CryptoUK warns that general election may cause monthslong delay in crypto regulation

British Prime Minister Rishi Sunak had a deadline to announce a general election in the United Kingdom by January 2025, but his choice to call for one in July could impact the implementation of crypto policies in the country.
During the Consensus conference in Austin on May 30, Ian Taylor, an advisor to the CryptoUK Board, expressed to Cointelegraph that the election on July 4 might cause a delay in the establishment of crypto regulatory policies in the UK under the Financial Services and Markets Act by several months. Initially, the UK government had planned to introduce a framework for regulating cryptocurrencies and payment stablecoins in July, before the election.
Taylor noted that this delay in UK crypto policy was not ideal, stating, “Asia and Europe are far ahead in this area.”
The upcoming election could potentially shift party control in the UK government, leading to possible alterations in crypto policies in the future. The Conservatives have been the leading party in the UK since 2010, but various polls indicate that the Labour Party under Keir Starmer could take over the government post-election.
Taylor warned of a worst-case scenario where a new government might view crypto negatively and not prioritize it. However, he mentioned that the indications so far have been supportive of crypto decisions.
With the general election set for July, both parties will have a summer recess before taking over the UK government, followed by the party conference season. The House of Commons will be in recess from May 30 to July 4 and then again for a significant part of September and October. Taylor emphasized that these delays could mean that real progress on crypto regulation may not happen for several months.
In contrast to several Conservative Party MPs, the leadership of the Labour Party has made few public statements either in favor or against digital assets. Lisa Cameron, a pro-crypto lawmaker who was a Conservative MP from 2015 to 2024, announced in October that she would not be running in the general election.
Meanwhile, in the United States, discussions about cryptocurrencies and policies on central bank digital currencies are becoming more politicized as the 2024 presidential election approaches, scheduled for Nov. 5, coincidentally Guy Fawkes Day. The expected candidates for the leading political parties are current U.S. President Joe Biden and former President Donald Trump, who has since been convicted of a felony.
In a related context, crypto voters are already making an impact on the 2024 election, and this trend is likely to continue.