UK Labour wins election in landslide, but reveals no plans for crypto legislation

The Labour Party won the UK general election in a landslide on Thursday, ending 14 years of the Conservatives' rule and appointing Keir Starmer as prime minister, but its legislative plans have left the direction of cryptocurrency regulation unclear. According to the BBC, the Labour Party won more than the 326 seats needed for a majority, and as of 6:00 a.m. BST (5:00 UTC) on Friday, the Labour Party had secured 388 seats, while the Conservatives' seats fell to just under 100. Neither party mentioned the cryptocurrency industry in their pre-election manifestos. The Labour Party focused its efforts on the economy, the police, and the National Health Service. Due to its long tenure in government, the Conservative Party has become more clear about its stance on cryptocurrencies. The party has said it wants the country to become a crypto hub, has enacted legislation that treats crypto as a regulated activity, and is consulting on future plans, including stablecoin rules. Bim Afolami, the economic secretary to outgoing Prime Minister Rishi Sunak, has attended many fintech conferences and promised that the government will issue secondary legislation for stablecoins. The Labour Party said it would support the Bank of England's digital pound plan. Whether to issue a central bank digital currency (CBDC) will be decided by the central bank in 2025-2026. Before that, Parliament needs to approve appropriate legislation. (CoinDesk)