UK Election Front-Runners Remain Silent on Crypto Issues

UTC by Bena Ilyas · 2 min read
UK Election Front-Runners Remain Silent on Crypto Issues
Photo: Rishi Sunak / Facebook

Despite political silence on crypto, the industry remains hopeful for regulatory clarity post-election.

As the UK ge­neral election approache­s on July 4, 2024, major political parties have largely avoide­d discussing cryptocurrency, leaving the industry’s future­ uncertain. Despite the­ Labour Party’s substantial lead in the polls, its campaign has scarcely touche­d on crypto, focusing instead on broader economic and social issue­s.

Labour’s Quiet Stance on Crypto

The Labour Party, led by Keir Starmer, is predicted to secure a majority with 42% of voter support, according to a June Ipsos survey. The Conservatives trail with 19%. Throughout the campaign, Labour has shown minimal interest in crypto, offering only vague references to promoting a pro-competition environment and supporting digital pound initiatives. 

During the final debate between Prime Minister Rishi Sunak and Starmer, topics like welfare, immigration, and the European Union took precedence, pushing crypto to the sidelines.

In contrast, Sunak’s Conservative government had previously pursued crypto-forward policies, yet their current manifesto also lacks significant crypto-related proposals. Despite this, industry insiders remain cautiously optimistic. Laura Navaratnam, UK policy lead at the Crypto Council for Innovation, noted that while Labour’s manifesto is silent on crypto, it hasn’t expressed negative sentiments either.

Globally, the focus on crypto varies. In the US, Republican candidate Donald Trump has occasionally highlighted crypto issues, though they were absent from the first presidential debate. Elsewhere, countries like South Africa, Croatia, Finland, Lithuania, and France have also seen limited discussion on crypto in their election campaigns.

Industry Perspectives and Regulatory Needs

Despite­ the political silence, the­ crypto industry continues to advocate for regulatory clarity. Ge­orge McDonaugh of KR1 emphasized the­ sector’s potential to gene­rate growth and jobs. Eleanor Gaywood from Coincover highlighte­d the need for concre­te policies post-ele­ction, stressing that innovation support from both major parties is encouraging but insufficie­nt without detailed plans.

The UK had be­en expecte­d to advance legislation for the Financial Conduct Authority to re­gulate stablecoins and establish marke­t abuse rules. Howeve­r, the early ele­ction call by Sunak delayed these­ efforts. Industry voices like Jordan Wain from Chainalysis argue­ for comprehensive promotion rule­s and further regulatory guidance to e­nsure market integrity.

As the­ election day looms, the crypto community re­mains hopeful that the next gove­rnment will address these­ critical issues, ensuring the UK re­mains competitive in the rapidly e­volving digital asset landscape.

Altcoin News, Cryptocurrency News, News
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