Prior to the election announcement, the industry had grown accustomed to a government that, as of late, generally understood and supported crypto. In 2022, John Glen, the Economic Secretary to the Treasury (also known as the City Minister) pledged to make the U.K. a global hub for crypto-asset technologies. This vow was repeated by his successors Andrew Griffith in 2023 and, most recently, Bim Afolami, who has urged regulators to take care in policing the crypto industry to make sure its success isn’t “undermined.” Broad powers were introduced in the Financial Services and Markets Bill bringing stablecoins within the regulatory purview of the Financial Conduct Authority, and clarity on the treatment of staking was promised. Now, with Labour polling around 41%, we are days away from a wholesale change in 14 years of Tory leadership.
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