Keir Starmer’s decision to step down as UK prime minister has opened a race for Downing Street just as Britain enters the final stages of building one of its most consequential financial regulatory frameworks in years.

On June 22, Starmer said that he would remain in office until Labour selects a successor, ending a premiership that lasted less than two years.

He acknowledged that the party needed new leadership before the next general election, which must be held by 2029, and said he wanted to devote more time to his family.

Andy Burnham, the newly elected member of Parliament for Makerfield, quickly emerged as the overwhelming favorite to replace him.

His ascent has generated cautious optimism among cryptocurrency executives who view…