According to the BBC exit poll, the Labour Party wins the UK election. This means that the Conservatives and Rishi Sunak’s government will be removed from power.
The Labour Party wins the election
The BBC exit poll suggests a Labour win. The party is expected to have 410 seats in parliament, and its leader, Keir Starmer, will become the next prime minister of the UK. The current prime minister, Sunak, has held the position since October 2022. The Conservatives will have only 131 MPs.
The BBC poll was based on data from voters interviewed at 130 polling stations in England, Scotland and Wales (not Northern Ireland). The official election results will be announced today, 5 July.
What does this mean for cryptocurrencies?
All of this could have implications for the cryptocurrency market. It is already known that Lisa Cameron, an MP who has previously supported many pro-cryptocurrency projects, will not be in parliament.
The success of the Labour Party may, according to some experts, delay cryptocurrency market regulations. And for months. It is also unclear what form these will take.
Sunak’s government has previously announced plans to create a regulatory framework for cryptocurrencies and stablecoins. The appointment of the current prime minister to the position was warmly received in the blockchain market. However, the hopes proved vain. Sunak has done little in this area.
It is doubtful that cryptocurrencies are a priority for Labour. The party has rarely issued any policy statements on blockchain technology and digital assets.
So far, Starmer’s position on cryptocurrencies remains somewhat unclear.
— says deVere Group CEO Nigel Green.
At the same time, however, Rachel Reeves, the current shadow chancellor of the exchequer (and thus a potential minister in the next government), is known for her openness to new technologies. In turn, Tulip Siddiq, a party MP, boldly declared some time ago that the Labour Party will transform the UK into a global center for tokenized assets. But these are just words. Similar ones have been used by other politicians in the past.
It’s not just the British who are changing their government. The election – divided into two rounds – is also underway in France. On June 30 (the first round), the far-right National Rally party won, winning over 33% of the votes. The French face the second round.
Of course, the UK is not the US. Its blockchain policy is not as important as in Washington. However, we are still talking about one of the most powerful economies in the world. Therefore, it would be better for the new government to be open to bitcoin.
