CryptoUK warns that general election might cause monthslong delay in crypto regulation

British Prime Minister Rishi Sunak was mandated to schedule a general election in the United Kingdom before January 2025, but his choice of July as the election date could have implications for the implementation of crypto policies in the country.
During the Consensus conference in Austin on May 30, Ian Taylor, a Board Advisor for CryptoUK, expressed to Cointelegraph that the election on July 4 might cause a delay in crypto regulatory policy in the UK under the Financial Services and Markets Act by several months. Initial plans by the UK government had aimed to introduce a regulatory framework for cryptocurrencies and payment stablecoins in July before the election.
Taylor stated, “It’s not an ideal situation. Asia and Europe are significantly ahead in this regard.”
The upcoming election could potentially alter party control of the UK government, leading to changes in crypto policy in the future. The Conservative Party has been in power in the UK since 2010, but polls suggest that the Labour Party under Keir Starmer could take over after the election.
Taylor expressed concern about the unlikely event that a new government may view crypto negatively and not prioritize it. However, he noted that the current government has shown support for decisions favoring crypto.
The decision to hold the election in July means that there will be a summer recess and party conference season before either party assumes government control. The House of Commons will be in recess from May 30 to July 4 and for much of September and October, leading to potential delays in crypto regulation implementation.
In the United States, discussions around cryptocurrencies and central bank digital currencies are becoming more political as the 2024 presidential election approaches on Nov. 5, also known as Guy Fawkes Day. The expected candidates from the major political parties are current U.S. President Joe Biden and the now-convicted felon Donald Trump.
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