Rishi Sunak, former Chancellor of Exchequer and Liz Truss Secretary of State for Foreign Commonwealth and Development Affairs were both pro-crypto views.
Sunak and Truss will be competing for the leadership of the Conservative Party. With their views on digital assets likely influencing financial policy, Prime Minister Boris Johnson is soon to be leaving office. Sunak, who was under Johnson, requested that the Royal Mint of the United Kingdom create a nonfungible token in an effort to make the U.K. a worldwide crypto hub.
Sunak, a Member of Parliament, was the chancellor between 2020 and July. He previously stated that the U.K. government would prioritise financial technology, including central bank digital currencies, stablecoins, and other crypto currencies, in order to ensure the country is at the forefront of innovation. Sunak is also behind several financial reforms that promote the adoption of stablecoins and cryptocurrencies.
Truss has been Secretary of State for Foreign Commonwealth and Development Affairs from 2021 and Minister For Women and Equalities from 2019, and served under three prime ministers. She called for an antiregulatory approach towards crypto in 2018, in order to encourage the U.K.’s embrace of the technology. As Secretary of State for International Trade in 2020, Truss launched a network of digital trade firms to promote digitisation and resilience in priority markets.
We must welcome #cryptocurrencies without limiting their potential. Eliminating regulations that limit prosperity is a way to liberate areas of free enterprise. #PolicyExchange #futureoffreedom #shakeup
Liz for Leader (@trussliz), January 30, 2018,
Related: Survey: Majority of British Crypto Owners revealed to Be Hodlers
Despite Johnson’s likely departure, the United Kingdom has continued to make progress in its policy decisions. Nadhim Zahawi was appointed Chancellor of Exchequer to replace Sunak. It included a regulatory framework that would allow stablecoins to be traded. A Treasury Committee of The House of Commons opened an inquiry to allow U.K. residents write in about crypto assets.
By Sept. 5, the Conservative Party will have decided between Sunak or Truss to be its next leader. At that point Johnson will officially resign. The debate was televised on Tuesday between the candidates, but it was cut short by Kate McCann, moderator, who fainted during broadcasting.