MP Tulip Siddiq called for crypto regulation as shadow economic secretary while in the opposition, and now the Labour Party is in control of the UK government.
After a landslide election on July 4 favoring the UK Labour Party over the Conservatives, Prime Minister Keir Starmer has started making appointments to the new government, including Member of Parliament Tulip Siddiq.
In a July 9 announcement, PM Starmer appointed Siddiq as Economic Secretary to the Treasury and City Minister, putting her in charge of many policies affecting the regulation of digital assets and central bank digital currencies in the UK. Siddiq, who held the role of Shadow City Minister and Shadow Economic Secretary while Conservatives were the primary ruling party, made statements suggesting that she would implement stricter rules on cryptocurrency.
In a May 2023 New Statesman op-ed, Siddiq urged UK lawmakers to introduce a “comprehensive, all-of-government framework to address the emerging risks and opportunities posed by crypto assets,” following the example in the United States. She compared the Conservative government’s approach to crypto to the “Wild West,” calling for regulation and protection against scammers.
