British Prime Minister Rishi Sunak had a deadline to announce a general election in the United Kingdom by January 2025. However, his decision to call for one in July may impact the implementation of crypto policies in the country.
During the Consensus conference in Austin on May 30, CryptoUK Board Advisor Ian Taylor told Cointelegraph that the upcoming July 4 election could cause a delay in the establishment of crypto regulatory policies in the UK through the Financial Services and Markets Act. Originally, the UK government had planned to introduce a regulatory framework for cryptocurrencies and payment stablecoins in July before the election.
Taylor expressed concern about the delay in UK crypto policy, stating that Asia and Europe were already ahead in this regard. The election could potentially change the party in power in the UK government, leading to alterations in crypto policies. The Conservative Party has been in power since 2010, but polls indicated that the Labour Party under Keir Starmer might take over after the election.
Taylor mentioned the possibility that a new government might view crypto negatively and not prioritize it. However, he acknowledged that so far, decisions in favor of crypto had been supported.
With the general election scheduled for July, there will be a summer recess before a new government takes control of the UK. This will be followed by the party conference season. Taylor noted that these delays could mean that crypto regulation may not see significant progress for several months.
In the US, as the 2024 presidential election approaches on Nov. 5, there is a growing focus on cryptocurrencies and central bank digital currencies. The expected candidates for the leading political parties are current US President Joe Biden and former President Donald Trump, who is now a convicted felon.
The role of crypto voters in the upcoming election is already making an impact and is expected to continue to do so.