.
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“Fuel, shopping, rents, it just goes up and up,” says Kabaddi referee Sucha Singh Thind. “Every government comes in. They promise a lot of things, ‘we do this, we do that’, but nothing happens in the end.”
Image: Kabaddi referee Sucha Singh Thind
Southall resident Arshpreet Singh Randhawa adds: “The current cost of living as we all know is through the roof and it is becoming extremely difficult to live and sustain, evident that with the amount of homeless on the streets.”
Ealing Southall is a safe Labour seat, but our next stop, Gravesham in Kent, is more of a knife edge.
Home to the largest Gurdwara in the UK, it is currently held by the Conservatives, but is a Labour target.
Image: Residents in Southall
Here, 8% of the electorate is Sikh, and with a recent survey showing they are inclined to vote Labour and are also likely to turn out in large numbers, they could tip the balance over who wins here.
Accountability for the past
Outside their place of worship, a giant banner commemorates the 40th anniversary of the Sikh massacre at the Golden Temple at Amritsar in India.
Classified documents released in 2014 raised questions over the involvement of the British government and the SAS in events leading up to the killings. Sikhs at the Gurdwara in Gravesend said they want politicians to commit to a public inquiry into British actions.
Image: Sky’s parlimentary bench outside a Sikh temple in South East England
Dabinderjit Singh, from the Sikh Federation UK, says: “We’re marking the 40th anniversary of 1984, and I remember 10 years ago when those papers came out, we just thought, why did our government advise on attacking a holy place?
“It’s something that changed my life and changed the lives of many people.”
Even younger Sikhs at the Gurdwara, who weren’t born in 1984, tell us this is an important issue for them.
Jeremy Corbyn’s Labour committed to a judge-led inquiry, but it’s not clear what Labour will do under Sir Keir.
It’s not a manifesto pledge, however, his deputy Angela Rayner tweeted on 1 June.
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“We mark the 40th anniversary of the rain of the Golden Temple,” she wrote, adding that Labour stands with the Sikh community in calling for an inquiry into the historic role Britain played.
The latest survey of Sikh voting intentions shows 43% Labour and 20% for the Conservatives. But many are still undecided.
Mr Singh adds: “The surveys we’ve done suggest 85% of Sikhs actually come out and vote. There are probably one million Sikh voters.
“Sikhs exist in every single constituency in the UK. And on top of that, we have towns and cities where there are 20 to 25 thousand Sikhs, and therefore the Sikh vote really matters on the 4th of July.”
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Another issue, raised by several worshipers, is tackling hate crime specific to Sikhs.
Jagjit Singh Dhaliwal, a volunteer at the Gurdwara, says: “Whereas Islamophobia, antisemitism are widely recognised for specific hate crime, nothing exists for the Sikhs, but because of our dress we can become targets for hate crime exactly the same as Muslims do.
“That needs to be recognised so we can start taking some action to eradicate that.”
Image: Jagijit Singh Dhaliwal says the government should be tackling hate crime against his community
Again, the community have expectations that Labour may address things that the Conservatives have not, but there is nothing down in print in Labour’s manifesto.
The Sikhs pride themselves on being humble, shrewd and community-minded – organising outreach projects and free food for the homeless in every Gurdwara in the country.
“We represent the nation very well. We hold its core values and as a community we are very close-knit,” says student Rickvir Singh Randhawa.
Their wish list from politicians is not hugely expensive and, with Labour’s Muslim votes potentially depleted in certain areas over their stance on the events in Gaza, Sikhs believe their vote could become even more crucial in certain constituencies.
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.
Bitcoin pullback, compared to previous drawdowns. Source: research.grayscale.com
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.
Bitcoin ETF Flow, in USD, million. Source: 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.
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.
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.
Source: Press office of Polish President Karol Nawrocki (post translated by X)
“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.
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.
Source: Finance Minister Andrzej Domański (posts translated by 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.
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.
Travis Hill appearing before the Senate Banking Committee for his nomination hearing to be FDIC chair. Source: Senate Banking Committee
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.
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.