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

British Prime Minister Rishi Sunak was facing a deadline to call a general election in the United Kingdom by January 2025, but his decision to schedule one for July could impact the implementation of crypto policies in the country.
During the Consensus conference in Austin on May 30, Ian Taylor, a Board Advisor for CryptoUK, expressed concerns that the July 4 election could potentially delay the introduction of crypto regulatory policies in the UK under the Financial Services and Markets Act by several months. The government had initially planned to unveil a regulatory framework for cryptocurrencies and payment stablecoins in July before the election was announced.
Taylor noted that this delay in UK crypto policy was not ideal, especially considering that Asia and Europe are already ahead in the game. The upcoming election could bring about changes in party control of the UK government, potentially leading to shifts in crypto policy in the future. While the Conservatives have been in power since 2010, polls indicate that the Labour Party led by Keir Starmer could emerge victorious in the election.
In a worst-case scenario under a new government, there is a slight possibility that they may view crypto negatively and deprioritize it. However, Taylor mentioned that the current stance of supporting crypto decisions by the government is reassuring.
With the general election set for July, there will be a break in parliamentary activities for the summer recess and party conference season before a new government takes charge. According to Taylor, these delays could stall progress on crypto regulation for several months.
In contrast to some Conservative MPs, the Labour leadership has not made many public statements either in favor or against digital assets. Lisa Cameron, a former Conservative MP who supported crypto, announced that she would not be running in the upcoming election.
Meanwhile, in the United States, discussions around cryptocurrencies and central bank digital currencies are becoming increasingly politicized as the 2024 presidential election draws near, set to take place on Guy Fawkes Day, November 5. The expected candidates are current President Joe Biden and convicted felon Donald Trump.
As crypto voters continue to influence the political landscape, the impact on the 2024 election is expected to grow.