Mary Elizabeth Truss has beaten the former Chancellor of the Exchequer to become the leader of the Conservative Party in the UK. This means Truss the next Prime Minister of the United Kingdom. The election could have potentially huge ramifications for the crypto ecosystem in the UK.
Rishi Sunak is the poster boy for the crypto movement in the UK. As Chancellor of the Exchequer, he proposed various ways to make the UK the global crypto hub.
Liz Truss led against Rishi Sunak early on and didn’t give up her lead. Truss will replace Boris Johnson, who resigned in July after his government was mired in corruption and allegations.
Sunak Vs. Truss On Crypto in the UK
Sunak was definitely the favorite of many crypto enthusiasts in the UK. He, along with former Treasury Economic Secretary John Glen, wanted to make the UK the crypto capital of the world. Sunak tried to regulate stablecoins to make them an acceptable form of payment in the UK.
He also wanted a “crypto sprint” led by the Financial Conduct Authority. He also wanted to create a new NFT with the help of the Royal Mint. Moreover, he was also in favor of granting legal status to Decentralized Autonomous Organizations or DAOs.
However, Truss has also supported cryptocurrencies in the past. One of his Twitter statements about cryptocurrencies made the rounds on social media. Moreover, she believes in welcoming cryptocurrencies and does not limit their potential. She is also in favor of freeing businesses from regulations that restrict their prosperity.
Crypto community reaction
The crypto community has a very mixed reaction to news of Truss’ election victory. Many praise his stance of removing the regulatory burden on crypto.
However, Michael Suppo, a major crypto influencer, believes his election is derailing the UK from becoming a crypto hub.
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