CryptoUK warns that crypto regulation may be postponed for months due to upcoming general election

British Prime Minister Rishi Sunak had a deadline to announce a general election in the United Kingdom by January 2025, but his choice to hold it in July might cause a delay in the implementation of crypto policies in the country.
During an interview with Cointelegraph at the Consensus conference in Austin on May 30, Ian Taylor, a CryptoUK Board Advisor, mentioned that the election on July 4 could postpone the introduction of crypto regulatory policies under the Financial Services and Markets Act by several months. Initially, the U.K. government had planned to unveil a regulatory framework for cryptocurrencies and payment stablecoins in July before the election.
Taylor expressed his concern about the setback in U.K. crypto policy, stating that Asia and Europe are already ahead in this area. The upcoming election could potentially bring changes to the party controlling the U.K. government, which might impact crypto policies in the future. While the Conservatives have been in power since 2010, polls indicate that the Labour Party led by Keir Starmer could take over after the election.
Taylor highlighted the possibility that a new government might view crypto negatively and not prioritize it, although he mentioned that the current stance has been supportive of crypto decisions.
With the general election scheduled for July, there will be a summer recess and later a party conference season before any party assumes control of the U.K. government. The House of Commons will be in recess from May 30 to July 4 and for a significant part of September and October. Taylor emphasized that these delays could result in a lack of significant progress in crypto regulation for several months.
In contrast to some Conservative Party members, the Labour leadership has not made many public statements either in favor of or against digital assets. A pro-crypto lawmaker, Lisa Cameron, who served as a Conservative MP from 2015 to 2024, announced in October that she would not be standing in the general election.
Meanwhile, in the United States, discussions surrounding cryptocurrencies and central bank digital currencies are becoming more political as the 2024 presidential election approaches, set to take place on Nov. 5, Guy Fawkes Day. The expected candidates from the major political parties are current U.S. President Joe Biden and the now-convicted felon Donald Trump.
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