Mary Elizabeth Truss has beaten the former Chancellor of the Exchequer to become the leader of the Tory conservative party in the UK. This means that Truss will the next Prime Minister of the UK. The election could have potentially enormous ramifications for the crypto ecosystem in the UK.
Rishi Sunak is the poster boy of the crypto movement in the UK. In his position as the Chancellor of the Exchequer, he came up with various ways to make the UK the crypto hub of the world.
Liz Truss led against Rishi Sunak from the very start and did not 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 UK
Sunak was definitely the favorite for many crypto enthusiasts in the UK. He, along with the former Economic Secretary of the Treasury 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 Financial Conduct Authority-led “crypto sprint”. He also wanted to create a new NFT with the help of the Royal Mint. Moreover, he was also in support of giving legal status to decentralized autonomous organizations or DAO.
However, Truss has also supported cryptocurrencies in the past. One of her Twitter statements on cryptocurrencies has been doing rounds on social media. Moreover, she believes in welcoming cryptocurrencies and not restricting their potential. She is also in favor of liberating enterprises from regulations that restricted their prosperity.
Reaction Of The Crypto Community
The crypto community is having a very mixed reaction to the announcement of Truss winning the election. Many are lauding her stance of removing the regulatory burden on crypto.
However, Michael Suppo, a major crypto influencer, believes that her election derails the UK from the path to becoming a crypto hub.
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