Following a landslide victory for the UK Labour Party on July 4, Prime Minister Keir Starmer has begun assembling his new government, appointing Member of Parliament Tulip Siddiq among others.
On July 9, PM Starmer named Siddiq as Economic Secretary to the Treasury and City Minister, entrusting her with overseeing policies impacting digital assets and central bank digital currencies in the UK.
Siddiq, who previously held shadow roles while the Conservatives were in power, indicated a stance favoring stricter cryptocurrency regulations.
In a May 2023 op-ed for the New Statesman, Siddiq advocated for a comprehensive regulatory framework akin to the United States, criticizing the previous government’s approach as akin to the “Wild West” and emphasizing the need for protections against fraudulent activities.
She expressed Labour’s intent to foster fintech innovation while implementing robust industry oversight.
“A Labour government would be serious about attracting fintech companies to the UK and safely harnessing the progressive potential of crypto technology,” Siddiq remarked, adding, “But it’s time to reject the arguments of the libertarian right and properly regulate the sector.”
Siddiq’s expertise in the field has been recognized; in 2022, she was lauded by CryptoUK as one of the top lawmakers discussing crypto and blockchain in the House of Commons.
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Nigel Green of deVere Group predicted Siddiq would position the UK as a global hub for tokenized assets following Labour’s electoral success.
While Siddiq’s appointment signals Labour’s proactive stance on financial technology, the party’s immediate priorities under PM Starmer also include reversing Conservative policies such as the deportation of asylum seekers to Rwanda.
Despite attempts to reach Siddiq for comment, responses were not provided by the time of publication.
Looking ahead, Labour’s focus on housing and healthcare underpins its early agenda, with decisions on Web3 regulatory infrastructure pending further government deliberation.
The reshuffle in UK politics follows Labour’s acquisition of 411 seats in the 650-seat House of Commons, significantly overshadowing the Conservatives’ 121 seats post-election.
Across the Atlantic, the upcoming general election in the United States in November 2024 holds similar implications for digital asset policies, depending on the election outcome for the House of Representatives, Senate, and Presidency.
Tech trade groups have urged President Joe Biden to provide clear regulatory guidelines on crypto, reflecting broader global trends in financial technology governance.
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