On July 4, the United Kingdom will witness a crucial decision: whether to retain the Conservative Party’s governance or opt for Labour as the leading party for the first time in 14 years.
Leading up to the anticipated election, most polls indicated that Keir Starmer’s Labour Party might displace Prime Minister Rishi Sunak’s Conservatives. Such a leadership shift could significantly impact the UK’s approach to cryptocurrency and blockchain legislation, drawing considerable voter attention.
A survey conducted by digital asset platform Zumo from June 7 to 11 revealed that approximately one-third of 3,124 UK adults aged 18 to 34 expressed concerns about the future of crypto in the country. Similarly, around the same percentage believed that UK lawmakers should prioritize the industry’s growth.
The survey findings suggested that these sentiments were partly influenced by the departure of some crypto-friendly Members of Parliament (MPs) from the government post-election. Notably, Lisa Cameron, MP for East Kilbride, Strathaven, and Lesmahagow, known for advocating pro-crypto policies, announced she would not seek re-election back in October.
Election ramifications
Under Sunak’s leadership, the UK government initially aimed to unveil a regulatory framework for cryptocurrencies and stablecoins in July. However, the surprise announcement of the general election by the Prime Minister has potentially delayed these plans.
“After the election, assessing the new government’s stance on crypto will take time,” noted Eleanor Gaywood, head of strategy at UK-based crypto firm Coincover. “It’s promising that both major parties endorse regulatory frameworks supporting innovation, but concrete plans are essential.”
During their last televised debate on June 26, neither Starmer nor Sunak addressed crypto or blockchain directly. Nevertheless, with Labour potentially assuming power as per the polls, reports indicate that certain crypto industry figures are cultivating relationships with party officials, including Shadow Chancellor Rachel Reeves and Shadow City Minister Tulip Siddiq.
Meanwhile, across the Atlantic in the United States, major party candidates are navigating political controversies, court rulings, and debate outcomes. Following a June 27 debate involving Donald Trump, reports suggested that President Joe Biden does not intend to withdraw from the race but is exploring options. On July 1, the US Supreme Court’s opinion granted Trump immunity from prosecution concerning “official acts” during his presidency, postponing the sentencing for his conviction on 34 felonies.
Further reading:
UK Election on July 4: Potential Implications for Crypto
Could a Financial Crisis Halt Crypto’s Bull Run?