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

British Prime Minister Rishi Sunak had a deadline to announce a general election in the United Kingdom before January 2025, however, his choice to call one in July could potentially delay the implementation of crypto policies in the country.
During the Consensus conference in Austin on May 30, CryptoUK Board Advisor Ian Taylor expressed to Cointelegraph that the upcoming July 4 election might postpone the introduction of crypto regulatory policies in the UK through the Financial Services and Markets Act by several months. The original plan was to unveil a regulatory framework for cryptocurrencies and payment stablecoins in July, prior to any election.
Taylor commented on the setback of UK crypto policy, stating, “It’s not ideal. Asia and Europe are far ahead in this game.”
The election could result in a shift in party control of the UK government, potentially leading to alterations in crypto policy in the future. The Conservative Party has been in power in the UK since 2010, but various surveys have indicated that the Labour Party, led by Keir Starmer, could potentially take over after the election.
Taylor also mentioned the possibility of a new government viewing crypto negatively, but emphasized that so far they have shown support for decisions in favor of crypto.
With the general election scheduled for July, there will be a summer recess and party conference season before either party officially assumes control of the UK government. The House of Commons will be in recess from May 30 to July 4 and for a significant portion of September and October. Taylor believes that these delays could mean that concrete progress on crypto regulation may be stalled for months.
In the United States, the discussion around cryptocurrencies and policies regarding central bank digital currencies appear to be becoming more of a political issue as the 2024 presidential election approaches, set to be held on Nov. 5, also known as Guy Fawkes Day. The anticipated candidates for the leading political parties are current U.S. President Joe Biden and the now-convicted felon Donald Trump.
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