On July 4, the United Kingdom is poised for a pivotal election where residents will decide whether to retain the Conservative Party in government or opt for Labour, potentially shifting the country’s leadership after 14 years. Most pre-election polls indicate a strong possibility of Labour, led by Keir Starmer, replacing Prime Minister Rishi Sunak’s Conservatives. This anticipated change in leadership could significantly influence the UK’s approach to cryptocurrency and blockchain policies, a matter that has not gone unnoticed by voters.
A recent survey conducted by digital asset platform Zumo from June 7 to 11 revealed that approximately one-third of 3,124 adults aged 18-34 in the UK are apprehensive about the future of crypto in the country. Similarly, a similar percentage expressed the view that UK lawmakers should prioritize fostering the industry’s growth.
These sentiments appear partly rooted in the departure of some crypto-friendly Members of Parliament (MPs) after the election, such as Lisa Cameron, MP for East Kilbride, Strathaven and Lesmahagow, who has been an advocate for pro-crypto policies.
The election’s timing has also impacted governmental plans, including initially announced intentions under Sunak’s administration to introduce a regulatory framework for cryptocurrencies and payment stablecoins in July. However, with the election date catching many by surprise, the actual implementation of such plans now depends on the stance of the incoming government.
Eleanor Gaywood, head of strategy at UK-based crypto firm Coincover, commented, “After the election, it will take time to assess the new government’s position on crypto. It’s positive that both major parties endorse regulatory frameworks that promote innovation, but concrete plans are needed.”
Despite the significance of cryptocurrency issues, neither Starmer nor Sunak addressed crypto or blockchain during their last televised debate on June 26. Nevertheless, with Labour potentially assuming leadership, reports indicate that some figures in the crypto sector are cultivating relationships with party officials, including Shadow Chancellor Rachel Reeves and Shadow City Minister Tulip Siddiq.
Meanwhile, across the Atlantic in the United States, presidential candidates are grappling with various political challenges, including controversies, legal rulings, and debates. Following a June 27 debate involving Donald Trump, reports suggest that President Joe Biden remains committed to the race amid ongoing developments.
In a notable development, the US Supreme Court recently ruled on July 1 that Trump enjoys immunity from prosecution for “official acts” during his presidency, delaying the sentencing hearing related to his conviction on 34 felonies.
