Regulation
Crypto Executives Run Labor Party As UK Election Approaches
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British Prime Minister Rishi Sunak recently announced snap elections, plunging the country’s political situation into uncertainty and turmoil. In response, crypto executives have turned to the competition to garner support and push for clearer crypto regulation.
According to a report From Bloomberg, two nights before Sunak’s announcement, crypto executives gathered on a terrace of the House of Commons, mingling with lawmakers over wine and canapes. This event was, according to Bloomberg’s sources, organized by the American crypto exchange Coinbase Global Inc. and its advisor, former conservative chancellor George Osborn. The session was reportedly part of a concerted effort to strengthen ties with British policymakers.
While members of both major political parties were in attendance, the crypto industry’s influence campaign increasingly focused on the Labor Party, given its dominant and consistent lead in polls of opinion.
Sunak’s decision to set the election for July 4 confirmed the wisdom of this approach, but it also highlighted the uncertainty surrounding crypto regulation in the UK as Labor no longer held power since 2010, when Bitcoin was still in its infancy.
Labor leader Keir Starmer has remained largely silent on the subject of cryptocurrencies, leaving industry insiders guessing about his regulatory intentions should his party emerge victorious.
Laura Navaratnam, UK policy manager at the Crypto Council for Innovation, suggested that even Labor may not yet have a clear position, saying that while everyone is “trying to guess” what Starmer’s intentions are for the crypto sector of the country, it is also possible that Labor does not yet know “what they think”.
The upcoming elections in the UK and US, just four months apart, represent a critical moment for the crypto industry. Since previous election cycles, the sector has experienced a severe market downturn and increased regulatory scrutiny. However, the past year has also seen a remarkable resurgence, marked by approval of Bitcoin and Ether exchange traded products in both countries.
In the United States, the crypto industry is boosting campaign contributions to pro-crypto candidates in order to maintain this positive momentum. Meanwhile, in the UK, the focus has been on nurturing relations with Starmer and the Labor Party.
“We are concerned that if the government delays too long in putting a comprehensive regulatory package in place, we will fall far behind our competitors,” said Ian Taylor, an advisor to the CryptoUK board.
Crypto industry wishlist for UK includes rapid introduction of comprehensive regulation, revival of proposed stablecoin legislation, easing restrictions on marketing of crypto products and resolving difficulties accessing banking services. However, the fate of these goals remains uncertain, especially if Labor takes the reins of government.
As the election approaches, crypto executives are also turning their attention to key Labor figures such as Rachel Reeves, the shadow chancellor, and Tulip Siddiq, the ghost town minister. Both figures will likely oversee efforts to restore London’s status as a global financial center after Brexit if Labor secures a victory.
The crypto industry is also adapting its political messaging to resonate with a potential Labor government. Rather than emphasizing pro-market and pro-competition themes, companies are prioritizing grassroots awareness in Labor strongholds and demonstrating how digital assets can benefit ordinary citizens.
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