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

British Prime Minister Rishi Sunak had a deadline of January 2025 to call for a general election in the United Kingdom, however, his decision to schedule one in July could potentially delay the implementation of crypto policies in the country.
During an interview with Cointelegraph at the Consensus conference in Austin on May 30, Ian Taylor, an advisor to the CryptoUK Board, expressed concerns that the election on July 4th could set back 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 commented on the delay of U.K. crypto policy, stating, “It’s not ideal. Asia and Europe are much further along in this regard.”
The upcoming election could potentially change the party in power in the U.K. government, which may lead to alterations in crypto policy in the future. While the Conservatives have been the dominant party in the U.K. since 2010, polls have indicated that the Labour Party under Keir Starmer could take over the government after the election.
Discussing the potential outcomes of a new government, Taylor mentioned, “The worst-case scenario is that they may view crypto in a negative light and decide it’s not a priority. So far, they have shown support for crypto-related decisions.”
With the general election set for July, there will be a summer recess and 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 most of September and October, causing delays in the implementation of crypto regulations.
In contrast to several Conservative Members of Parliament, the Labour leadership has not made many public statements either in favor of or against digital assets. Lisa Cameron, an advocate for crypto 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 around cryptocurrencies and policies regarding central bank digital currencies appear to be more politically charged as the 2024 presidential election approaches, scheduled for Nov. 5, Guy Fawkes Day. The expected contenders for the major political parties are current U.S. President Joe Biden and the recently convicted Donald Trump.
In a related development, crypto voters are already making an impact on the upcoming 2024 election, and this trend is likely to continue.