UK Voters Urge Candidates to Prioritize Crypto

Uncertainty surrounds Labour’s impact on UK digital assets; poll shows some voters want lawmakers to consider the crypto sector.

Britain’s citizens will cast ballots on July 4 to decide whether to continue the Conservative Party’s 14-year rule or to select Labour as the main governing party.

Most polls conducted before the expected election indicated that Keir Starmer’s Labour Party might oust Prime Minister Rishi Sunak’s Conservatives. Voters have noticed that a change in leadership will impact how the British government handles laws and policies about cryptocurrencies and blockchain.

Roughly one-third of 3,124 persons in the U.K. between the ages of 18 and 34 who participated in a survey conducted between June 7 and June 11 on behalf of the digital asset platform Zumo expressed concern about the direction cryptocurrency might go in that nation. Nearly the same proportion of respondents thought U.K. M.P.s ought to consider the industry’s expansion.

According to the poll, several Members of Parliament (MPs) who support cryptocurrencies are willing to “stand down”—leaving the government following the election. Having pushed for numerous pro-crypto legislation, Lisa Cameron, the M.P. for East Kilbride, Strathaven, and Lesmahagow, said in October that she would not be running for office in the general election.

Election-related delays

Before the prime minister shocked everyone by announcing the general election date, the U.K. government had stated plans to offer a regulatory framework for cryptocurrencies and payment stablecoins in July under Sunak.

According to Eleanor Gaywood, head of strategy at U.K.-based cryptocurrency company Coincover, “it will take time to gauge the next government’s stance on crypto after the election.” “The fact that all major parties support pro-innovation legislative frameworks is good, but we need concrete plans.”

Starmer or Sunak did not discuss blockchain and cryptocurrency during their recent live debate on June 26. Nevertheless, some cryptocurrency entrepreneurs are allegedly cozying up to party politicians, including Shadow Chancellor Rachel Reeves and Shadow City Minister Tulip Siddiq, as polls indicate that Labour may win the majority.

Major party candidates in the United States are coping with the aftermath of political scandals, court decisions, and debate performances on the other side of the Atlantic. Following their June 27 conversation with Donald Trump, sources indicate that U.S. President Joe Biden is considering withdrawing from the race, although he does not intend to. The sentencing hearing for Donald Trump, who was found guilty of 34 felonies, was postponed after the U.S. Supreme Court issued an opinion on July 1 asserting that Trump was immune from prosecution for his “official acts” while in office.