British Prime Minister Rishi Sunak was expected to announce a general election in the UK before January 2025, but his decision to hold elections in July could delay the implementation of cryptocurrency policies in the country.
Speaking to Cointelegraph at the Consensus Conference in Austin on May 30, CryptoUK board advisor Ian Taylor said the July 4 elections would likely delay crypto regulation policy within a few months. country regarding cryptocurrency through the Financial Services and Markets Act. The UK government initially announced plans to introduce a regulatory framework for cryptocurrencies and stablecoin payments in July, ahead of any election.
“It’s not great,” Taylor said, referring to delays in UK cryptocurrency policy. “Asia and Europe have a head start. »
The election could shake the party’s control of the UK government, which could lead to changes in cryptocurrency policy in the future. The Conservative Party has been the main ruling party in the United Kingdom since 2010, but several opinion polls indicate that Keir Starmer’s Labor Party could replace the current government after the election.
“The worst case scenario (under a new government) is the very unlikely possibility that they see cryptocurrencies as really bad (…) and say it’s not a priority,” Taylor said. “The message we have seen so far is that they support decisions (in favor of) cryptocurrencies.”
The next general election, which takes place in July, means that before either party takes control of the UK government they will have a summer break and later enter the party conference season . The House of Commons will be in recess from May 30 to July 4 and for most of September and October. According to Taylor, these delays could mean that crypto regulations “won’t be concretely implemented” for several months.
about: UK July 4 Election: What does a Labor victory mean for cryptocurrencies?
Unlike many Conservative-linked MPs, Labor leaders have made few, if any, public statements for or against digital assets. Lisa Cameron, a pro-crypto MP who served as a Conservative MP from 2015 to 2024, said in October that she would not stand in the general election.
In the United States, the discourse on cryptocurrencies and policies surrounding central bank digital currencies appears to be becoming a more political issue as the 2024 presidential election approaches – which will take place on November 5, Guy’s Day Fawkes. The two expected candidates from the major political parties are current US President Joe Biden and now convicted felon Donald Trump.
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