Stand With Crypto Outlines Seven UK Crypto Policy Recommendations Ahead of General Election
Stand With Crypto, an advocacy group started by Coinbase, has put forth seven policy recommendations for the UK ahead of the upcoming general election on July 4. The group, which launched in London with an event at the House of Commons in May, is urging the next government to promote the UK as a global hub for web3 and tokenization.
Among the recommendations outlined in their manifesto, Stand With Crypto UK is calling for swift legislation on crypto assets, regulation of fiat-backed stablecoins, recognition of staking as a regulated activity, and exploration of decentralization across various sectors. The group also suggests integrating tokenization into the financial sector and revising UK legal frameworks to reflect technological advancements.
Interestingly, none of the major UK political parties have mentioned crypto in their 2024 manifestos, despite the growing influence of the industry in the US political landscape. While the UK’s stance on cryptocurrency regulation has been evolving, with the introduction of new regulations and oversight frameworks, the country still lags behind in terms of political engagement with the crypto industry.
In contrast, the US has seen significant involvement of crypto in political campaigns, with former President Donald Trump openly supporting crypto and accepting it for campaign donations. The industry has gained influence in US politics, with funds being mobilized by crypto-backed super PACs and a shift in tone from the Biden administration towards digital assets.
As the UK prepares for its general election, the recommendations put forth by Stand With Crypto UK highlight the importance of embracing innovation in the crypto space to drive investment, innovation, and economic growth. It remains to be seen how the next government will respond to these recommendations and whether crypto will become a more prominent issue in UK politics moving forward.
