CryptoUK warns that the general election may postpone crypto regulation for several months

British Prime Minister Rishi Sunak had a deadline to announce a general election in the United Kingdom by January 2025, but his choice to call for one in July might delay the implementation of crypto policies in the country.
During the Consensus conference in Austin on May 30, Ian Taylor, Board Advisor of CryptoUK, expressed to Cointelegraph that the upcoming election on July 4 could potentially set back the introduction of crypto regulatory policies in the UK under the Financial Services and Markets Act by several months. The government had initially planned to unveil a regulatory framework for cryptocurrencies and payment stablecoins in July, before the election was scheduled.
Taylor noted the setback in the UK’s crypto policy timeline, stating, “It’s not ideal. Asia and Europe are much further ahead in this regard.”
The upcoming election could result in a shift in party control in the UK government, which could influence future crypto policies. Despite the Conservatives having been the dominant party in the UK since 2010, polls have indicated that the Labour Party, led by Keir Starmer, may take over the government after the election.
Taylor mentioned a worst-case scenario under a new government where they may view crypto negatively and deprioritize it. However, he acknowledged that the general sentiment thus far has been supportive of crypto decisions.
With the election set for July, there will be a summer recess before either party assumes control of the UK government, followed by the party conference season. This means that crypto regulation may not see significant progress for several months, according to Taylor.
In contrast to some Conservative Members of Parliament, the Labour leadership has not made many public statements either in favor or against digital assets. Lisa Cameron, a pro-crypto lawmaker who was formerly a Conservative MP until 2024, announced in October that she would not be running in the upcoming general election.
Meanwhile, in the United States, discussions around cryptocurrencies and central bank digital currencies are becoming increasingly political as the 2024 presidential election approaches, set for Nov. 5, Guy Fawkes Day. The expected candidates from the major parties are current President Joe Biden and the now-convicted felon, Donald Trump.
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