UK General Election on July 4 Could Impact Crypto Industry

UK Prime Minister Rishi Sunak has announced that a general election will take place on July 4, which could result in the crypto-friendly Conservative Party losing power. The Conservative Party has been instrumental in passing legislation recognizing digital assets as regulated financial services in the country, and has expressed a desire for the UK to become a crypto hub. However, the opposition Labour Party is currently favored to win the election and has not made its stance on crypto legislation clear, but has expressed support for the Bank of England's digital pound plans and tokenization. The election comes after a turbulent 14 years of Conservative rule, which included the UK's exit from the EU and the Covid pandemic.