General election could delay crypto regulation by months – CryptoUK

British Prime Minister Rishi Sunak was supposed to announce a general election in the United Kingdom before January 2025, but his decision to hold it on July 1 may set back the implementation of crypto policies in the country.

Speaking to Cointelegraph at the Consensus Conference in Austin on May 30, CryptoUK board advisor Ian Taylor said the July 4 election could delay crypto regulatory policy in the country through the Financial Services and Markets Act by months. The UK government initially announced plans to introduce a regulatory framework for cryptocurrencies and payments statistics in July, ahead of any election.

“It's not very good,” Taylor said, referring to the delay in UK crypto policy. “Asia and Europe are ahead of the game.”

The election could shake up party control of the UK government, which could lead to changes in crypto policy down the road. The Conservatives have been the main governing party in the UK since 2010, but many polls have suggested that Keir Starmer's Labor Party could replace the current government after the election.

“The worst case [under a new government] Chances are that you view crypto as very bad. […] And that's not a priority, Taylor says. “The messages we've seen so far are very supportive of decisions. [in favor of] “crypto”

Holding the next general election in July means that either party will have a summer break before taking control of the UK government, followed by party conference season. The House of Representatives will be in recess from May 30 to July 4 and for much of September and October. According to Taylor, these delays could mean that crypto regulation “doesn't get real movement” for months.

Related: UK Election on July 4: Labor Party Wins What Does It Mean for Crypto?

Unlike many MPs associated with the Conservative Party, the Labor leadership has made few, if any, public statements in favor of or against digital assets. Lisa Cameron, a Conservative MP from 2015 to 2024, has said she will not stand in the general election in October.

Across the pond in the United States, the conversation around cryptocurrencies and policies seems to be more political as the 2024 presidential election approaches — and on November 5, Guy Fawkes Day. The candidates for the leading political party are the current US President Joe Biden and the now accused criminal Donald Trump.

Magazine: Crypto voters are rocking the 2024 election — and it's set to continue.