The Conservative Party, which has taken a pro-crypto stance, is losing ground to the Labour Party, which has supported tokenization but has not yet stated where it stands on cryptocurrencies in general. These are the early results of yesterday’s municipal elections in the United Kingdom.
With over 2,600 seats up for grabs, voters in around one-third of the nation’s local councils headed to the polls on Thursday. According to figures from the BBC, when results from 40 of the 107 councils were in, Labour had gained 360 council seats, or 62, while the Conservatives had lost 147 seats, or 129, to fall short of the Liberal Democrats.
It’s possible that many of the other results, such as the London mayoral race, won’t be revealed until tomorrow or possibly Sunday.
With legislation allowing cryptocurrency to be handled like a regulated financial activity and rejecting proposals for it to be treated like gambling, the Conservatives, lead by Prime Minister Rishi Sunak, have stated that they want the nation to be a hub for the cryptocurrency industry. Meanwhile, Labour has declared that it will back the Bank of England’s plans for a digital pound and that it wants to turn the nation into a centre for tokenization—the process of representing real assets on a blockchain.
These results so far suggest that the Conservatives are unlikely to hold on to power after a general election, which is likely to be held later this year and must be held by Jan. 28, 2025.