The global crypto community is making moves that might bring waves in the ongoing elections of some major economies. Reports depict that just two days before UK Prime Minister Rishi Sunak announced a snap election, several crypto executives had a meeting to discuss strengthening ties with British lawmakers.
UK elections see crypto lobbying
As per reports, the event was organized by Coinbase Global Inc. and advised by former Conservative Chancellor George Osborne. The episode saw participation from senior members of both major political parties. However, the industry’s lobbying efforts have targeted the Labour Party over the anticipation of its potential return to power.
UK PM’s decision to call a July 4 election has now confirmed this approach. Meanwhile, it has highlighted the prevailing uncertainty surrounding crypto regulation.
Labour Party has been out of power since 2010 and has maintained its silence on crypto linked issues under its leader Keir Starmer. It is important to note that when the Labour Party was in power before 2010, Bitcoin was under $1.
As of now, the biggest crypto is trading above the $67,000 price level. BTC recently recorded its all time high (ATH) of over $73,500. Bitcoin is trading at an average price of $67,487, at the press time with a market cap of $1.33 trillion.
The global digital assets market has been on an upward trajectory since gaining approval from the US Securities and Exchange Commission over spot Bitcoin Exchange-Traded Fund (ETF). This has majorly helped BTC to gain high which has led altcoins to pump. The cumulative crypto market cap stands at around $2.5 trillion as of Wednesday.
It’s about to get interesting
It is still unclear what would be Starmer’s stance over the crypto regulations if the Labour Party wins this election.
This electoral cycle is crucial for the crypto industry, with both the UK and US choosing their leaders within four months. In the US, the industry is boosting donations to crypto-friendly candidates. In the UK, it is focusing on engaging with Starmer and Labour.
Despite being Coinbase’s second-largest market, the UK is viewed by many in the industry as lagging in crypto regulation. This perception persists even though Sunak pledged in 2022 to make the UK a key hub for the sector. Since then, the EU has implemented comprehensive crypto legislation, and financial centres like Hong Kong and Dubai have introduced new regulations.
