The political situation in the UK won’t change crypto’s bright future in the country, says lawmaker Lisa Cameron.
The UK has witnessed its Conservative leadership switch hands frequently over the last year, encouraging backing for the Labour Party – the major opposition party – to advance to levels not seen since the late 1990s. Even though voters may prefer new leaders in the next election which is now set for 2025 but that could happen sooner, Cameron said in an interview with the media that she is certain the UK will harbor a friendly approach to crypto.
The industry’s concerns over how crypto might be feted under new leadership may originate from comments made by recently designated Prime Minister Rishi Sunak about his dreams to transform the country into a hub for crypto.
Sunak, who in October became the third Conservative Party member to take up the position of prime minister in 2 months, outlined his strategies for crypto while he operated as finance minister under former Prime Minister Boris Johnson. Members of the local crypto community have regarded Sunak’s designation as prime minister as a boon to the industry.
But if Parliament succeeded in moving up the 2025 elections through a no-confidence vote on Sunak, the opponent – Labour Party could win and potentially toss the Conservative government’s plans to lure crypto businesses to the country off balance. Yet, Cameron, who is a member of Parliament representing the Scottish National Party (SNP), isn’t anxious.
Cameron – chairwoman of the All Parliamentary Group for Crypto and Digital Assets (APPG), said she is sure that crypto will remain a nonpartisan subject no matter who runs the government.
The political turbulence so far has had a minor effect on the crypto policies that are in the works. The Financial Services and Markets bill, which would bring digital assets under the spectrum of financial regulators, and the Economic Crime and Corporate Transparency bill, which would allow authorities to recover crypto connected to criminal activity, are still making progress regardless of the high-profile entrance and exit of ex-Prime Minister Liz Truss.
UK leaders are even more empathetic toward the technologies that underlie crypto. Jon Cunliffe, deputy governor of the Bank of England, has expressed that the distributed ledger technology could be utilized in settling trades of traditional assets. Meanwhile, Lords, who are members of the upper branch of Parliament, has presented a bill that could allow trade documents to be kept on a blockchain.
The Labour Party, nevertheless, might have a more suspicious view of crypto. Labour Party Treasury spokeswoman Abena Oppong-Asare said during a debate in Parliament in September that many are rightly asking whether crypto has a future at all.
Although the government is showing in new legislation for crypto, much of what occurs to the burgeoning sector relies on the Financial Conduct Authority. Crypto companies must register with the FCA to operate in the UK and pivoting on legislation, the FCA, which is known for being vital to crypto, could end up with the power to pick how crypto firms can advertise and reach out to UK consumers.
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Cameron’s APPG group, which was assembled in December 2021, already has spokespeople from the Conservative, Labour, Liberal Democratic, and SNP parties shaping the crypto debate.
Cameron said the job is to almost engage everybody and ensure that this is apolitical so that we have our framework going forward and, yes, different governments will like to put their own imprint on it or their own stamp on it moving forward. Cameron also adds that they have underpinned that, a group of parliamentarians right across all the parties who can debate it, discuss it and notify whichever strategy goes ahead.
The APPG will also be unleashing its first inquiry report, which will evaluate whether the UK government’s vision to make the country a crypto hub is an attainable goal. The report will also look at the components of that vision, how achievable it is and what they need to put in place. The report is planned to be published in next year in January.
The future of a UK crypto hub lies partly in the hands of the evidently crypto-friendly Sunak as well as with new Finance Minister Jeremy Hunt. The Treasury department Hunt overlooks ushered in new stablecoin recommendations in July.
Hunt hasn’t conveyed any views on crypto in public, but Cameron, who acted on the health committee while Hunt was health minister between 2012 and 2018, said she understands Jeremy very well.
Cameron adds that Hunt likes to be on the ball with things. He looks fact, he is someone who puts time into methodically studying areas, and she thinks that’s a good thing moving forward for this sector, and also emphasized that he’s also someone who’s curious about and understands the capacity and capability of digital transformation.
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