Crypto-Friendly Rishi Sunak to Become UK Prime Minister Following Truss Exit

Rishi Sunak, who shepherded the U.K.’s new crypto ambitions during his time as finance minister, has been chosen to be the country’s next Prime Minister following Liz Truss’ controversial exit from office last week.

Sunak was chosen by his fellow Conservative Party members on Monday to replace Truss – who was in office for just 45 days and was forced to resign after her economic stimulus plan quickly unraveled leading to political and economic instability.

During his time as finance minister under former Prime Minister Boris Johnson, Sunak announced he wanted to turn the U.K. into a crypto hub. He helped usher in the Financial Services and Markets Bill, which, if passed into law, could give local regulators broad power over the crypto industry.

Truss’ government had expressed a commitment to Sunak’s crypto plans but her resignation threatened to shake things up once again. The local crypto industry, which had been in communication with Sunak over crypto policy during his tenure as finance minister, stands to welcome his appointment as the leader of the government.

Read more: UK Crypto Industry Welcomes New Stablecoin Rules, Awaits Guidance