The King’s Speech at the State Opening of Parliament said the new Labour government of the United Kingdom would focus on economic stability and growth but did not explicitly mention digital asset-related policies.
Addressing the members of the UK Parliament on July 17, King Charles III read a speech written by the incoming Labour government as they prepared to introduce laws and policy objectives. The UK government’s priorities included “securing economic growth,” “wealth creation,” and improving the nation’s infrastructure and housing.
The roughly 15-minute speech did not specifically address the regulation of crypto and blockchain but said lawmakers would “encourag[e] investment in industry, skills, and new technologies” and introduce legislation to regulate artificial intelligence. Other policy priorities included plans to address border security and the climate crisis and establish an “independent football regulator.”
Crypto policy under Labour?
King Charles’ speech under the Labour government contrasted with the one he gave in May 2022, when the then-Prince spoke on behalf of Queen Elizabeth II at the State Opening of Parliament for Conservative Prime Minister Boris Johnson. The government under the Conservative Party introduced the Financial Services and Markets Bill and the Economic Crime and Corporate Transparency Bill to address crypto regulation in the UK.
The Labour Party won a majority in the House of Commons following a landslide victory on a July 4 election, with Conservatives losing hundreds of seats and control of government. Many experts anticipate that the UK government under Labour could shake up the nation’s digital assets and blockchain policies, which are expected to be delayed due to the timing of the election and parliamentary recesses.
UK Prime Minister Keir Starmer has largely been silent on crypto as a Labour policy objective. The King’s Speech on July 17 included 40 Labour bills, in contrast to the 21 pieces of legislation the Conservatives introduced at the previous speech in November 2023.