UK elects second pro-crypto prime minister in 7 weeks

Pro-crypto British politician Rishi Sunak will replace Liz Truss as Britain’s new prime minister

Sunak won the race after former Prime Minister Boris Johnson and House of Commons leader Penny Mordaunt withdrew.

Sunak hopes to recover financial results of truss

Rishi Sunak became the second pro-crypto prime minister of the UK to take over in 7 weeks after the truce. Sunak grew up in Southampton after his grandparents moved from East Africa to the UK. After his victory, Sunak promised “honesty, professionalism and accountability at every level of the government I lead.” He resigned as chancellor under Boris Johnson.

sunki in place of After former Prime Minister Liz Truss announced her intention to resign on October 20, 2022. Truss’s brief spell was influenced by the widely criticized economic policy. The policy included no tax cuts introduced in the mini-budget by former Chancellor of the Exchequer Quasi Quarteng. The plan tanked the gilt and sterling markets. Accordingly, the Bank of England stepped in to rescue the affected pension fund. Later, Truss replaced Quarteng with current chancellor Jeremy Hunt.

Sunak could be a better crypto PM

Crypto advocates hoped that the truce would clear the way for favorable crypto policies. This hope was based on pro-crypto statements made in Truss’s political career.

Industry pundits may be in for a clear crypto future under the fad. As chancellor to Boris Johnson, Sunak was a vocal supporter of crypto. As recently as April 2022, Sunak commissioned the UK’s Royal Mint to create NFTs, as a sign of the UK’s intention to become a global hub for crypto. He also proposed that UK citizens pay with stable coins. He and former Treasury Secretary John Glenn also announced an “engagement group” to connect crypto business leaders with regulators. Additionally, the pair announced a “cryptocurrency sprint” where the FCA will receive input on regulation from the private sector. He also announced the launch of a project to understand the legal status of Decentralized Autonomous Organizations (DAOs).

Still, crypto may temporarily take a back seat to other pressing problems in the craze’s inbox. These include rising energy prices, lack of public finances and high inflation. Additionally, the new prime minister would also need to form a new cabinet. There will be a formal handing over ceremony with Her Majesty and Truss.

Sunak will likely keep Hunt as chancellor. The pair share similar conservative financial views. Hunt will present a medium-term economic plan on October 31, 2022.

Hunt has not expressed his crypto views publicly. Still, he could get into the Financial Services and Markets Bill. Bill deals with stablecoin regulation in the UK

Crypto Twitter reaction to PM’s news

The price of the 10-year gilt yield went up after Rishi Sunak declared victory. Simultaneously, the price of sterling rose 0.9 percent.

DAO industry giant DrNickA posted a thread asking whether Sunak’s election means crypto efforts are back. He discussed some areas that would put the country in a favorable position if Sunak had his say about crypto.

Others criticized the election, saying that Sunak is less interested in crypto and more interested in CBDCs.

Bitcoin is up 0.4% in the last 24 hours, while Ethereum is up 1.7%.

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