British Prime Minister Rishi Sunak had a deadline of January 2025 to call for a general election in the United Kingdom. However, his decision to schedule one in July may impact the implementation of cryptocurrency policies in the country.
Ian Taylor, a CryptoUK Board Advisor, expressed concerns about the delay in crypto regulatory policy due to the upcoming election on July 4. The U.K. government had initially planned to introduce a regulatory framework for cryptocurrencies and payment stablecoins in July, before the election date.
Taylor noted that this delay puts the U.K. behind Asia and Europe in terms of crypto regulation. The outcome of the election could potentially lead to changes in crypto policy, as the Labour Party under Keir Starmer is predicted to potentially replace the current Conservative government.
The delay caused by the election means that it will take even longer for any new government to implement crypto regulations. With the House of Commons in recess for a significant portion of the summer and early fall, Taylor believes that real progress on crypto regulation may be postponed for several months.
In contrast to the Conservative Party, the Labour Party has not made many public statements for or against digital assets. Lisa Cameron, a pro-crypto lawmaker who was previously a Conservative MP, announced that she would not be running in the upcoming election.
In the United States, the discourse around cryptocurrencies and central bank digital currencies is becoming increasingly political as the 2024 presidential election approaches. Expected candidates include current President Joe Biden and former President Donald Trump, who has now been convicted of a felony.
It seems that crypto voters are already making an impact on the upcoming election in both the U.K. and the U.S., with potential implications for the future of cryptocurrency policies in both countries.