United Kingdom: Andy Burnham, a Prime Minister "convinced" by crypto at the gates of Downing Street

Downing Street is changing tenants. Weary from poor polling and internal dissent within the Labour Party, Keir Starmer has announced his resignation, and the frontrunner to succeed him is Andy Burnham, former mayor of Greater Manchester and one of the few heavyweight Labour figures to openly express his sympathy for cryptocurrencies. After months of tension between the British executive and the digital asset industry, the latter is surprisingly hopeful.

Key Points

• Keir Starmer leaves Downing Street, and Andy Burnham, former mayor of Greater Manchester, is the leading candidate to succeed him.
• Burnham aims to make Manchester a stronghold of Web3 and stated he is "convinced" in front of a hundred crypto founders.
• The FCA's authorization window opens on September 30, ahead of the full implementation of the UK crypto regime in October 2027.
• The industry hopes for continuity but fears a reshuffle that would sideline ministers familiar with the new regulatory framework.

Manchester, the cradle of the revolution... Web3

Andy Burnham is not a last-minute convert. In 2024, while mayor of Greater Manchester, he spoke at an event organized by the Manchester Blockchain Alliance and Stand With Crypto, the lobbying group supported by Coinbase. In front of a hundred Web3 project founders, he delivered nine minutes of enthusiastic speech, famously stating "I’m convinced" and promising to make his city a global stronghold of Web3.

"Manchester was the cradle of the industrial revolution. Let’s make it the cradle of the Web3 revolution." Andy Burnham, then mayor of Greater Manchester, addressing Web3 founders gathered by Stand With Crypto

The elected official, who readily admits to having limited technical knowledge, sees it primarily as a lever for jobs and growth for the youth in his region. He even goes so far as to claim that "Web3 could be the democratization of all this," marrying economic progress with social advancement. This enthusiasm is rare for a leading Labour leader.

A tonal shift after the cold shower of the Starmer era

On the outgoing government side, the atmosphere was quite different. In March, Keir Starmer's executive imposed a moratorium on cryptocurrency donations to political parties, following the Rycroft Review, an independent report that feared the anonymity of certain transactions could facilitate foreign interference in democratic life. A legitimate precaution for some, a signal of distrust for others: British Web3 entrepreneurs experienced it as yet another brake.

The page is now turning rapidly. Starmer wishes to open applications for his succession as early as July 9, the day after a NATO summit. Burnham, who has returned to being the MP for Makerfield after his years as mayor, is crushing the predictions. While he has not presented any detailed national program on digital assets, his Mancunian record is enough to fuel the optimism of market players.

A regulatory timeline to preserve at all costs

The crypto file will land on a desk that is already well organized. At the end of June, the FCA (Financial Conduct Authority, the British financial watchdog) published its final rules for market companies, thus completing its roadmap. The authorization window will open on September 30, ahead of a full regime implementation on October 25, 2027. The Bank of England and the FCA have even detailed a joint approach to regulate systematically important stablecoin issuers.

"If he becomes the next Prime Minister, it is unlikely that his position will change." Nick Jones, founder and CEO of the British digital asset platform Zumo

Nick Jones anticipates the continuation of a growth-focused policy while pointing out a very real risk: a reshuffle that would sideline ministers familiar with the new regime, precisely when regulators and companies are preparing authorization requests. The first verdict will therefore come on September 30: if the FCA's window opens on time, just weeks after Burnham is likely installed at 10 Downing Street, the industry will have achieved the continuity it has been demanding, with a Prime Minister who finally speaks its language.

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