UK's Upcoming General Election Could Stall Cryptocurrency Policy, Warns CryptoUK Advisor
Summary:
The decision of British Prime Minister Rishi Sunak to hold a general election in July could delay the country's planned cryptocurrency policy, CryptoUK board advisor Ian Taylor has warned. The election could also change government control and potentially alter future policies regarding cryptocurrency. In contrast to the Conservative Party, the Labour leadership has generally not publicly stated their positions on digital assets. Meanwhile, the debate around cryptocurrency in the U.S. has intensified in view of the 2024 presidential elections.
The British Prime Minister, Rishi Sunak, was obligated to call a national election in the UK prior to January 2025. His surprising choice to schedule one in July potentially means a delay in the country's forthcoming crypto initiatives. Ian Taylor, an advisor on the board of CryptoUK, disclosed to Cointelegraph during the Austin Consensus conference on May 30th that this summer election might set back the cryptocurrency regulatory proposal, set to occur under the Financial Services and Markets Act, by several months. The British Government initially intended to introduce a regulatory structure for cryptocurrencies and stablecoin payments in July, ahead of the election.
“Not the best news,” commented Taylor, alluding to the UK's cryptocurrency policy delay. “Asia and Europe are far outstripping us.” The imminent election has the potential to overhaul the political party landscape, possibly leading to eventual amendments in cryptocurrency policy. Since 2010, the Conservatives have led, but numerous polls indicate that Keir Starmer's Labour Party could replace the present administration after the election.
“The worst-case outcome [under the new government] would be the highly unlikely event they perceive cryptocurrency as extremely detrimental and determine it isn't a priority.” Taylor stated, “What we've observed so far suggests they endorse decisions that favor cryptocurrency.” Scheduling the next national election for July implies that before either party seizes control of the British Government, there will be a summer recess followed by the party conference season. With the House of Commons in recess from May 30 to July 4, and a significant portion of September and October, the delays could mean that cryptocurrency regulation “won't see much action” for a while.
Unlike many Conservative Party MPs, the Labour leadership hasn't made many public declarations either in support or against digital assets. Lisa Cameron, a crypto-supporting MP from the Conservative Party, who held office from 2015 to 2024, announced her intention not to run in the upcoming general election last October.
Meanwhile, in the United States, political discourse around cryptocurrencies and central bank digital currency policies has increased in light of the 2024 presidential elections — scheduled for November 5, Guy Fawkes Day. Current U.S. President Joe Biden and now-convicted criminal Donald Trump are the anticipated candidates for the major political parties.
Published At
6/5/2024 11:14:45 PM
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