UK’s New Economic Secretary Faces Scrutiny Over Potential ‘Crypto Crackdown’
Following the recent landslide election which saw the UK Labour Party win, Prime Minister Keir Starmer has begun appointing members to the new government.
Among the appointments is Member of Parliament Tulip Siddiq, who has been assigned the role of Economic Secretary to the Treasury and City Minister.
The appointment places Siddiq in a position of influence over policies concerning the regulation of digital assets and central bank digital currencies in the UK.
However, her previous statements suggesting a potential “crypto crackdown” have drawn scrutiny.
In a May 2023 op-ed published in the New Statesman, Siddiq called for a “comprehensive, all-of-government framework” to address the risks and opportunities presented by crypto assets.
She compared the Conservative government’s approach to cryptocurrency to the “Wild West” and advocated for stricter regulations and protection against scammers.
Siddiq emphasized that a Labour government would focus on attracting fintech companies to the UK while implementing proper regulation in the sector.
As I say here, I've been calling for a crackdown on the crypto wild-west for months.
Despite the collapse in cryptocurrencies, the Conservatives continue to promote their NFT vanity project and dodgy stablecoins.
Enough of the gimmicks. We need action.https://t.co/aQbu1jwfFN
— Tulip Siddiq (@TulipSiddiq) February 1, 2023
Siddiq’s stance on cryptocurrency has earned her recognition within the industry.
In 2022, she was rated as one of the top ten UK lawmakers discussing crypto and blockchain in the House of Commons by the self-regulatory trade association CryptoUK.
Nigel Green, CEO of deVere Group, a financial consultancy firm, expressed the belief that Siddiq would transform the UK into a global
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