Today, residents across the United Kingdom are casting their votes to decide whether the Conservative Party remains in power or if the Labour Party will take control for the first time in 14 years.
This would change how the UK handles cryptocurrency and blockchain policies. Polling data suggests that Labour, led by Keir Starmer, might replace the Conservatives, headed by Prime Minister Rishi Sunak.
Concerns over crypto’s future
A survey conducted between June 7 and 11 reveals that about one-third of the 3,124 adults aged 18 to 34 in the UK are worried about the future of crypto in the country.
The same proportion believes that lawmakers should focus more on the industry’s growth. This concern partly stems from the fact that some crypto-friendly Members of Parliament (MPs) are stepping down.
Source: The Guardian
For instance, Lisa Cameron, the MP for East Kilbride, Strathaven, and Lesmahagow, known for her pro-crypto stance, announced she would not run in the general election.
The poll also indicated that senior Conservatives like finance minister Jeremy Hunt, defence minister Grant Shapps, leader of the House of Commons Penny Mordaunt, and prominent Brexiteer Jacob Rees-Mogg might lose their seats.
Mixed signals from Labour
In 2022, Rishi Sunak included crypto as a part of his platform, promising that the UK would embrace this new technology. Two years later, several bills that Sunak’s parliament pledged to pass are still up for debate.
These delays have created uncertainty in the industry as the general elections approach. With the election set for July 4, the possibility of a Labour Party victory looms large.
Rishi Sunak. Credits: CNN
However, Labour has been ambiguous about its stance on crypto. The party hasn’t issued any clear directives or taken a definitive position on cryptocurrency and blockchain technology.
In January, Labour published a finance platform document that did not mention “cryptocurrency” or “blockchain.” However, it did include a vision for “embracing securities tokenization and a central bank digital currency.”
Reporting by Jai Hamid
