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

British Prime Minister Rishi Sunak was mandated to declare a general election in the United Kingdom by January 2025. However, his decision to schedule one for July could potentially delay the implementation of crypto policies in the country.
During the Consensus conference in Austin on May 30, Ian Taylor, an advisor to the CryptoUK Board, expressed to Cointelegraph that the election on July 4 might postpone the introduction of crypto regulatory policies in the UK under the Financial Services and Markets Act by several months. Originally, the UK government had planned to unveil a regulatory framework for cryptocurrencies and payment stablecoins in July before the election.
Taylor mentioned the setback in UK crypto policy, stating, “It’s not ideal. Asia and Europe are significantly ahead in this realm.”
The upcoming election could alter the control of political parties in the UK government, potentially leading to modifications in crypto policies in the future. The Conservative Party has been the dominant governing party in the UK since 2010, but polls indicate that the Labour Party, led by Keir Starmer, could potentially take over after the election.
Taylor remarked, “The worst-case scenario [under a new government] is the highly unlikely chance that they view crypto negatively… and declare it as a non-priority. The indications we have received so far suggest they are in favor of crypto-related decisions.”
With the general election set for July, there will be a summer recess before any party assumes control of the UK government, followed by the party conference season. The House of Commons will be in recess from May 30 to July 4 and for a significant portion of September and October. Taylor noted that these delays could mean that the implementation of crypto regulation may not see any significant progress for months.
In contrast to many Conservative Party MPs, the Labour leadership has not made many public statements either supporting or opposing digital assets. Lisa Cameron, a pro-crypto lawmaker who served as a Conservative MP from 2015 to 2024, announced in October that she would not be standing for re-election.
Meanwhile, in the United States, discussions surrounding cryptocurrencies and policies on central bank digital currencies appear to be more politically charged as the 2024 presidential election approaches, scheduled for Nov. 5, Guy Fawkes Day. The anticipated candidates for the leading political parties are current US President Joe Biden and former President Donald Trump, who is now a convicted felon.
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