CryptoUK warns that crypto regulation may be postponed for months due to general election

British Prime Minister Rishi Sunak had a deadline to call for a general election in the United Kingdom before January 2025, but his decision to schedule one for July could potentially delay the implementation of crypto policies in the country.
During an interview with Cointelegraph at the Consensus conference in Austin on May 30, Ian Taylor, a Board Advisor for CryptoUK, expressed concerns that the election on July 4th would set back the establishment of crypto regulatory policies in the UK under the Financial Services and Markets Act by several months. Initially, the UK government had planned to introduce a regulatory framework for cryptocurrencies and payment stablecoins in July before the election.
Taylor noted that this delay in the UK crypto policy was unfavorable, especially when compared to the progress made by Asian and European countries in this sector. The upcoming election could lead to potential changes in crypto policy, as the Labour Party under Keir Starmer was predicted to possibly take over the current government from the Conservatives, who have been in power since 2010.
In a scenario where a new government with different views on crypto takes over, Taylor suggested that there might be a risk that they would not prioritize crypto or even consider it negatively. However, he mentioned that so far, the indications were that decisions in favor of crypto had been supported.
With the general election scheduled for July, there will be a period of summer recess followed by the party conference season before any party assumes control of the UK government. According to Taylor, this timeline could result in a delay in concrete crypto regulation for several months.
On the other hand, while there have been discussions about cryptocurrencies and central bank digital currencies in the United States as the 2024 presidential election approaches, the focus seems to be more on political aspects. The expected candidates for the main political parties are current U.S. President Joe Biden and former President Donald Trump, who is now a convicted felon.
In a related context, crypto voters in the United States have already started to influence the 2024 election, with expectations that this trend will continue.