The U.K. is set to hold its first election in five years on Thursday, but crypto is not a campaign-trail issue.

The Silence of Major Parties

According to a June Ipsos poll on voting intentions, the Labour Party is leading with 42% of voter support, while the Conservatives have only 19%. However, most major parties have not mentioned crypto in their election manifestos.

The Labour Party, the favorite to win tomorrow’s U.K. general election, has barely mentioned crypto during its campaign, leaving the future of the industry in the country uncertain. Other than a few words about wanting the country to be a tokenization hub and supporting digital pound plans, the party has remained tight-lipped about crypto.

Major Debates

The topic of crypto did not come up during the last debate between Prime Minister Rishi Sunak and Labour leader Keir Starmer, which focused on welfare, immigration, and the relationship with the European Union. While the Conservative government has pushed several crypto-forward policies, its current manifesto – like those of Labour and the Liberal Democrats – makes no mention of it.

Labour Party Leadership

According to the Ipsos poll, the Labour Party leads with 42% of voter support, while the Conservatives have 19%. When the seats are counted, Starmer is likely to become prime minister with a large majority in Parliament.

The Labour Party’s manifesto “referenced a kind of pro-competition environment,” said Laura Navaratnam, U.K. policy lead at the Crypto Council for Innovation. “It talked about the role of regulators, but all in a broader context. So still, nothing on crypto. But on the plus side, they haven’t said anything negative either.”

Instead, the Labour manifesto focuses on economic growth, with plans to invest billions into building supply chains, adding more neighborhood police, and cutting waiting times for the National Health Service.

Expert Opinions

Party representatives did not respond to CoinDesk’s request for comment.

Approximately half of the world’s population will vote in general elections this year. In most of the more than 60 nations going to the polls, including South Africa, Croatia, Finland, Lithuania, and France, crypto has barely been an issue.

Jordan Wain, policy lead at Chainalysis, said that “looking at all of the manifestos in aggregate, no one mentioned crypto,” but this makes sense because manifestos are written for the electorate, primarily to show potential voters what the party thinks about key issues.

Healthcare, national security, crime, and the economy are the chief battleground issues, he said.

Hopes from the Crypto Industry

Still, industry participants hope the major parties will keep the issue in mind. George McDonaugh, co-founder and co-managing director of investment firm KR1, believes the crypto industry will help “foster growth and jobs.”

Eleanor Gaywood, head of strategy at Coincover, said it was “encouraging” that both Labour and Conservative supported innovation, but concrete details are necessary. “After the election, it will take time to gauge the next government’s stance on crypto.”

Regulation and the Future

The U.K. was expected to pass legislation to allow the Financial Conduct Authority (FCA) to regulate stablecoins alongside staking rules. This didn’t happen because Sunak called the election earlier than anticipated. These rules are still needed, as are market abuse rules, Wain said. Guidance on the U.K.’s promotion rules is also needed, Navaratnam wrote in an opinion piece.

Crypto companies hope that current efforts will continue under new leadership.

Navaratnam hopes that stablecoin legislation will be passed without much controversy and could see results in the autumn. Wain from Chainalysis believes that the important work done by regulators will not be overlooked.

“Whichever party comes in, regardless of how quiet or loud they’ve been, they are not going to sweep all of that hard work off the table, it’s not going anywhere,” he said.

Source: Coindesk