Bitcoin

The move of a Scottish Labour leader to a UK ministerial role may strengthen Labour's influence in Westminster, potentially leading to more coherent crypto regulation in the UK. However, given the current market focus on macro factors (inflation, Fed policy) and the low significance of this event, it is unlikely to move prices in the near term.

Scottish Labour leader Anas Sarwar is set to become a minister in Burnham's government, which would require him to leave the Scottish Parliament and his leadership role, and take up a seat in the House of Lords.