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 schedule it for July could impact the implementation of crypto policies in the country.
During the Consensus conference in Austin on May 30, CryptoUK Board Advisor Ian Taylor shared with Cointelegraph that the upcoming July 4 election might cause a delay in the establishment of crypto regulatory policies under the Financial Services and Markets Act by several months. The U.K. government had initially intended to introduce a regulatory framework for cryptocurrencies and payment stablecoins in July, prior to any election.
Taylor expressed his concern over the setback in U.K. crypto policy, noting that Asia and Europe are already ahead in this regard. The outcome of the election could potentially change the governing party of the U.K., leading to subsequent alterations in crypto policy. Despite the Conservatives having been in power since 2010, polls suggest that the Labour Party, led by Keir Starmer, could take over the government after the election.
Taylor highlighted that the worst-case scenario under a new government would be if they viewed crypto negatively and did not prioritize it, although he mentioned that thus far, there has been support for crypto-related decisions.
The decision to hold the general election in July means that before any party assumes control of the U.K. government, there will be a summer break followed by a party conference season. The House of Commons will be in recess from May 30 to July 4 and for most of September and October. Taylor emphasized that these delays could mean a lack of significant progress in crypto regulation for several months.
On the other hand, in the United States, discussions surrounding cryptocurrencies and policies on central bank digital currencies appear to be becoming increasingly political as the 2024 presidential election approaches, slated for Nov. 5, Guy Fawkes Day. The expected contenders for the major political parties are current U.S. President Joe Biden and former President Donald Trump, who is now a convicted felon.
In a related context, crypto voters are already making an impact on the 2024 election, with this trend expected to continue.