July 14, 2024
Latest Cryptocurrency News

Labour Party Sweeps UK Elections: Crypto Regulation Ahead

The Labour Party has become the primary ruling party of the United Kingdom after a landslide victory on July 4. The result of UK elections show Labour Party winning 412 seats in the 650-seat House of Commons. In contrast, the Conservatives secured only 122 seats, losing roughly 250 and ending their leadership. Former Prime Minister and Conservative Party leader Rishi Sunak has resigned, making way for Labour leader Keir Starmer to become the next head of government.

Impact on Crypto Regulation

Before the elections, the UK government planned to introduce a regulatory framework for cryptocurrencies and payment stablecoins in July. However, many experts predicted delays in these plans, owing to the House of Commons being in recess following the announcement, and another recess scheduled for summer.

Despite the political shift, industry leaders believe it will be business as usual for crypto in the UK. Bivu Das, the U.K. managing director for cryptocurrency exchange Kraken believes that the incoming government has an opportunity to drive innovation and reinforce the UK’s position as a leading jurisdiction for blockchain-based innovation.

Key Appointments and Future Actions

Keir Starmer has already named several Members of Parliament to his government. This includes Rachel Reeves as Chancellor of the Exchequer, a crucial role in financial and economic matters.

A spokesperson for CryptoUK, a self-regulatory trade association, emphasized the importance of establishing strong relationships with Labour Party members. They urged the new government to prioritize clarity and proactive policy-making for the crypto industry, as the sector currently lacks a comprehensive strategy.

Image by vwalakte on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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