The view of the ceasefire vote from a Birmingham mosque

Published

1 year ago

February 21, 2024

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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.

Politics live: Speaker sparks fury with amendment decision

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.

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.

But he says there’s only so much he can do, and he believes it is leaders who have the biggest responsibility.

“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.

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.”

Politics

SEC’s Peirce says NFT royalties do not make tokens securities

Published

2 hours ago

May 21, 2025

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SEC’s Peirce says NFT royalties do not make tokens securities

United States Securities and Exchange Commission (SEC) Commissioner Hester Peirce said many non-fungible tokens (NFTs), including those with mechanisms to pay creator royalties, likely fall outside the purview of federal securities laws.

In a recent speech, Peirce said NFTs that allow artists to earn resale revenue do not automatically qualify as securities. Unlike stocks, NFTs are programmable assets that distribute proceeds to developers or artists. The SEC official said that mirrors how streaming platforms compensate musicians and filmmakers.

“Just as streaming platforms pay royalties to the creator of a song or video each time a user plays it, an NFT can enable artists to benefit from the appreciation in the value of their work after its initial sale,” Peirce said.

Peirce added that the feature does not provide NFT owners any rights or interest in any business enterprise or profits “traditionally associated with securities.”

SEC never prohibited NFT royalties

Oscar Franklin Tan, chief legal officer of Enjin core contributor Atlas Development Services, told Cointelegraph that the recent remarks by Peirce on NFTs and creator royalties have been widely misunderstood.

Peirce had clarified that NFTs that send resale royalties to artists are not necessarily securities, a view Tan says is legally sound but mischaracterized in some media reports.

“So Hester Peirce said that an NFT that sends royalties back to the creator after a sale is not a security. This is correct, but the way some media reported this is completely out of context,” Tan told Cointelegraph. “The actual context is that this is not controversial, and it was never considered a security.”

The lawyer said US securities law focuses on regulating investments and not compensating creators for their work.

“The artist or creator is not an investor, not a passive third party in the NFT,” he said, noting that royalty payments are not considered investment income.

Instead, Tan told Cointelegraph that this type of earning is “analogous to business income,” which the SEC does not regulate. He added:

“The SEC never prohibited contracts where artists and creators get royalties from secondary sales of their work, not royalties from paper contracts or blockchain protocols.”

Tan explained that the legal distinction becomes more complicated when NFTs promise shared profits from royalties to multiple holders beyond the original creator.

Tan also urged regulators and market participants to apply traditional legal reasoning to new blockchain technologies. “Ask yourself, if this were done by pen and paper instead of blockchain, would there still be a regulatory issue?” he said. “If none, slow down.”

OpenSea calls on the SEC to exempt NFT marketplaces from oversight

While NFT royalties may not have been a controversial SEC issue, NFT marketplaces are a different case. In August 2024, NFT trading platform OpenSea received a Wells notice from the SEC, alleging that NFTs traded on the marketplace could qualify as unregistered securities.

On Feb. 22, OpenSea CEO Devin Finzer announced that the SEC has officially closed its investigation into the platform. The executive said that this was a win for the industry.

Following the conclusion of the SEC’s investigation, OpenSea’s lawyers penned a letter to Peirce, who leads the SEC’s Crypto Task Force. OpenSea general counsel Adele Faure and deputy general counsel Laura Brookover said in an April 9 letter that NFT marketplaces don’t qualify as brokers under US securities laws.

The lawyers said the marketplaces don’t execute transactions or act as intermediaries. The lawyers urged the SEC to “clearly state that NFT marketplaces like OpenSea do not qualify as exchanges under federal securities laws.”

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Politics

South Korea tightens crypto rules ahead of institutional market entry

Published

2 hours ago

May 21, 2025

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South Korea tightens crypto rules ahead of institutional market entry

South Korea is tightening rules around digital asset transactions as it prepares to allow institutional players into its crypto market, introducing new guidelines for nonprofit crypto sales and stricter listing standards for exchanges.

On May 20, the Financial Services Commission (FSC) of South Korea said during its fourth Virtual Asset Committee meeting that it had finalized sweeping new measures.

Set to take effect in June, the updated rules allow both nonprofit organizations and virtual asset exchanges to sell cryptocurrencies, but under new compliance standards.

Nonprofit entities must have at least five years of audited financial history to be permitted to receive and sell virtual asset donations. They will also need to establish internal Donation Review Committees to assess the appropriateness of each donation and the liquidation strategy.

To reduce risks of money laundering, all donations must be routed through verified Korean won exchange accounts, with verification responsibilities placed on banks, exchanges and the nonprofits themselves.

Furthermore, only cryptocurrencies listed on at least three major domestic exchanges will be eligible, and liquidation is expected to occur immediately upon receipt.

Exchange sales to be restricted

Crypto exchanges will be allowed to liquidate user fees paid in crypto, but only to cover operational costs. Sales will be capped at daily limits, typically no more than 10% of the total planned amount.

Furthermore, sales will only be permitted for the top 20 tokens by market cap across five won-based exchanges. Importantly, exchanges are barred from selling tokens on their own platforms to prevent conflicts of interest.

South Korea is also tightening standards for listing digital assets. The revised rules aim to curb instability from sudden price spikes by requiring a minimum circulating supply before a token is allowed to trade and temporarily restricting market orders post-listing.

So-called zombie tokens (with low volume and thin market caps) and memecoins without clear utility will face more scrutiny. For instance, exchanges must delist tokens if they fail to meet liquidity benchmarks or community engagement thresholds.

Starting in June, exchanges and nonprofits can apply for real-name accounts to facilitate these sales. Later this year, the FSC plans to extend real-name accounts to listed firms and professional investors.

Cointelegraph contacted South Korea’s Digital Asset eXchange Association for comment, but had not received a response by publication.

South Korean candidates push pro-crypto agenda

South Korea’s Democratic Party leader Lee Jae-myung has proposed launching a stablecoin pegged to the Korean won, aiming to curb capital flight and bolster the country’s financial autonomy.

Speaking at a recent policy forum, Lee said a won-based stablecoin could help retain domestic wealth and reduce dependence on foreign-backed digital currencies such as USDt (USDT) and USDC (USDC).

The initiative is part of Lee’s broader push for digital asset reforms, which also includes legalizing spot crypto exchange-traded funds (ETFs).

His rival, Kim Moon-soo of the ruling People Power Party, has also expressed support for introducing spot crypto ETFs, signaling bipartisan momentum on the issue.

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Politics

Rayner tells Reeves she’s wrong

Published

4 hours ago

May 21, 2025

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👉Listen to Politics at Sam and Anne’s on your podcast app👈

Sky News’ Sam Coates and Politico’s Anne McElvoy serve up their essential guide to the day in British politics.

Sir Keir Starmer and Rachel Reeves will have their strategy tested today as Deputy Prime Minister Angela Rayner sets out her plan for higher taxes, and questions are raised about their approach to Reform. Is becoming Reform-lite the way to go?

And, as the prime minister joins global efforts to put pressure on Israel over Gaza, could more sanctions be next?