British Prime Minister Rish Sunak, leader of the British Conservative Party, announced on the 22nd that the general election will be held on July 4.
The timing may come as a bit of a surprise to many, but the announcement appears to have met with the unwavering approval of the Conservatives’ chief rival for the chancellor’s job, the British Labor Party, which appears to be a far cry from the chagrin reported by Sunak’s fellow conservatives. .
There is no secret why Labor wants to end the election. Local opinion polls now show overwhelming support for Labor leader Sir Keir Starmer.
There are no guarantees in politics, especially in free elections, but historical precedent suggests that Starmer has a better chance of winning a fair election than his rivals, including Sunak.
This leaves the future of cryptocurrencies, blockchain and related verticals in the digital asset sector in flux, as Labor remains somewhat tight-lipped about how the Starmer-led UK government will approach regulation and growth of the industry.
As Cointelegraph reported in 2022, Rishi Sunak made cryptocurrencies part of his platform and was elected with a promise that the UK would embrace new technologies for the benefit of the entire industry.
Now, just two years later, the legislation that Sunak promised parliament would pass ahead of the general election is still controversial. At the time of the proposal, it was expected to take place later this year.
With the July 4th election approaching and a Labor victory looking like the most likely scenario, the cryptocurrency industry may need to consider a different future.
Unfortunately, there isn’t much to go on. Labor has not made any internal legislation on the future of cryptocurrencies, nor has it taken a hard line on related technologies such as blockchain.
In January, Labor published a document relating to its financial platform. He did not mention the words “cryptocurrency” or “blockchain” but said “securities tokenization and embracing central bank digital currencies” were part of the party’s “vision” for the UK.
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