British Foreign Secretary Liz Truss has won the race to become leader of the ruling Conservative Party. On 6 September she will succeed Boris Johnson as prime minister and appoint a new government.
Her opponent, former finance minister Rishi Sunak, was definitely the favourite for many crypto-enthusiasts in the UK. He, along with former Treasury Secretary of Economy John Glenn, planned to make the UK the cryptocurrency capital of the world. Sunak sought to regulate Stablecoins to allow them as a means of payment in the UK.
He also advocated granting legal status to decentralised autonomous organisations (DAOs).
Truss stated in 2018 that the UK “should welcome cryptocurrencies” and “not limit their potential”, advocating an “anti-regulatory” approach.
It remains to be seen whether Truss will maintain this position on cryptocurrencies as prime minister, and whether she will keep Sunak as part of the UK government. She reportedly said on Monday that she has a “bold plan” to cut taxes and grow the UK economy.
The cryptocurrency community has had a very mixed reaction to the announcement of Liz Truss’ election victory. Many welcomed her stance on removing the regulatory burden on cryptocurrencies.
However, Michael Suppo, one of the biggest cryptocurrency influencers, believes that her election will derail the UK from becoming a cryptocurrency hub.