On the occasion of the UK general election on July 4, British politicians generally remained silent on the issue of cryptocurrencies, but people in the cryptocurrency industry still expect that clearer regulatory policies will be introduced after the election.
Currently, despite the Labour Party's lead in the polls, its campaign has barely touched on cryptocurrencies, instead focusing on broader economic and social issues. This silence has created uncertainty for the cryptocurrency industry, but the industry still hopes to see clarity in the regulatory environment.
Labour’s silent stance on cryptocurrencies
According to a June Ipsos poll, Keir Starmer's Labour Party is expected to win a majority in the general election with 42% support, while the Conservatives trail with 19%. During the campaign, the Labour Party has shown little interest in the issue of cryptocurrencies, with only vague policy references to creating a favorable competitive environment and supporting plans for a digital pound.
Like Conservative leader Rishi Sunak, Starmer has focused his campaign on issues such as welfare, immigration and EU relations, leaving cryptocurrencies on the sidelines. Although Sunak's Conservative government has made crypto a policy priority in the past, no major cryptocurrency-related proposals have been made in the current campaign manifesto.
Even so, some members of the cryptocurrency industry remain cautiously optimistic. Laura Navaratnam, head of U.K. policy at the Crypto Innovation Council, noted that while the Labour Party’s manifesto did not explicitly mention cryptocurrencies, it also did not express any negative sentiment.
The level of attention paid to cryptocurrencies varies around the world. In the United States, Republican candidate Donald Trump occasionally discusses cryptocurrencies, although the topic was not raised in the first presidential debate. In countries such as South Africa, Croatia, Finland, Lithuania and France, discussion of cryptocurrencies during campaigns is also rare.
This shows that although the two major political parties in the UK did not discuss the issue of cryptocurrency much during the campaign, industry insiders still expect the new government to provide clearer regulatory guidance after the election to promote the healthy development and innovation of cryptocurrencies in the UK.
Cryptocurrency industry calls for regulatory clarity
Away from the noise of political campaigns, the cryptocurrency industry continues to call for regulatory clarity and a clear path forward.
Meanwhile, George McDonaugh of KR1 emphasized that the cryptocurrency industry has great potential to bring economic growth and employment opportunities. Eleanor Gaywood of Coincover suggested that after the election, the government urgently needs to formulate specific policies to guide the development of the industry. They appreciate the positive attitude of the two major political parties towards innovation, but also warn that without detailed plans and actions, these expressions of support are still not enough to promote substantial progress in the industry.
The UK originally planned to lead the legislative process, led by the Financial Conduct Authority, to effectively regulate stablecoins and formulate rules to prevent market abuse. However, these regulatory efforts were put on hold due to British Prime Minister Sunak's proposal to hold an early general election. In this context, many industry insiders, including Jordan Wain of Chainalysis, called on the new government to formulate comprehensive market promotion rules and more detailed regulatory guidelines to ensure the fairness and integrity of the market. At the same time, these measures are crucial to maintaining the healthy development of the cryptocurrency market.
As the UK general election approaches, the cryptocurrency community remains hopeful that the next government will address key issues such as regulatory clarity and market integrity to ensure the UK remains competitive in the rapidly evolving digital asset space. #英国大选 #加密货币政策 #数字英镑 #竞选议题
Conclusion:
Although cryptocurrencies did not become the focus of political discussions during the UK general election, expectations for future regulatory policies within the industry have not diminished. Industry observers recognize that the new government’s regulatory decisions are crucial to the healthy development of the cryptocurrency industry.
At the same time, only by ensuring market fairness and integrity can the UK remain competitive in the global digital asset field. Finally, we look forward to the positive actions of the new British government to bring a clear and positive regulatory environment to the cryptocurrency industry.
