According to CoinDesk, UK Prime Minister Rishi Sunak has announced that the country's general election will take place on July 4, a date that could potentially see the ruling Conservative Party lose power. The Conservative Party, which has been in power for a tumultuous 14 years marked by the 2020 exit from the European Union and the Covid pandemic, has been a strong advocate for the crypto industry. They have expressed their desire for the UK to become a hub for the crypto industry and have played a key role in passing legislation that recognizes digital assets as regulated financial services.
In March, the government hosted members of the crypto community at the Prime Minister's official residence at No.10 Downing Street to reaffirm its commitment to developing legislation for the sector. It was anticipated that legislation regarding stablecoin and staking would be released in the following weeks, but no such proposals have been made to date. The last general election, held in December 2019, saw the Conservatives, also known as the Tories, secure 365 of the 650 seats in the House of Commons, with the Labour Party winning 202 seats.
The Labour Party, which has not clarified its stance on the crypto industry, is currently favored to win the upcoming election according to voting intention polls. Despite their silence on crypto legislation, the Labour Party has expressed its desire for the UK to become a hub for tokenization and has voiced its support for the Bank of England's digital pound plans. Tokenization involves the creation of a blockchain-based object that represents a real-world asset, such as a work of art or a bar of gold.