Newly Elected UK Prime Minister Lizz Truss Has Previously Shown Support For Crypto

Newly Elected UK Prime Minister Lizz Truss Has Previously Shown Support For Crypto

September 5, 2022

Summary:

  • Liz Truss is set to emerge as the next Prime Minister of the United Kingdom.
  • Truss secured the Conservative Party leader seat ahead of Rishi Sunak, former Treasury Head.
  • Tweets from 2018 suggest pro-crypto sentiment from Truss but the lawmaker has not explicitly laid out “crypto-friendly” regulatory plans.
  • Sunak’s regime was more publicly pro-crypto with a regulatory packet that included stablecoin regulations, digital payments, and NFTs.

The UK Prime Minister position could soon feature a crypto-friendly lawmaker as Liz Truss emerged as the Conservative Party Leader ahead of opponent and former chancellor for the exchequer, Rishi Sunak.

After the vote to decide the party leader and consequently the future UK Prime Minister, Sunak’s 60,399 votes were not enough to defeat 81,326 votes in favor of Truss. Following the resignation of Boris Johnson announced back in July 2022, Truss is set to take office as early as Tuesday. 

The new prime minister of the United Kingdom https://t.co/3DaLdxBjsA

Indeed, Truss’s emergence has sparked excitement within the crypto community. Digital asset proponents cited a tweet from 2018 suggesting a pro-crypto stance from the new UK Prime Minister.

In January 2018, Truss tweeted that cryptocurrencies should be welcomed and restrictive regulations should be put to bed. However, the lawmaker has not publicly voiced support for cryptos since then or championed friendly regulations, per reports. 

We should welcome #cryptocurrencies in a way that doesn’t constrain their potential. Liberate free enterprise areas by removing regulations that restrict prosperity. #PolicyExchange #futureoffreedom #shakeup

UK Prime Minister Could Continue Crypto Regulatory Journey

In contrast, ex-Treasury Head Rishi Sunak openly angled the United Kingdom’s financial ecosystem towards digital assets and cryptocurrencies. Back in April 2022, Sunak’s Treasury released a consultation package geared toward legalizing stablecoins like Circle’s USDC as a payment method. 

As EWN reported, the publication also said the Royal Mint would facilitate government-issued non fungible tokens (NFTs) as part of plans to position the United Kingdom as a crypto-friendly jurisdiction.

Indeed, a pro-crypto UK Prime Minister could pave the way for a standardized digital asset economy that incentivizes innovation. At press time, regulators like the Financial Conduct Authority (FCA) have cracked down on crypto companies like firms like Blockchain.com forced to consider other locations.


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