British Prime Minister Rishi Sunak, who was mandated to call for a general election in the United Kingdom by January 2025, surprised many by announcing one for July instead. This decision could potentially delay the implementation of crypto policies in the country.
Ian Taylor, a CryptoUK Board Advisor, expressed concerns at the Consensus conference in Austin on May 30, stating that the July 4 election might postpone the introduction of crypto regulatory measures under the Financial Services and Markets Act by several months. The U.K. government had initially intended to unveil a regulatory framework for cryptocurrencies and payment stablecoins in July prior to the election.
Taylor lamented the delay in U.K. crypto policy, noting that Asia and Europe were far ahead in this regard. With the upcoming election possibly resulting in a change of government, there could be shifts in crypto policy direction. While the Conservatives have been the predominant governing party in the U.K. since 2010, polls indicated a potential victory for the Labour Party led by Keir Starmer.
Taylor emphasized the risk of a new government viewing crypto unfavorably and deprioritizing it, although there had been some supportive signals from them. The scheduling of the election in July means that before any new government takes office, there will be a summer recess followed by party conference season, resulting in further delays in implementing crypto regulations.
In contrast to some Conservative MPs who have taken positions on digital assets, the Labour leadership has been relatively silent on the matter. Pro-crypto lawmaker Lisa Cameron, who was a Conservative MP from 2015 to 2024, announced in October that she would not be contesting the general election.
Meanwhile, across the Atlantic in the United States, discussions around cryptocurrencies and central bank digital currencies have become increasingly politicized as the 2024 presidential election approaches, which is set for Nov. 5, known as Guy Fawkes Day. The expected contenders for the major political parties are current President Joe Biden and former president Donald Trump, who was convicted of a felony.
As the 2024 election draws closer, crypto voters are already making their presence felt, setting the stage for continued disruption in the political landscape.