Regulation
Cryptocurrency executives court Labor as UK elections loom
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British Prime Minister Rishi Sunak recently announced an early election, throwing the country’s political situation into uncertainty and turmoil. In response, cryptocurrency executives have turned to the competition to rally support and push for clearer crypto regulation.
According to a relationship from Bloomberg, Two nights before Sunak’s announcement, crypto industry executives gathered on a terrace of the House of Commons, mingling with lawmakers over wine and canapés. According to Bloomberg sources, this event was organized by the US cryptocurrency exchange Coinbase Global Inc. and its advisor, former conservative Chancellor George Osborn. It was claimed that this session was part of a concerted effort to strengthen ties with British politicians.
Despite the participation of members of both major political parties, the cryptocurrency industry’s influence campaign has increasingly focused on the Labor Party, given its dominant and consistent lead in opinion polls.
Sunak’s decision to set the election for July 4 confirmed the wisdom of this approach, but also highlighted the uncertainty surrounding cryptocurrency regulation in the UK, as the Labor Party has not been in power since 2010, when Bitcoin it was still in its infancy.
Labor leader Keir Starmer has remained largely silent on the topic of cryptocurrencies, leaving industry insiders guessing about his intentions on regulation should his party emerge victorious.
Laura Navaratnam, head of UK policy at the Crypto Council for Innovation, suggested that even Labor may not yet have a clear position, arguing that while everyone else is “trying to guess” what Starmer’s intentions are for the crypto sector of the country, it is also possible that the Labor Party does not “know what it thinks yet”.
The upcoming elections in the UK and US, set just four months apart, represent a critical moment for the cryptocurrency industry. Since previous election cycles, the industry has experienced a severe market downturn and heightened regulatory scrutiny. However, last year also brought a notable recovery, marked by approval of Bitcoin and Ether exchange traded products in both countries.
In the United States, the cryptocurrency industry is boosting campaign contributions to cryptocurrency-friendly candidates to sustain this positive momentum. Meanwhile, in the UK, the focus has been on cultivating relationships with Starmer and the Labor Party.
“We fear that if the Government delays too long in putting in place a comprehensive regulatory package, we will be far behind our competitors,” CryptoUK board advisor Ian Taylor said.
The crypto industry’s wish list for the UK includes rapidly introducing comprehensive regulations, reviving proposed stablecoin legislation, easing restrictions on the marketing of crypto products and addressing difficulties in gaining access banking. However, the fate of these goals remains uncertain, especially if Labor takes the reins of government.
As the election approaches, cryptocurrency executives are also turning their attention to key Labor Party figures such as Rachel Reeves, the shadow chancellor, and Tulip Siddiq, the shadow city minister. These two figures will likely oversee efforts to restore London’s status as a global financial center after Brexit should the Labor Party secure a victory.
The cryptocurrency industry is also adapting its political message to resonate with a potential Labor government. Rather than emphasizing pro-market and competitive themes, companies are prioritizing grassroots awareness in labor strongholds and demonstrating how digital assets can benefit ordinary people.
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