On July 4th, the people of the United Kingdom will have the opportunity to decide whether to maintain the Conservative Party’s control of the government or choose Labour as the primary governing party, marking a potential shift in leadership after 14 years.
Leading up to the anticipated election, numerous polls indicated that Keir Starmer’s Labour Party could replace Prime Minister Rishi Sunak’s Conservatives. This change in leadership is likely to have an impact on the U.K. government’s approach to cryptocurrency and blockchain policies and legislation, and voters are taking note.
A survey conducted by digital asset platform Zumo between June 7th and 11th revealed that approximately one-third of 3,124 adults between the ages of 18 and 34 in the U.K. expressed concerns about the future of crypto in the country. A similar percentage of respondents believed that U.K. lawmakers should prioritize the growth of the industry.
One reason for this sentiment is the departure of some crypto-friendly Members of Parliament (MPs) from the government after the election. For instance, Lisa Cameron, the MP for East Kilbride, Strathaven, and Lesmahagow, who has been a strong advocate for pro-crypto policies, announced in October that she would not be standing for re-election.
The timing of the election has also impacted the U.K. government’s plans to introduce a regulatory framework for cryptocurrencies and payment stablecoins. Initially scheduled for July, these plans may experience delays as the government transitions under a new prime minister.
Eleanor Gaywood, the head of strategy at U.K.-based crypto firm Coincover, commented on the situation, stating, “After the election, it will take time to assess the new government’s stance on crypto. It’s encouraging to see that both major parties support regulatory frameworks that foster innovation, but we need concrete plans.”
During their last televised debate on June 26th, neither Starmer nor Sunak mentioned crypto or blockchain. However, with polls indicating a potential Labour victory, some crypto executives are reportedly seeking closer relationships with party officials, including Shadow Chancellor Rachel Reeves and Shadow City Minister Tulip Siddiq.
Across the Atlantic in the United States, major presidential candidates are grappling with political controversies, court rulings, and debate performances. Following a debate with Donald Trump on June 27th, reports suggest that President Joe Biden has no intention of withdrawing from the race but may be considering the possibility. On July 1st, the U.S. Supreme Court released an opinion asserting that Trump had immunity from prosecution for “official acts” while in office, resulting in the postponement of his sentencing hearing for 34 felonies.
As the world navigates through these political landscapes, there are questions about how potential financial crises could impact the ongoing bull run in the crypto market.