CryptoUK warns that crypto regulation could face monthslong delay 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 decision to call for one in July could potentially delay 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 upcoming July 4 election might postpone the introduction of crypto regulatory policies under the Financial Services and Markets Act by several months. The U.K. government had initially planned to unveil a regulatory framework for cryptocurrencies and payment stablecoins in July before the election.
Taylor lamented the delay in U.K. crypto policy, noting that Asia and Europe were already ahead of the game. The election could lead to a shift in party control of the U.K. government, potentially resulting in changes to crypto policies in the future. Despite the Conservatives being the dominant governing party since 2010, polls indicated that the Labour Party, led by Keir Starmer, could potentially take over after the election.
Taylor raised concerns about the possibility of a new government viewing crypto negatively and deprioritizing it. However, he acknowledged that the current stance seemed to be supportive of crypto decisions. With the general election scheduled for July, there will be a summer recess before the new government takes over, followed by the party conference season. This could lead to further delays in implementing crypto regulations, with Taylor suggesting that real progress in this area may take several months.
On the other side of the Atlantic in the United States, discussions surrounding cryptocurrencies and central bank digital currencies have become increasingly politicized as the 2024 presidential election draws near, set to take place on Nov. 5, coinciding with Guy Fawkes Day. The expected contenders from the major political parties are incumbent President Joe Biden and the now-convicted felon Donald Trump.
As the 2024 election approaches, crypto voters are already making waves in the political landscape, with their impact expected to continue shaping the future of the election.