On the 4th of July, the citizens of the **United Kingdom** will cast their votes to decide if the **Conservative Party** will continue to steer the government or if they will hand over the reins to the **Labour Party**, marking a potential shift in governance after a span of 14 years.
In the run-up to this highly anticipated vote, prevailing polls have hinted that the Labour Party, led by **Keir Starmer**, might dethrone the Conservatives, currently helmed by **Prime Minister Rishi Sunak**. This potential change at the top could significantly influence the UK’s approach to cryptocurrency and blockchain policy, a matter that has not escaped the electorate’s attention.
A survey orchestrated by the digital asset platform **Zumo**, conducted from June 7 to June 11, revealed that about one-third of 3,124 surveyed UK adults aged 18 to 34 expressed concerns regarding the crypto landscape’s future within the nation. An equivalent proportion advocated for legislative consideration of the burgeoning industry.
This sentiment is partially attributed to the departure of certain pro-crypto Members of Parliament (MPs) post-election. Notably, **Lisa Cameron**, MP for East Kilbride, Strathaven, and Lesmahagow, a staunch supporter of pro-crypto initiatives, announced in October her decision not to contest in the upcoming general election.
Elections Spell Delays
The current government under Sunak had initially unveiled intentions to introduce a regulatory framework for cryptocurrencies and payment stablecoins in July. However, these plans were cast into uncertainty following the unexpected announcement of the general election date.
Post-election, assessing the new administration’s crypto stance will require time, according to **Eleanor Gaywood**, head of strategy at the UK-based crypto enterprise Coincover. She finds it promising that both leading parties are advocating for regulatory frameworks that foster innovation, yet she stresses the need for concrete action plans.
In their most recent televised debate on June 26, neither Starmer nor Sunak addressed the topics of crypto or blockchain. Nevertheless, with polls leaning towards a Labour victory, reports indicate that crypto executives are initiating dialogues with key Labour figures, including **Shadow Chancellor Rachel Reeves** and **Shadow City Minister Tulip Siddiq**.
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The Implications of a Labour Party Victory in the UK Elections on July 4 for the Crypto Sector
Meanwhile, in the United States, political figures from the major parties are navigating the aftermath of political scandals, judicial decisions, and debate outcomes. Following a debate with **Donald Trump** on June 27, there are indications that **President Joe Biden** is not withdrawing from the presidential race but is considering various options. On July 1, the U.S. Supreme Court issued a verdict asserting Trump’s immunity from prosecution for actions taken during his presidency, which consequently postponed the sentencing for his conviction on multiple felony charges.
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