The upcoming general election in the UK could delay crypto regulation by months, according to CryptoUK.
Speaking at the Consensus conference, CryptoUK Board Advisor Ian Taylor said the July 4 election would likely delay the Financial Services and Markets Act by months. The government planned to present a regulatory framework for cryptocurrencies and stablecoins in July before the election.
Taylor expressed concern about the delay, noting Asia and Europe are ahead in crypto regulation.
The election might change party control, possibly altering crypto policy. Polls suggest Labour, led by Keir Starmer, could replace the Conservative government. Conservatives have governed since 2010.
Taylor mentioned the worst-case scenario under a new government could deprioritize crypto regulation. However, he noted current support for crypto-related decisions.
The summer recess and party conference season mean the House of Commons will be inactive for much of the summer and autumn. Taylor believes this could delay real progress on crypto regulation.
Labour leadership has not made significant public statements on digital assets. Pro-crypto lawmaker Lisa Cameron, a former Conservative MP, will not stand in the election.
In the US, the debate around cryptocurrencies and central bank digital currencies is intensifying ahead of the 2024 presidential election. Current President Joe Biden and convicted felon Donald Trump are expected candidates.
