- A new UK parliamentary group wants to push for crypto laws.
- It's the latest signal that the UK crypto lobby is ramping up its efforts.
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Hi. Eric here.
The crypto industry is quietly ramping up pressure on UK lawmakers to create new rules and regulations.
Just as US President Donald Trump rubber-stamped the Genius Act into law, crypto lobbyists across the pond intensified efforts to get the parliament to create a new set of laws and regulations.
“This is a critical moment for the UK,” Gurinder Singh Jossan, a Labour backbencher and co-chair of the newly reformed All-Party Parliamentary Group for Crypto and Digital Assets, told me this week.
He and his co-chair, Conservative Party member of the House of Lords Edward Vaizey, argued that while other jurisdictions, such as the US and the EU, have moved forward and introduced new laws, similar legislation has stalled in the UK.
The reformation of the group is just the latest sign of how things are heating up in the world’s sixth-biggest economy.
Over the past six months, Ripple has lamented that UK banks don’t want to deal with crypto firms while Coinbase unleashed its reps — including former finance minister George Osborne — to ridicule the country’s financial woes.
Their solution? New crypto laws.
The way they put it, a clear playbook will supercharge the “sick man of Europe” and generate innovation, jobs and moolah.
Without new laws, Britain will fail to meet former Prime Minister Rishi Sunak’s — who was defenestrated at last year’s snap election — goal of becoming a hotbed for crypto innovation.
Businesses will up sticks and consumers will be left at the mercy of less scrupulous players from other jurisdictions who will cash in on Britons’ desire to trade with that sweet digital coin.
Sounds familiar? It should. It’s basically the argument the US crypto lobby unleashed ahead of the vote in November.
That culminated in Trump’s return to the White House and the appointment of a slew of pro-crypto people in key government positions.
If the past is any indication of future results, it looks like things are about to get really interesting in the UK.
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