UK Voters Express Concerns about the Future of Cryptocurrencies, Urge Legislators to Consider Industry Growth
On July 4th, residents of the United Kingdom will decide whether to keep the Conservative Party in power or choose the Labour Party as the country’s governing party for the first time in 14 years.
As the general elections approach, over a third of young adults believe that the growth of the crypto sector should be a key consideration for politicians, with four in ten considering it vital for the UK’s economic growth prospects.
According to a survey commissioned by the digital asset platform Zumo, approximately one-third of the 3,124 British adults aged 18 to 34 express concerns about the future of cryptocurrencies in the country. A similar percentage believes that British legislators should take into account the industry’s growth.
This opinion seems partially motivated by the departure of some crypto-friendly Members of Parliament, such as Lisa Cameron, MP for East Kilbride, Strathaven, and Lesmahagow, who announced in October that she would not run for re-election.
Uncertainty and Legislative Delays
Under the leadership of Sunak, the British government had originally announced plans to introduce a regulatory framework for crypto and payment stablecoins in July. However, the surprise announcement of the general elections date could delay these plans. Eleanor Gaywood, Head of Strategy at Coincover, a UK-based crypto company, stated:
After the elections, it will take time to assess the position of the next government on cryptocurrencies. It is encouraging that both major parties support regulatory frameworks that are conducive to innovation, but we need concrete plans.
Influence of Political Leaders
Neither Keir Starmer nor Rishi Sunak mentioned cryptocurrencies or blockchain during their latest televised debate on June 26th. However, with polls suggesting that the Labour Party could take the reins, some leaders in the crypto industry are seeking to connect with party officials, including Shadow Chancellor Rachel Reeves and Shadow City Minister Tulip Siddiq.
Comparison to the United States
Meanwhile, in the United States, candidates from major parties are grappling with the aftermath of political controversies, judicial decisions, and debate performances. After a debate with Donald Trump on June 27th, reports suggest that President Joe Biden is not considering withdrawing from the race at the moment but could explore this possibility. The Supreme Court of the United States issued an opinion on July 1st stating that Trump had immunity from prosecution for “official acts” as president, which has delayed the sentencing hearing for his conviction on 34 criminal charges.
