In a remarkable turn of events, the **Labour Party** has emerged as the dominant force in the United Kingdom’s political arena, securing a commanding majority with a **July 4th victory**. Despite the party’s historical reticence to incorporate cryptocurrency and blockchain into its platform, sector proponents are urging the new administration to build upon the foundations laid by their Conservative predecessors.
The latest tallies from the July 5th elections reveal Labour’s acquisition of **412 seats** within the **650-seat House of Commons**, relegating the Conservatives to a projected **122 seats**—a significant reduction of around 250 seats and the relinquishment of their governing status. In the wake of this shift, the erstwhile Prime Minister and leader of the Conservative Party, **Rishi Sunak**, has stepped down, paving the way for Labour’s **Keir Starmer** to assume the mantle of Prime Minister.
Source:
**The British Royal Family**
The Crypto Horizon:
Prior to the election proclamation, the U.K. had been poised to unveil a regulatory framework for cryptocurrencies and payment stablecoins come July. However, insiders now speculate that these plans may face delays spanning several months, given the parliamentary recess post-announcement and another hiatus anticipated for the summer, preceding the commencement of the party conference season in the fall.
“The political terrain of the U.K. has undoubtedly shifted, yet we anticipate a continuation of the status quo for the crypto domain,” opined **Bivu Das**, the U.K. managing director for the cryptocurrency exchange **Kraken**. “This is a golden opportunity for the incoming government to propel innovation and expansion within this nascent asset class, further cementing the U.K.’s reputation as a hub for blockchain innovation.”
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A significant number of U.K. MPs are reportedly deficient in crypto acumen, according to an industry association.
**Keld van Schreven**, co-founder and managing director of the digital asset investment firm **KR1**, remarked that the U.K.’s change in leadership coincides with a critical juncture for the crypto sector.
Starmer’s Executive Team:
The Prime Minister-in-waiting, Starmer, has already appointed several Members of Parliament to his cabinet, notably **Rachel Reeves** as the Chancellor of the Exchequer, a pivotal role for the nation’s financial and economic governance. At this juncture, Starmer has yet to reveal his choice for Economic Secretary to the Treasury, a role that could significantly influence the new government’s approach to digital assets.
A representative from the self-regulatory trade body **CryptoUK** highlighted the establishment of robust ties with Labour Party figures. The association has appealed to the incoming leadership to prioritize definitive and proactive policy-making for the crypto industry, which currently lacks a holistic strategy.
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